Applicants must have:
- Been in business as of Feb 15, 2020
- At least one full-time employee
- First time or second time borrowers both eligible
- 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
- Required docs:
- Payroll Register Third-party or supporting tax documents
- Driver's License
- Bank Statements - Beginning with February 2020
- A Cancelled Check - Your bank account where you want the funds deposited (i.e. Account at referring bank)
- PPP Round 1 - SBA loan # (ETRAN) and loan amount, if applicable
Loan amount determined as: Two methods to 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
In general, first- and second-time PPP borrowers may receive a loan amount of up to 2.5 times their average monthly payroll costs (with a cap per employee of $100,000 annualized) in 2019, 2020, or the year prior to the loan. PPP borrowers with NAICS codes starting with 72 (such as hotels and restaurants) can receive up to 3.5 times their average monthly payroll costs on second-draw loans.