Second Round of Paycheck Protection Program (PPP)
When can I apply?
You can apply for the U.S. Small Business Administration (SBA) Second Draw PPP Loan from January 13 until March 31, 2021.
Who can apply?
Both first time and returning applicants are eligible.
Where can I apply?
You can apply for loans from major banks, fintechs (like PayPal and Square), and from participating community lenders such as Community Development Financial Institutions (CDFIs). All Second Draw PPP Loans will have the same terms regardless of lender or borrower.
We recommend starting with a bank or lender you've used before. To be matched with a participating lender, visit SBA Lender Match.
Do I have to pay the loan back?
Loans will be forgiven if borrowers follow program rules. At least 60% of the loan must be used to pay workers and the rest may be used for qualifying expenses such as mortgage interest, rent, utilities, worker protection costs, and more. Click here for more info on loan forgiveness.
What paperwork should I prepare?
Requirements vary by lender, but applicants will generally need copies of their payroll records. Many lenders will also request 2019 tax returns and documents like a state business registration certificate.
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 when you apply:
Additional SBA Loan Resources
SBA provides a number of loan resources for small businesses. Click here for or more information.
Email About Loan Options
Want to talk to an actual person about loan options?
Email loans@asksbd.com.
Economic Injury Disaster Loan (EIDL)
The U.S. Small Business Administration is accepting new applications to the Economic Injury Disaster Loan (EIDL) from all eligible businesses. Visit U.S. SBA’s Disaster Loan Applications website for more information. The SBA will continue to process EIDL Loan applications already submitted on a first-come, first-served basis.
California Business & Employers Resource Page
California and the federal government are providing broad assistance to small businesses and employers impacted by COVID-19. Click here to learn more about available resources.
