{"id":22894,"date":"2021-01-09T09:22:26","date_gmt":"2021-01-09T14:22:26","guid":{"rendered":"https:\/\/smarttan.com\/news\/?p=22894"},"modified":"2021-01-11T09:19:27","modified_gmt":"2021-01-11T14:19:27","slug":"paycheck-protection-program-second-draw-loans","status":"publish","type":"post","link":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/","title":{"rendered":"Paycheck Protection Program Second Draw Loans"},"content":{"rendered":"<p>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.<\/p>\n<p><strong><em>Contact your local SBA lender for an application and guidance to start preparing financials for submission as these funds will be limited.<\/em><\/strong><\/p>\n<p><a href=\"https:\/\/www.sba.gov\/document\/sba-form-2483-sd-ppp-second-draw-borrower-application-form\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to access the PPP Second Draw Borrower Application Form.<\/a><\/p>\n<p>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.<\/p>\n<p><strong>Full Forgiveness Terms<\/strong><br \/>\nSecond Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during<br \/>\nthe 8- to 24-week covered period following loan disbursement:<\/p>\n<ul>\n<li>Employee and compensation levels are maintained in the same manner as required for the<br \/>\nFirst Draw PPP loan;<\/li>\n<li>The loan proceeds are spent on payroll costs and other eligible expenses; and<\/li>\n<li>At least 60 percent of the proceeds are spent on payroll costs.<\/li>\n<\/ul>\n<p><strong>Targeted Eligibility<\/strong><br \/>\nA borrower is generally eligible for a Second Draw PPP Loan if the borrower:<\/p>\n<ul>\n<li>Previously received a First Draw PPP Loan and will or has used the full amount only for<br \/>\nauthorized uses;<\/li>\n<li>Has no more than 300 employees; and<\/li>\n<li>Can demonstrate at least a 25% reduction in gross receipts between comparable quarters<br \/>\nin 2019 and 2020.<\/li>\n<\/ul>\n<p><strong>Maximum Loan Amount<\/strong><br \/>\nFor most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average<br \/>\nmonthly 2019 or 2020 payroll costs up to $2 million.<\/p>\n<p><strong>How and When to Apply<\/strong><br \/>\nBorrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing<br \/>\nSBA 7(a) lender or through any federally insured depository institution, federally insured credit<br \/>\nunion, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.<br \/>\nAll Second Draw PPP Loans will have the same terms regardless of lender or borrower. A list<br \/>\nof participating lenders as well as additional information and full terms can be found <a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program\" target=\"_blank\" rel=\"noopener noreferrer\">HERE<\/a>.<\/p>\n<p><strong>Ensuring Access for All<\/strong><br \/>\nSBA continues to call upon its lending partners, including Community Development Financial<br \/>\nInstitutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to<br \/>\nassist eligible borrowers in underserved and disadvantaged communities. At least $25 billion is<br \/>\nbeing set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10<br \/>\nemployees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income<br \/>\nneighborhoods. To promote access for smaller lenders and their customers, SBA will initially<br \/>\nonly accept Second Draw PPP Loan applications from community financial institutions starting<br \/>\non January 13, 2021. The PPP will open to all participating lenders for Second Draw PPP<br \/>\nLoans shortly thereafter.<\/p>\n<p>Visit www.sba.gov or www.treasury.gov for more information and details, including the<br \/>\ncomprehensive program rules.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":22895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Paycheck Protection Program Second Draw Loans - Smart Tan News<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paycheck Protection Program Second Draw Loans - Smart Tan News\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Smart Tan News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SmartTan\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-09T14:22:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-11T14:19:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1359\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"smarttannews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@SmartTan\" \/>\n<meta name=\"twitter:site\" content=\"@SmartTan\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"smarttannews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\"},\"author\":{\"name\":\"smarttannews\",\"@id\":\"https:\/\/news.smarttan.com\/#\/schema\/person\/722dc7049af55e0ed743d67ce9ed4819\"},\"headline\":\"Paycheck Protection Program Second Draw Loans\",\"datePublished\":\"2021-01-09T14:22:26+00:00\",\"dateModified\":\"2021-01-11T14:19:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\"},\"wordCount\":488,\"publisher\":{\"@id\":\"https:\/\/news.smarttan.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\",\"url\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\",\"name\":\"Paycheck Protection Program Second Draw Loans - Smart Tan News\",\"isPartOf\":{\"@id\":\"https:\/\/news.smarttan.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg\",\"datePublished\":\"2021-01-09T14:22:26+00:00\",\"dateModified\":\"2021-01-11T14:19:27+00:00\",\"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.\",\"breadcrumb\":{\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage\",\"url\":\"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg\",\"contentUrl\":\"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg\",\"width\":1359,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/news.smarttan.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Paycheck Protection Program Second Draw Loans\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/news.smarttan.com\/#website\",\"url\":\"https:\/\/news.smarttan.com\/\",\"name\":\"Smart Tan News\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/news.smarttan.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/news.smarttan.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/news.smarttan.com\/#organization\",\"name\":\"Smart Tan\",\"url\":\"https:\/\/news.smarttan.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/news.smarttan.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/smarttan.com\/news\/wp-content\/uploads\/2022\/08\/Smart-Tan.png\",\"contentUrl\":\"https:\/\/smarttan.com\/news\/wp-content\/uploads\/2022\/08\/Smart-Tan.png\",\"width\":500,\"height\":164,\"caption\":\"Smart Tan\"},\"image\":{\"@id\":\"https:\/\/news.smarttan.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/SmartTan\",\"https:\/\/x.com\/SmartTan\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/news.smarttan.com\/#\/schema\/person\/722dc7049af55e0ed743d67ce9ed4819\",\"name\":\"smarttannews\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/c0189f76465f47ce293287354f8076bfdb83130e65538eb34fcd2cd44e9f0e53?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c0189f76465f47ce293287354f8076bfdb83130e65538eb34fcd2cd44e9f0e53?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c0189f76465f47ce293287354f8076bfdb83130e65538eb34fcd2cd44e9f0e53?s=96&d=mm&r=g\",\"caption\":\"smarttannews\"},\"url\":\"https:\/\/news.smarttan.com\/index.php\/author\/smarttannews\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Paycheck Protection Program Second Draw Loans - Smart Tan News","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.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/","og_locale":"en_US","og_type":"article","og_title":"Paycheck Protection Program Second Draw Loans - Smart Tan News","og_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.","og_url":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/","og_site_name":"Smart Tan News","article_publisher":"https:\/\/www.facebook.com\/SmartTan","article_published_time":"2021-01-09T14:22:26+00:00","article_modified_time":"2021-01-11T14:19:27+00:00","og_image":[{"width":1359,"height":1000,"url":"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg","type":"image\/jpeg"}],"author":"smarttannews","twitter_card":"summary_large_image","twitter_creator":"@SmartTan","twitter_site":"@SmartTan","twitter_misc":{"Written by":"smarttannews","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#article","isPartOf":{"@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/"},"author":{"name":"smarttannews","@id":"https:\/\/news.smarttan.com\/#\/schema\/person\/722dc7049af55e0ed743d67ce9ed4819"},"headline":"Paycheck Protection Program Second Draw Loans","datePublished":"2021-01-09T14:22:26+00:00","dateModified":"2021-01-11T14:19:27+00:00","mainEntityOfPage":{"@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/"},"wordCount":488,"publisher":{"@id":"https:\/\/news.smarttan.com\/#organization"},"image":{"@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage"},"thumbnailUrl":"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg","articleSection":["News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/","url":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/","name":"Paycheck Protection Program Second Draw Loans - Smart Tan News","isPartOf":{"@id":"https:\/\/news.smarttan.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage"},"image":{"@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage"},"thumbnailUrl":"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg","datePublished":"2021-01-09T14:22:26+00:00","dateModified":"2021-01-11T14:19:27+00:00","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.","breadcrumb":{"@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#primaryimage","url":"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg","contentUrl":"https:\/\/news.smarttan.com\/wp-content\/uploads\/2021\/01\/PPP-1-9-21.jpg","width":1359,"height":1000},{"@type":"BreadcrumbList","@id":"https:\/\/news.smarttan.com\/index.php\/paycheck-protection-program-second-draw-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/news.smarttan.com\/"},{"@type":"ListItem","position":2,"name":"Paycheck Protection Program Second Draw Loans"}]},{"@type":"WebSite","@id":"https:\/\/news.smarttan.com\/#website","url":"https:\/\/news.smarttan.com\/","name":"Smart Tan News","description":"","publisher":{"@id":"https:\/\/news.smarttan.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/news.smarttan.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/news.smarttan.com\/#organization","name":"Smart Tan","url":"https:\/\/news.smarttan.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news.smarttan.com\/#\/schema\/logo\/image\/","url":"https:\/\/smarttan.com\/news\/wp-content\/uploads\/2022\/08\/Smart-Tan.png","contentUrl":"https:\/\/smarttan.com\/news\/wp-content\/uploads\/2022\/08\/Smart-Tan.png","width":500,"height":164,"caption":"Smart Tan"},"image":{"@id":"https:\/\/news.smarttan.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/SmartTan","https:\/\/x.com\/SmartTan"]},{"@type":"Person","@id":"https:\/\/news.smarttan.com\/#\/schema\/person\/722dc7049af55e0ed743d67ce9ed4819","name":"smarttannews","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c0189f76465f47ce293287354f8076bfdb83130e65538eb34fcd2cd44e9f0e53?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c0189f76465f47ce293287354f8076bfdb83130e65538eb34fcd2cd44e9f0e53?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c0189f76465f47ce293287354f8076bfdb83130e65538eb34fcd2cd44e9f0e53?s=96&d=mm&r=g","caption":"smarttannews"},"url":"https:\/\/news.smarttan.com\/index.php\/author\/smarttannews\/"}]}},"_links":{"self":[{"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/posts\/22894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/comments?post=22894"}],"version-history":[{"count":4,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/posts\/22894\/revisions"}],"predecessor-version":[{"id":22899,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/posts\/22894\/revisions\/22899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/media\/22895"}],"wp:attachment":[{"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/media?parent=22894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/categories?post=22894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.smarttan.com\/index.php\/wp-json\/wp\/v2\/tags?post=22894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}