Recent Posts




The Paycheck Protection Program is reopening

The loan program is reopening on Jan. 11, initially to first-time borrowers, with second-time borrowers to follow on Jan. 13.

How and when to apply PPP loan

You can apply for a First Draw PPP Loan and a Second Draw PPP Loan until March 31, 2021.

If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested from you when you apply with a lender:

o Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)

o Paycheck Protection Program Second Draw Borrower Application Form (released 01-08-21)

Extended PPP Definitions

• Non-Payroll Costs


• Rent

• Utilities

• Mortgage interest

• Interest on other debt


• Operations expenditures

• Property damage costs

• Supplier costs

• Worker protection

• Payroll Costs


• Salaries, wages, tips, etc.

• State and local employer taxes

• Group healthcare benefits

• Retirement benefits


• Group life

• Group disability

• Dental and vision (clarification)

PPP Second Draw

More targeted qualifiers:

• Employee threshold of 300 or less

• Must have received a first draw and have used or will use all of the funds

• Requires 25% or more reduction in gross receipts from a comparable quarter in the prior year

Maximum Loan Amount: $2,000,000

• NAICS Code 72: 3.5x average monthly payroll cost

• All other eligible entities: 2.5x average monthly payroll cost

PPP Loan Forgiveness


• Covered Period: 8 or 24 weeks

o Can extend beyond 12/31/2020

• What can impact forgiveness?

o 60/40: 60% payroll costs, 40% non-payroll costs

o FTE Reductions

o Wage Reductions

• Deferral: At least10 months

• Simplified loan forgiveness application for covered loans of $150,000 or less