Second Round of PPP Loans
Information on PPP Loans
The SBA opened the PPP portal on Wednesday, January 13, 2021 for businesses eligible for for the second round draw.
SBA’s updated guidance requires less documentation for borrowers to use the same lender to process the second round PPP draw.
To qualify for this round, your business needs to meet the following 3 qualifications:
- Spent all the PPP funds from your initial PPP loan
- Employ less than 300 employees
- Demonstrate at least a 25% decline in revenue in any quarter in 2020 as compared to the same quarter in 2019.
If your business meets these three criteria, please complete SBA Form 2483SD and return it along with documentation showing the 25% decrease in revenue between comparable quarters in 2019 and 2020. This documentation can be quarterly profit/loss statements from 2019 and 2020 prepared by the borrower or any other borrower-prepared internal documents that would summarize quarterly revenue.
Please feel free to call your local Planters Bank if you have questions, and we will be happy to discuss with you and answer any questions you may have.
Download the borrower application for second-draw loans (Form 2483SD)
Overview of the Second Draw PPP program
For more information, please visit the SBA and Treasury PPP pages.