Application portal open for second draw of PPP loans

Shopper in Albemarle County
Shopper in Albemarle County(NBC29)
Published: Jan. 21, 2021 at 11:02 AM EST
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CHARLOTTESVILLE, Va. (WVIR) - The Small Business Administration is now accepting applications for Second Draw PPP Loans.

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a loan to apply for a Second Draw PPP Loan with the same general loan terms.

A borrower is generally eligible for a Second Draw PPP Loan if he or she:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

“Applications are now being submitted to the banks. All the banks are able to take the applications,” Central Virginia Small Business Development Center Director Rebecca Haydock said. “It is an excellent opportunity to get some more cash into the business.”

You can apply for a Second Draw PPP Loan from January 13 until March 31, 2021.

The Central Virginia Small Business Development Center has more information on its website and is able to help answer any questions you have about getting COVID-19 relief for your small business.

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