BIG NEWS! Second Draw PPP Now Available
Rob Fullmer used them for our Guild PPP and it was excellent!
We have recently funded your First Draw Paycheck Protection Program (PPP) loan for Arizona Craft Brewers Guild. I am reaching out because we have now been given the all-clear to start processing Second Draw PPP loan for clients who were funded this spring. If you believe you qualify and would like to participate in the Second Draw of the Paycheck Protection Program, please reach out to me by email response zmolifua@a10capital.com. You can also call my direct line (208) 695-2166. I can talk you through our Second Draw processes and inform you on the documentation you will need. On average, we are funding PPP loans within 10 business days of the time the application is submitted to the SBA. We look forward to working with you again!
Information on the Second Draw of PPP:
- Businesses can apply for a second PPP loan if they have spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan.
- In general, borrowers can have no more than 300 employees.
- The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019.
- Businesses can apply for a second loan whether they have requested Forgiveness.
For full program details, visit SBA.gov and Treasury.gov.
Best,
ZM
zmolifua@a10capital.com
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