2nd draw ppp loan forgiveness Application Forms

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Commonly Asked Questions about 2nd draw ppp loan forgiveness Application Forms

When was the second round of PPP approved?

Congress and the President Approve $284 Billion Second Round of Paycheck Protection Program Loans In Support of Struggling Small Businesses. In the waning evening hours of December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, a new, comprehensive COVID-19 relief bill.

Can I get a second draw PPP loan?

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits.

Is SBA accepting PPP second draw applications?

Ensuring Access for All To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021.

Is SBA still accepting PPP applications?

An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021.

Is PPP coming back?

The PPP closed PPP loan applications in May 2021 and is unlikely to be refunded in 2022 or beyond. Existing borrowers may still be eligible for loan forgiveness. However, there are other small business loan options available.

What is a 3508 form?

After receiving a PPP loan, borrowers must apply for forgiveness through their lender by filling out the Small Business Administration (SBA) form and providing supporting documents. SBA Form 3508 is the document PPP loan borrowers must complete to request loan forgiveness.

Which form do I use for PPP forgiveness?

SBA form 3508S PPP Loan Forgiveness Application + Instructions.

How do I submit a second draw from PPP?

In order to apply for a second-draw PPP loan, businesses need to submit an application along with documents to verify payroll costs and revenue loss, such as tax forms or bank statements, by May 31, 2021.