Second Draw PPP Loans
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What is a Second Draw PPP Loan?
On December 27, 2020 legislation was signed into law to enhance and expand the CARES Act and change the Paycheck Protection Program (PPP) administered by the Small Business Administration. The law authorizes a new round of PPP loans and expands PPP borrower eligibility in some instances. It also implements changes to PPP loans that will impact both new and existing PPP borrowers.
The Act creates a second loan from the PPP, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million.Download the application
To qualify for a Second Draw PPP Loan, you have to meet five requirements:
How to apply
If you are interested in applying for a second draw SBA PPP Loan, here is the list of items that we need to review and process your application:
- PPP Borrower Application Form
- Payroll Reports from either 2019 or 2020, along with quarterly 941 reports
- 2019 Business Tax Return
- Quarterly financial statements for at least 1 quarter from 2020 showing Gross Receipts (revenue) loss of 25% or more compared with same quarter in 2019
If you have previously provided any of the requested items to DFCU they do not need to be provided again, however a new application form is required. If you have any questions please call us at 801-456-7060 or email us at email@example.com.Fill out the application now
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