PPP Second Round

Paycheck Protection Program (PPP) First and Second Draw Loans:

Small Businesses can apply for a First or Second Draw loan until March 31, 2021. The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  If you have never participated in the PPP loan program before, then you will apply for the First Draw loan, otherwise, all existing PPP borrowers can apply for the Second Draw loan. 

Key PPP Updates Include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.   

CLICK HERE for “How to Calculate Your Maximum PPP Loan Amount”



  • Maximum loan amount equal to 2.5X average monthly payroll or not to exceed $2 million;
  • Generally, 100% guaranteed by the SBA;
  • No collateral or personal guarantees required;
  • The interest rate will be 1.00%;
  • The maturity is five years;
  • No borrower paid loan fee;
  • Less than 500 employees per physical location.

CLICK HERE to download the First Draw Loan Application



  • To qualify for a Second Draw, you MUST be able to prove that your 2020 gross revenues were reduced by 25% or more compared to your 2019 gross revenues.  You can compare quarter over quarter or annually to qualify. For example, 2nd Q 2019 compared to 2nd Q 2020.
  • Maximum loan amount equal to 2.5X average monthly payroll cost or not to exceed $2 million.  For borrowers assigned a NAICS code beginning with a 72 (Accommodation and Food Services sector) maximum is 3.5X average monthly 2019 or 2020 payroll cost up to $2 million;
  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Same loan terms as above;
  • Less than 300 employees per physical location.

CLICK HERE to download the Second Draw Loan Application

Visit www.sba.gov or www.treasury.gov for more information and details, including comprehensive program rules.  

Submit your application and supporting documents (payroll and revenue reduction) securely by uploading them here, or you can email them to ppp@fnbpasco.com.