[MainstreetTowns] 2ND ROUND OF PPP INFORMATION

[Jeremy Zeller]

I have been reading up on the 2nd round (including the applications) and have this information for you.  LINKS ARE BELOW.  Keep in mind, things can change daily:

UPDATE:


Ø  Opens Monday, January 11th for first time PPP borrowers (financial institutions can begin making loans)

Ø  Opens Wednesday, January 13th for second time PPP borrowers (financial institutions can begin making loans)

Ø  The forgivable PPP loans will open to all lenders "shortly thereafter"

Ø  The closing date for the new PPP is March 31

Ø  Loan covered period to be any length between eight and 24 weeks to best meet their business needs

Ø  To be eligible for full loan forgiveness, borrower will have to spend at least 60% of their loan on payroll over covered period

Ø  Additional expenses eligible are operations expenditures, property damage costs, supplier costs, and worker protection expenditures

Ø  Clearer definition of seasonal employees

Ø  Existing PPP borrowers are eligible to apply for a second PPP loan

Ø  Permanently closed businesses do not qualify

Ø  Loans over $150,000 will have to provide the documentation to show the decline of 25% gross revenue

Ø  Loans below $150,000 will have to provide the documentation upon or before seeking loan forgiveness for the second draw

ELIGIBILITY:


·         Up to $2 million to borrowers

·         300 or fewer employees

·         NAICS 72 (restaurants, venues, etc.) have 500 or fewer employees

·         Now eligible are 501 (c)6, housing cooperatives, direct marketing organizations

·         Business must have been in operation no later than February 15, 2020

·         Used or will use the first PPP loan full amount before expected date of the second PPP loan

·         Had to have had at least a 25% revenue deduction in all or part of 2020 compared to all or part of 2019 (full year or any quarter of 2020 compared to equal quarter of 2019)

DOCUMENTS:


·         First loan overview:  https://home.treasury.gov/system/files/136/Top-line-Overview-of-First-Draw-PPP.pdf

·         First loan application:  https://www.sba.gov/document/sba-form-2483-paycheck-protection-program-borrower-application-form

·         Second loan overview:  https://home.treasury.gov/system/files/136/Top-line-Overview-of-Second-Draw-PPP.pdf

·         Second loan application:  https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form

·         SBA additional information and documents:  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program


Jeremy Zeller | Oklahoma Main Street Center
Oklahoma Department of Commerce
Jeremy.Zeller at okcommerce.gov
p. 405-815-5186
okcommerce.gov<https://okcommerce.gov/>
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