The Second Round of PPP is Now Open
The PPP was introduced to help small businesses weather the storm of the COVID-19 pandemic. Under the CARES Act, the program provides forgiveness up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Protection. The PPP provides small businesses with funds to help cover payroll costs, lease and rent payments, and other qualifying expenses.
If you are new to PPP and did not participate in the first round, you may apply for a "First Draw" PPP loan. Please have supporting payroll documents ready to submit with your application. Some commonly used documents are listed below. Use the link below to apply today.
- 2019 IRS 941 for each quarter
- 2019 W-3
- Payroll Register/Summary for January and February 2020
- Business License
- Document reflecting your calculation for your maximum loan amount
- If you are an independent contractor or self-employed with no employees, please provide a copy of your 2019 IRS Form 1040 Schedule C.
If you participated in the first round of PPP loans, you may still qualify for a second draw. In addition to supporting documents, you will need to assess and attach documentation showing your revenue reduction. In order to qualify for a second draw, businesses must have had a reduction in gross receipts of 25 percent of more.