New Application Forms for PPP, Further Expanded Eligibility for Second Draw Loans, and Senate Extends Application Deadline
Update from ANCOR:
The Small Business Administration (SBA) has now released the NEW application forms Paycheck Protection Program (PPP) borrowers must submit to apply for first-time loans, or “second draw” loans, as well as indicating expanded eligibility for those second draw loans.
Additionally, the Senate passed legislation by a 92-7 margin today (Thursday, March 25) to extend the deadline for Paycheck Protection Program (PPP) loan applications to May 31. Under the legislation, which overwhelmingly passed the House last week, PPP applicants have until May 31 to apply for a loan and the Small Business Administration (SBA) has a June 30 deadline to process them. We will keep you informed when the legislation is signed by President Biden, and if the SBA issues new materials as a result of this legislation.
First Draw loan information
- Loans are now available for nonprofit organizations:
- with fewer than 500 employees total who have not already received funding
- with 500 or more employees across multiple locations, but with no more than 500 employees at a single one of those locations. This group of nonprofits only became eligible to apply when the American Rescue Plan became law on March 11, 2021.
Second Draw loan information
- Loans are now available for nonprofit organizations that:
- have already received and spent an initial PPP loan AND
- can demonstrate a 25% reduction in gross receipts AND
- have one location with fewer than 300 employees, OR more than 300 employees across multiple locations BUT NO MORE THAN 300 IN ANY ONE LOCATION (this is new information per the updated application form for this type of loan)
More information at the US Small Business Administration!
