The information represents a high-level comparison of the two programs. Borrowers are encouraged to review the Interim Final Rules released by the SBA on 01/06/2021 for complete information.
| Requirements | PPP First Draw Loans | PPP Second Draw Loans |
|---|---|---|
| General Requirements | Employ no more than 500 employees |
Employ no more than 300 employees |
| Application Form | SBA 2483 |
SBA 2483-SD |
| Revenue Loss Proof | Not applicable |
For loans $150,000 and less, certification at application, provide supporting documentation at forgiveness application (comparable tax returns). |
| Other Documentation | Documents to support the loan amount and proof business was active on 2-15-2020 (see IFR released 1-6-2021 for details). | Documents to support the loan amount and proof business was active on 2-15-2020 (see IFR released 1-6-2021 for details). If using same lender, borrower does not resubmit information already on file from the PPP 1st Draw Loan. |
| Eligibility | Businesses, certain non-profits, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, and independent contractors. Religious organizations and ag related businesses are also eligible (IFR released 1-6-2021 details eligibility more specifically). | Businesses, certain non-profits, housing cooperatives, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small ag cooperatives. Religious organizations are also eligible (IFR released 1-6-2021 details eligibility more specifically). |
| Ineligibles | Any businesses not included above including businesses on the existing SBA list of ineligibles (IFR released 1-6-2021 details eligibility more specifically). |
Lobbying organizations, think tanks, affiliated with People's Republic of China, entities who received a grant under the Shuttered Venue Operator Grant program. Companies not in operation on 2-15-2020 are not eligible (other eligibility criteria on first draw loans also apply). |
| Franchises | Must be listed on SBA franchise registry | Must be listed on SBA franchise registry |
| Maximum Loan Amount NAICS Code 72 |
2.5X average monthly payroll 2.5X average monthly payroll $10 million is maximum loan amount |
2.5X average monthly payroll 3.5X average monthly payroll $2 million is the maximum loan amount |
| How to Calculate Loan Amount Seasonal | Refer to IFR released 1-6-2021 for details or refer to application instructions | Refer to IFR released 1-6-2021 for details or refer to application instructions |
| Multiple Locations | Certain industries can apply maximum employee count to individual locations. | Certain industries can apply maximum employee count to individual locations. |
| Affiliation Rules | SBA affiliation rules generally apply (with certain exceptions). | SBA affiliation rules generally apply (with certain exceptions). |
| Fees | None for lender or borrower Cannot charge borrower a packaging fee |
None for lender or borrower Cannot charge borrower a packaging fee |
| SBA Guaranty | 100% | 100% |
| Term | 5 years (early PPP had 2 years until 6-5-2020) | 5 years |
| Rate | 1% | 1% |
| Collateral | None | None |
| Personal Guaranty | None | None |
| Payments | Deferred until 10 months after the borrower's selected covered period ends. | Deferred until 10 months after the borrower's selected covered period ends. |
| Demographic Information | Optional on application | Optional on application |
| Availability | Ends on 5-31-2021 | Ends on 5-31-2021 |
| Loan Forgiveness | Spend at least 60% of PPP funds on payroll costs | Spend at least 60% of PPP funds on payroll costs |
| Eligible Costs | Payroll costs, covered mortgage, rent and utility payments, covered operations expenses, covered property damage costs, covered supplier costs and covered worker protection expenses incurred during the covered period. (IFR released 1-6-2021 goes into additional detail) | Payroll costs, covered mortgage, rent and utility payments, covered operations expenses, covered property damage costs, covered supplier costs and covered worker protection expenses incurred during the covered period. (IFR released 1-6-2021 goes into additional detail) |
| Covered period | Borrower may select any covered period between 8 and 24 weeks after origination. | Borrower may select any covered period between 8 and 24 weeks after origination. |
| Forgiveness applications: $150,000 and less $150,001 and above |
3508S 3508EZ or 3508 long form |
3508S 3508EZ or 3508 long form |
| EIDL Advances | Requirement to deduct repealed |
Requirement to deduct repealed |
| Other | Not applicable | Forgiveness of first draw loan is not required to receive second draw loan. |
We encourage you to read the following information pertaining to program details, such as eligibility and forgiveness and other information provided by the SBA and Treasury Department.
You may now apply for forgiveness of your 2021 PPP loan. Please do not apply for PPP loan forgiveness until your selected covered period has ended. Your forgiveness application CANNOT be processed until the covered period has ended and you will need to resubmit a loan forgiveness application.
We look forward to helping you apply for forgiveness of your Paycheck Protection Program loan. We have reopened our automated process which will allow you to complete the PPP loan forgiveness application online and upload any required documents. This will make applying for forgiveness easy and will negate the need for you to complete a paper application from the Department of the Treasury’s website.
You will receive an email with a personalized link which you may use to apply for loan forgiveness. Please login to the portal within 24 hours of the email receipt in order to ensure accessibility. If you do not receive an email, you may visit the portal for access.
Important considerations before you apply for PPP loan forgiveness:
You should only apply for forgiveness once per loan. It is important to read the materials, gather your documents and prepare to complete the forgiveness application ahead of time. If you have any questions, please reach out to our special PPP loan client mailbox SBAForgivenessQuestions@bankatfirst.com.
Please continue to check this page for regular updates. Thank you for choosing First Financial Bank as your financial partner.
First Financial Bank is offering deferment on many loan payments, which provides support and relief to our existing SBA loan clients. In addition, the stimulus relief program provides some relief for some existing SBA borrowers. Be sure to review SBA guidance for the most recent stimulus legislation and debt relief assistance available. You may receive a letter from the SBA outlining the program; however, if you are eligible for borrower relief from the stimulus, you will receive a letter from First Financial Bank detailing guidance specific to your loan. If you have any questions, please review our Frequently Asked Questions (FAQs), contact your banker, or email us at SBAForgivenessQuestions@bankatfirst.com.
All loans and deferments subject to credit review and approval.
Information accurate as of 09/23/2021.
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