PPP - Banks Accepting Applications for PPP1 and PPP2 Loans

All participating PPP lenders started accepting first- and second-draw Paycheck Protection Program (PPP) Loan applications on Jan. 19, 2021. The PPP Loan application deadline is March 31, 2021. If you are eligible for a second PPP loan, the best place to start is with the lender that issued your first PPP loan. You can also use this SBA search tool to be matched with a PPP lender in your area.

On Feb. 24, the SBA launched a  14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees*.
While this special application window is helpful to smaller employers, we currently see limited changes to either the eligibility rules for PPP loans or those pertaining to forgiveness. However, there was a significant change announced that impacts Schedule C borrowers.
We suggest all employers (1) review the current 2021 PPP loan eligibility rules to see if you are eligible and (2) request the payroll reports from ASAP to help you apply for your 2021 PPP loan before the program ends March 31, 2021.
*Note on "20 Employees" Requirement: It is our understanding that the SBA considers this value to be based on an employer’s current number of active employees in their current or most recently completed pay period. The number of employees is to be determined based on a “head count” rather than any form of an FTE calculation.

SBA PPP Resources

Disclaimer: This information is provided as a self-help tool and does not constitute legal or financial advice. Laws, regulations and lending products are changing daily and decisions as to whether or how to use this information and/or what actions to take in response to the COVID19 Pandemic are solely those of the employer. The providers of this information disclaim any and all responsibility and liability for its accuracy, completeness or fitness for your particular business purposes.