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Paycheck Protection Program – 2nd Draw

Dear Clients of SKJ & Company, P.S.,
As the President Trump signed Covid-19 Relief Bill on December 27, 2020, SBA started 2nd draw of PPP Loan Program and published the application form on January 8, 2021. Below is the detail of the PPP 2nd draw.
When to Apply
SBA starts accepting application on January 13, 2021. However, lenders may have a different starting date for accepting the applications. Please talk to your lender directly about their schedule.
How Much Can Be Drawn

  • Maximum loan amount is 2.5x of monthly average payroll costs.

    • If your NAISC code begins with 72, you are eligible for 3.5x.

    • Monthly average payroll costs is based on 2019 or 2020.

  • Loan cannot exceed $2 millions.

Who Can Apply

  • The applicant who did not apply for the 1st draw may apply with the same eligibility requirement for the 1st draw.

  • If the applicant has already drawn PPP from the 1st round, 2nd draw is still available, but the entire 1st draw fund must have been spent or will be spent on qualified expenses (payroll, rent & utilities) within the Covered Period (8 or 24 weeks).

  • No more than 300 employees.

  • Quarterly 2020 revenue must have declined by more than 25% in comparison to 2019.

    • A quarterly revenue of 2019 is compared to the same quarter of 2020. The quarter may be chosen by the applicant (e.g.: if Q2 2019 revenue was $10,000, your Q2 2020 revenue must be $7,500 or less)

    • You may compare the yearly revenue instead of quarterly comparison.

PPP Loan Forgiveness

The eligibility for loan forgiveness is same as the 1st draw. Please refer to the news page of our websites for more information. (Link: NEWS)

Our Service with your PPP Loan Application
Our office can assist you with preparing the loan application package including the completed application form and supporting documents. If you need our assistance, please submit your request here with the following information:

  • Name of your business

  • Whether you received PPP fund from the 1st draw

  • The lender you are applying for

    • If you have not chosen a lender, please let us know.

Our fee for the above is $300, and we will inform you later on fee for PPP forgiveness application.
Should you have any questions, please let us know. Thank you.
SKJ & Company, P.S.