New Paycheck Protection Program (PPP) borrower applications are now available! The SBA has released two new applications for borrowers in response to the new legislation passed in Washington.
SBA Form 2483-SD – Used for the second draw on a PPP loan. The eligibility requirements for a second draw are:
- Must have 300 or fewer employees.
- Have used or will use the full amount of their first PPP loan on allowable expenses.
- Can show a 25% gross revenue decline in any quarter of 2020 compared to the same quarter in 2019.
SBA Form 2483 – Used for the first draw on a PPP loan.
According to a recent press release by the SBA, to promote access to capital, initially, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Be sure to check with your financial institution for more information on how and when they will be accepting applications.
Please contact one of our accounting professionals if you need any assistance to determine if you qualify for the PPP or determine your average monthly payroll costs.