CRF can help you understand the PPP loan process, application requirements, loan use restrictions and more. Use our resource library to find the answers you need to ensure your application is comprehensive and complete. 

We will continue to update this resource library to include news and guidance from the SBA, deadlines for application, forgiveness instructions and more. Check back often and please share these resources to help others navigate PPP funding. 

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Frequently Asked Questions

Congress approved a new round of PPP funding, which provides eligible organizations that previously received a PPP loan with an opportunity to obtain additional funding. This additional funding is called a Second Draw PPP Loan.

That depends. Here are a few things to consider:

  • Does your organization employ 300 or fewer employees?
  • Can you show a 25% drop in revenue in any quarter of 2020 when compared to the same quarter in 2019?
  • Have you used or will you use the full amount of your first PPP loan?
  • Was your organization operational prior to 2/15/2020? Does it remain operational?
  • Do you own and operate businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, or small agricultural cooperatives?

If you answered ‘yes’ to all of these questions, then you might be eligible. Please review the eligibility page of our website for more details.

The maximum amount an organization with an existing PPP loan can receive is the lesser of:

  • 2.5 times the average monthly payroll and healthcare costs in the year prior to when the loan was received or within the 2020 calendar year or;
  • 3.5 times the average monthly payroll and healthcare costs in the year prior to when the loan was received or within the 2020 calendar year for any business that is classified under Code 72 by the North American Industry Classification System (NAICS) or;
  • $2 million

Second Draw loans may be eligible for partial or full forgiveness if you meet the following requirements during the 8- to 24-week covered period:

  • Maintain employee and compensation levels as required for the First Draw PPP Loan;
  • Spend loan proceeds on payroll costs and other eligible expenses; and
  • Spend at least 60% of the proceeds on payroll costs.

If you received a PPP loan in 2020, you do not need to use the same lender when applying for a Second Draw Loan.

If you did not receive a PPP loan during the first round of funding, there are additional PPP funds available for eligible organizations. These loans are called First Draw PPP Loans.

  • Does your organization employ fewer than 500 full-time, part-time, or seasonal employees?
  • Was your organization operational prior to 2/15/2020? Does it remain operational?
  • Do you own and operate businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, or small agricultural cooperatives?

If you answered ‘yes’ to all of these questions, then you might be eligible. Please review the First Draw eligibility page of our website for more details.

The maximum amount an organization that has not already received a PPP loan can borrow is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs; or
  • $10 million

First Draw loans may be eligible for partial or full forgiveness if you meet the following requirements during the 8- to 24-week covered period:

  • Maintain current employee and compensation levels;
  • Spend loan proceeds on payroll costs and other eligible expenses; and
  • Spend at least 60% of the proceeds on payroll costs.

PPP loans can be used to fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, and worker protection/PPE costs related to COVID-19. Additionally, PPP loans can be used to pay for uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

No, you can use 2019 tax forms and other supporting documentation.

PPP funds will be disbursed 10 days after approval.

Yes. In an effort to expedite the eventual forgiveness process, CRF requires all Second Draw PPP applicants to demonstrate that gross receipts in 2020 were at least 25% lower than in 2019 (whether using the quarterly or annual calculation method). You must provide sufficient documentation to validate the gross receipt reduction at the time of your application.

The U.S. Small Business Administration (SBA) has provided additional guidance related to Paycheck Protection Program (PPP) loans and Shuttered Venue Operators (SVO) grants. If you are considering this grant, please note that you will be ineligible if you have or will receive a PPP loan on or after December 27, 2020.

Depending on your situation, this guidance may impact your organization. For more information, please review the SBA website.

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.