2021 PPP Round 2 Applications and Overviews
The 2021 Paycheck Protection Program
Great news! The 2021 PPP Loan program is set to begin this week. The program is expected to go through March, 2021.
Businesses who have not yet taken a PPP loan may be able to apply under the First Draw program. Those who have taken a PPP loan may be able to apply under the Second Draw program.
We have the new applications and overviews of each program below:
Key new PPP updates include:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans will cover additional expenses, including uninsured property damage caused by looting or vandalism in 2020, certain supplier costs, and worker protection expenditures related to COVID-19.
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The lenders at State Bank are up to date on this information and stand ready to assist you and your business with this process. Please reach out to your commercial lender as soon as possible to begin the process or call Ryan Rash at 317-858-6166 to get started.
Help our customers and communities when they need it most? We Do That!