SBA Paycheck Protection Program PPP 2nd Draw Pre-Application Checklist. We will now accept applications for a second PPP loan from borrowers who received their first PPP loan in 2021. (Instructions can be found on pages 5-7 of the form.) What is my loan amount for a 1st Draw PPP loan? To apply for a Second Draw PPP loan with Valley, you will need to provide information and upload certain documents to help substantiate information about your business and your loan request. Do I have to apply for forgiveness of my original loan in order to apply for a second draw loan? Instead, fill out the Second Draw application form. Apply now . Question Yes No 1. Am I eligible for a second PPP loan (also called a 2nd Draw PPP loan)? Form 2483 is updated from previous iterations that started with the original PPP program. Use Template Preview. Visit SBA.gov/ppp for details. There is some confusion about whether you can apply for the First Draw or the Second Draw. Borrowers who will have used the full amount of their first PPP loan for eligible purposes under the SBA rules before the disbursement of the Second Draw loan are eligible to apply for a Second Draw loan. Your 1st Draw PPP loan will be equal to 2½ months of your average monthly payroll costs in 2019 or in 2020. Preview. Proof of revenue losses. An updated first-draw PPP borrower application for Schedule C filers using gross income. 3701 et seq. In addition, you must have been in business by February 15, 2020 to be eligible for the First or Second Draw. and other titles) – SBA must obtain your taxpayer identification number when you apply for a loan. The new coronavirus stimulus package allows some small businesses to apply for a second loan through the Paycheck Protection Program (PPP). Documentation sufficient to highlight a reduction in revenue including: i. relevant tax forms (941, 1040, 1099, etc.) First draw and second draw PPP loans are available through Funding Circle. For Second Draw Loans (select one): Supplemental Application – optional short form for loans up to $150,000 (no supporting documents) ; Supplemental Application – worksheet form for loans of any size (with supporting documents) Many PPP borrowers (especially sole proprietors) have been using Womply to apply for PPP loans. Applications will be accepted until May 31 st and are subject to fund availability. If you do not select “Payroll Costs” in this section, your application may be denied. How to Fill Out the PPP Second Draw Application Form January 21, 2021. Is the Applicant or any owner of the Applicant presently suspended, debarred, proposed for debarment, declared ineligible, We can now accept Second Draw PPP Loan applications from 2021 First Draw PPP Loan borrowers. Twitter Facebook Google+ Pinterest LinkedIn Tumblr Email. We are accepting new applications for First and Second Draw PPP loans. However, if you are applying for forgiveness for a Second Draw PPP loan, you will be required to provide documentation on your revenue reduction (i.e. Some SBA restrictions lifted for applicants with non-fraud felony convictions and past-due student loans . Borrower Eligibility for PPP "Second Draw" Loans. SBA Form 2483 -SD (3/21) 2 Paycheck Protection Program Second Draw Borrower Application Form Revised March 18, 2021 . Second draw applications began on Wed., Jan. 13, followed by first- and second-draw loans from small lenders with less than $1 billion in assets on Fri., Jan. 15, 2021. If you did receive a PPP loan in 2020, you are not eligible for the First Draw (with the above exception). Besides filling out the second-draw PPP borrower application form, here are a few things to have at the ready in case your lender asks. 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