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Updated: January 15, 2021
On December 27, 2020, a new bill was passed into law providing economic support to businesses. The additional Paycheck Protection Program (PPP) funding allows prior PPP applicants to apply for a second PPP loan, as well as first-time applicants.
The first day to apply for a PPP loan is January 19, 2021. Applications must be submitted to the Small Business Administration (SBA) by March 31, 2021.
The Second Draw PPP loan is intended for small businesses who have exhausted their initial PPP funds for qualified expenses and the maximum amount for the loan is $2 million. To apply for a Second Draw PPP loan, the following requirements must be met:
For first-time applicants, most businesses are eligible for a PPP loan in the amount of up to 2.5 times your average monthly payroll during the year preceding the application, or up to 3.5 times your average monthly payroll for businesses in the accommodation and food service industry. The maximum amount for first-time applicants is $10 million.
The SBA and Treasury have provided program guidance along with instructions on how to apply. We recommend you visit the Treasury website for more details.
To inquire about a PPP loan through Emprise Bank, please contact your lending representative or email SBALending@emprisebank.com. Please do not use this email to submit applications.
To learn more or apply for a PPP loan through our lending partner, Kabbage, please click here. Kabbage can only process loans up to $2 million.