SBA PPP Loans Second Draw
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
For an overview of the program, please click here.
Use the YB PPP Second Draw Calculator to calculate your eligible second draw PPP loan amount.
To apply for a loan, please complete the SBA PPP Second Draw Borrower Application Form or SBA PPP Second Draw Application Form for Schedule C Borrowers then contact your loan officer.
For more information, please visit the SBA Payroll Protection Program website.