Organizations that have received a PPP loan
NOTICE: CRF will stop accepting new PPP loan applications on Monday, March 8, 2021 at 12:00 noon CST. Applications received before this date and time will be processed.
Second Draw PPP Loans
If you received a PPP loan, you may be eligible for a Second Draw PPP Loan.
- Your organization must employ 300 or fewer employees. Note: there is alternative criteria for businesses with NAICS code beginning with 72, 511110, or 5151.
- a 25% reduction in revenue in any quarter of 2020 when compared to the same quarter of 2019
- You have used or will use the full amount of your first PPP loan
- Your business was operational prior to February 15, 2020 and remains operational
- Business types allowed include: certain nonprofit organizations, housing cooperatives, veterans’ organizations, Tribal businesses concerns, eligible self-employed individuals, sole proprietors, independent contractors or small agricultural cooperatives.
The maximum amount an organization with an existing PPP loan can receive is the lesser of:
- 2.5 times the average monthly payroll and benefit costs in 2019 or 2020
- 3.5 times the average monthly payroll and benefit costs in 2019 or 2020 for any business that is classified under Code 72 by the North American Industry Classification System (NAICS) or;
- $2 million
Use of Funds
At least 60% of the loan must be spent on the following:
- Employee payroll costs
- Group health insurance payments
- Dental and vision plans
- Disability benefits
- Life insurance
- Owner compensation costs
40% must be used only for the following expenses:
- Interest on mortgage payments
- Business software or cloud services that facilitate business operations
- Costs related to property damage, vandalism or looting due to unrest that occurred in 2020
- Supplier costs that are essential to the operations of the business
- Personal Protection Equipment (PPE) that help businesses comply with federal and state COVID-19 safety guidelines
- Measures that help businesses comply with federal and state COVID-19 safety guidelines
You must maintain detailed records and documentation for these expenses in order to qualify for forgiveness.
All characteristics described above are from the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further guidance from the U.S. Small Business Administration and the U.S. government.
- Corporate information, including:
- Legal name
- Legal structure
- Tax ID number
- Date of formation
- Personal information for authorized signer/officer
- Home address
- Driver’s license (front and back)
- Articles of incorporation
- Organizational structure
- Operating agreement(s)
- Current Business License
- Complete business state and federal tax returns for 2019 and 2020 (if 2020 has been prepared and filed)
- Complete individual state and federal tax returns for 2019 and 2020 (if 2020 has been prepared and filed)
- Quarterly financial statements that demonstrate at least a 25% reduction in any quarter of 2020 when compared to the same quarter in 2019
- Trailing twelve-month revenue and expense statements (as of the month prior to your application)
- Payroll reports; tax forms and journals for 2019 and 2020, such as:
- 2019 or 2020 12-month payroll journal (some services have a downloadable PPP payroll report – check with your payroll service)
- 2019 and 2020 Forms 941 (Employers Quarterly Federal Tax Return)
- 2019 and 2020 Form 940 (Employer’s Annual Federal Unemployment Tax Return OR 2019 W-3 (Transmittal of Wage and Tax statements)
- List of employees and their pay, if any received more than $100,000 during 2019 or 2020
- Recent payroll report that shows the number of employees as of Feb. 15, 2020 (the report should include this date)
- Accounting records and documents for 2019 and 2020. You must summarize other eligible payroll costs, such as:
- Group health benefits and insurance
- Retirement benefit expense
- State and local taxes on compensation (including unemployment taxes)
- 1099-misc payments in the last 12 months to independent contractors (if applicable)
- Last three months of banks statements showing payroll and related expenses are being paid
- For Second Draw PPP loans, applicants must enter the SBA loan number of the First Draw PPP loan that was originated in 2020.
- Use our calculator to estimate your average monthly payroll costs and requested PPP loan amount
All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.
The information provided is solely for general knowledge and does not provide any professional advice regarding tax, accounting, legal, financial, or any other professional service. PPP borrowers should contact their professional service providers for a complete understanding of the PPP program requirements and forgiveness processes.
SBA regulations regarding the PPP program are subject to further limitations and changes. Borrowers must follow current regulations and processes based on SBA guidelines. All characteristics described above are from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), and/or the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further rulemaking or guidance from the U.S. Small Business Administration and the U.S. government.