{"version":"1.0","provider_name":"Smart Tan News","provider_url":"https:\/\/news.smarttan.com","title":"Paycheck Protection Program Second Draw Loans - Smart Tan News","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"b2R9SRp0Ya\"><a href=\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\">Paycheck Protection Program Second Draw Loans<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/embed\/#?secret=b2R9SRp0Ya\" width=\"600\" height=\"338\" title=\"&#8220;Paycheck Protection Program Second Draw Loans&#8221; &#8212; Smart Tan News\" data-secret=\"b2R9SRp0Ya\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/news.smarttan.com\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg","thumbnail_width":1359,"thumbnail_height":1000,"description":"Salon owners who have already received a Paycheck Protection Program loan may be eligible for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. See below for information on eligibility and additional loan details.  Contact your local SBA lender for an application and guidance to start preparing financials for submission as these funds will be limited.  Click here to access the PPP Second Draw Borrower Application Form.  Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.  Full Forgiveness Terms Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:   Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;  The loan proceeds are spent on payroll costs and other eligible expenses; and  At least 60 percent of the proceeds are spent on payroll costs.  Targeted Eligibility A borrower is generally eligible for a Second Draw PPP Loan if the borrower:   Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;  Has no more than 300 employees; and  Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.  Maximum Loan Amount For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.  How and When to Apply Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found HERE.  Ensuring Access for All SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. 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. The PPP will open to all participating lenders for Second Draw PPP Loans shortly thereafter.  Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules."}