2nd Round PPP Funding
Thank you for your past participation in the PPP program. On December 27, 2020, the President signed the “Consolidated Appropriations Act, 2021,” which includes many benefits to assist small businesses, including an expansion of the Paycheck Protection Program (PPP).
Primary Bank is preparing for the next round of PPP loans, expected to launch the week of January 11, 2021. We anticipate many businesses may qualify for funding. This program is open to new and current PPP borrowers.
If you are interested in the second round of PPP funding, you must meet the following criteria:
- You must have used all of your initial PPP funding;
- You have no more than 300 employees;
- You can demonstrate a 25% reduction in revenue during at least one quarter in 2020 compared to the same quarter in 2019 (This calculation will need to be included with your next application); and
- You must have completed the new SBA second draw application.
To apply for new PPP funding, you will need to ensure you are following the proper steps to apply. Please reach out to your Primary Bank loan representative ASAP if you are interested in applying, as there are limited funds available.
If you have any questions about this second round of PPP loans, please contact EVP/Senior Lender Joseph Bator at email@example.com.
Primary Bank will provide you updates as the Small Business Administration (SBA) releases additional guidance. Please check back here for updates and next steps. We are here to help you navigate this process as smoothly as possible.