PPP Opens for First Draw PPP Loan Applications

Starting now, community financial institutions can submit First Draw PPP loan applications to the Small Business Association and on Wednesday, they will be able to submit Second Draw PPP loan applications. Just a few days following, the PPP will re-open to all participating PPP lenders for First and Second Draw PPP loans.

What's the difference between a First Draw PPP Loan and a Second Draw PPP Loan?
In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.

Updated PPP Loan Applications & Process Details

Updated applications have been released for First Draw and Second Draw PPP loans. PPP applications must go through participating PPP lenders, who then route them to the SBA for approval. Per this guidance, the SBA continues to call upon lending partners to assist eligible borrowers in underserved and disadvantaged communities and address potential barriers to access to capital. Click here for Application for First Draw PPP Loan. Click here for Application for Second Draw PPP Loan.

Here's Guidance for restaurants on the PPP loans from the National Restaurant Association.
New SBA Grant Program for Shuttered Venue Operators

To be eligible to receive a SOS Grant, an entity or an individual must be (i) a live venue operator or promoter, theatrical producer or live performing arts organization operator, (ii) a talent representative, (iii) a movie theatre, or (iv) a “relevant” museum. Click here
Zoom Q&A with Sassetti to overview the new PPP (PPP 2) & ERTC - 1/20 at noon

As you may be aware Congress passed an updated Stimulus package in late December, which includes a new Payroll Protection Program (PPP2) and expanded the Employee Retention Credit back into 2020 and forward into 2021. Our local CPA firm, Sassetti LLC, will be doing a short Zoom presentation with a Q&A related to the new package on Wednesday, January 20th at 12PM. Zoom link & more details coming soon.