Get your small business back on track with a PPP Loan! Please fill out this form and you will be redirected to the online application. See eligibility rules below.
PPP 2.0 New Eligibility Rules:
- Borrowers must employ 300 or fewer employees.
- Borrowers must demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 compared to the same quarter in 2019. For example, Q3 2020 revenue less than Q3 2019 revenue by 25% or more. The borrower may choose the quarters for comparison but must be the same quarter of 2020 and 2019. Certain exceptions may be allowed for newer businesses, not in operation for all of 2019. Be prepared to support with financial statements, tax return information, other financial records, or Borrower attestation.
- The business has used or will use the full amount of the first PPP loan.
- The maximum loan amount will be $2.0 million.
- Two methods of determining loan amount: 2.5x average monthly payroll cost during the 12-month period prior to the loan application date. 2.5x average monthly payroll cost for 2019. Businesses with NAICS code beginning with 72 (generally hospitality businesses) may receive up to 3.5x average monthly payroll cost using the same two methods above. Second draw loans will have the same terms as the first.