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January 14, 2021

SBA Release PPP2 Application Form

The SBA has released the application form for PPP Second Draw Loans, as well as an updated application for applying for a borrower’s first round PPP loan. Qualified lenders will begin accepting applications for PPP round two as early as this week. For those borrowers that received a PPP loan previously, there are additional requirements for qualifying for a PPP Second Draw Loan, including a 25% reduction in gross receipts for any quarter in 2020 compared to the corresponding quarter in 2019. The SBA has a consolidated website for information on PPP2 and updated PPP loans.