2021 Paycheck Protection Program

Program Details

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Information last updated as of January 19, 2021.  

Additional Information

Expansion of Eligible Entities- First and Second Draw Loans

The new law expands the businesses eligible for a PPP loan to include (must be in operation on February 15, 2020 and cannot be permanently closed today):

• Certain 501(c)(6) organizations (excluding those that engage in political or lobbying activities and professional sports leagues);
• Destination marketing organizations;
• Housing cooperatives;
• Newspapers, broadcasters, and radio stations

It is important to note that if a borrower received a PPP loan in 2020, then the borrower is considered to have received a First Draw PPP Loan and is not eligible to receive another First Draw Loan; however, the borrower may be eligible for a Second Draw Loan.

Eligible Entities – Second Draw Loans

• Any business concern, nonprofit organization, housing cooperative, veterans organization, Tribal business concern, eligible self-employed individual, sole proprietor, independent contractor, or small agricultural cooperative that:
  • Employs no more than 300 employees; and
  • Sustained at least a 25% drop in gross receipts in any quarter of 2020 compared to that same quarter in 2019
• If the entity was not in business for some or all of 2019, there are different quarter comparative rules that apply
• Borrowers must submit documentation to substantiate the 25% revenue loss. Best practice is for lenders to require that documentation at time of loan origination; however, must be provided before submission of a forgiveness application.

Maximum Loan Amount

• For First Draw loans, the maximum loan amount formula is the same as what it previously was except for farmers who are sole-proprietors, independent contractors or otherwise self-employed individuals. 
• For Second Draw loans, in general the maximum loan amount is 2.5 times the average total monthly payment for payroll costs incurred by the eligible entity during the one-year period before the date on which the loan is made, or $2 million. For NAICS 72* entities, the maximum loan amount is 3.5 times the average total monthly payment for payroll costs, or $2 million.