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Getting Your PPP Application Ready

The details and procedures to apply for a PPP loan are now in place.  The best way to start is to contact your bank. If your bank is not participating, reach out to one of the participating banks.  To help you get started, checkout this very helpful overview put together by the NFIB: PPP-Second-Draw-Overview-for-Small-Businesses.pdf

Here is quick overview of the key elements for PPP round 2.  Please note, that additional funds are available for restaurants.  In addition, if you follow the requirements, these loans will be forgiven

Are you Eligible?

  • Business must have been in operation prior to February 15, 2020
  • Business must have fewer than 300 employees
  • If you received PPP in round 1, you must have used or will use entire initial PPP loan before disbursement of a round 2 PPP loan
  • Business must show a 25% gross receipts (defined below) decline. There are two ways to calculate a 25% reduction:
    • Comparing annual gross receipts as reported on a tax return between 2020
      and 2019, or
    • Comparing gross receipts in any quarter in 2020 with gross receipts in the

same quarter of 2019

  • If your loan is under $150,000 – you simply need to certify your receipt loss when applying. You will provide documentation when applying for forgiveness.
  • If your loan is over $150,000 – you must provide accompanying documentation with the application including annual tax forms, quarterly income statements, or bank statements.


  • $2,000,000 maximum loan amount

Calculation of Loan Amount

  • 5 x average monthly payroll costs for 2019 or 2020
  • For businesses in the hospitality and restaurant (under NAICS Code 72) you can apply for

3.5 x average monthly payroll costs for 2019 or 2020

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