We continue to receive updates and guidance through the SBA about the second round of PPP. We will continue to update this website as we receive more information.
JAN. 12, 2021 UPDATE
As you may well know, the SBA released the new Paycheck Protection Program First Draw (2483) and Second Draw (2483-SD) forms over the weekend. As we learned from the first round, these forms may be updated as time goes along. Provided below are the specific links on the SBA’s website to find the most up to date applications.
IF YOU ALREADY RECEIVED A PPP LOAN, you should apply using the Second Draw Form. If applying for Second Draw, you must:
- Prove a 25% reduction in revenue in any quarter compared to the same quarter of 2019 (for example, Q2 2020 vs Q2 2019)
- Have used all of the funds from your first PPP loan
- If you applied through us and are applying using the same payroll amount as round one, ALL you need to submit is the 2483-SD form and the revenue reduction proof
IF YOU DID NOT RECEIVE A PPP LOAN IN ROUND ONE, you should use the First Draw Form. You must submit:
The SBA’s system is now open to receive applications from Minority Depository Institutions and Community Development Financial Institutions. FFBT is NOT in these categories, but we will receive access “soon thereafter.” We are hoping to have access to the system by the end of the week to submit our borrowers’ applications.
Please don’t hesitate to reach out if you have any questions. Thank you for working with us in these trying times for your businesses.
**IMPORTANT MESSAGE ABOUT NEW ROUND OF PPP FUNDING***
Jan. 7, 2021: New Round of PPP Funding Coming Soon and FFBT will be Ready!
FFBT is excited to participate in the lending functions of the second stimulus package, HR 133 (Economic Aid Act), namely the reauthorization of funding for the Paycheck Protection Program and the PPP Second Draw Program.
We are eagerly awaiting additional guidance from SBA on the exact process and what information we will need to collect from our borrowers. Any updates that we receive from SBA will be posted here and sent out to anyone who has already been receiving our regular PPP informational emails. If you would like to be added to this list to receive an invitation to complete the next round of PPP Loan Applications, please contact your local FFBT representatives or SBAPPP@ffbt.com.
Here and here are the two Interim Final Rule documents that SBA released late January 6th in regards to the Paycheck Protection Program. To reiterate at this time, we are still awaiting direction on what forms and information borrowers need to submit to apply for this round of funding.