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Paycheck Protection Program OMB Control No.: 32450417 Expiration Date: 9/30/2021Second Draw Borrower Application Form for Schedule C Filers Using Gross Income March 3, 2021AN APPLICANT MAY USE THIS

How to fill out second draw borrower application

How to fill out second draw borrower application

1. To fill out the second draw borrower application, follow these steps:
2. Gather all the required documents such as payroll records, tax documents, and financial statements.
3. Go to the Small Business Administration (SBA) website and navigate to the Second Draw Borrower Application Form.
4. Carefully read the instructions provided on the form and gather all the necessary information.
5. Fill in all the required fields in the application form, including business information, loan amount requested, and eligibility information.
6. Double-check all the information you have entered to ensure accuracy and completeness.
7. Attach all the required documents and supporting evidence to the application.
8. Review the completed application form and attached documents once again for any mistakes or missing information.
9. Submit the application electronically through the SBA portal or as instructed by your lender.
10. Keep a copy of the submitted application and all supporting documents for your records.
11. Await a response from the SBA or your lender regarding the status of your application.

Who needs second draw borrower application?

1. The second draw borrower application is needed by small businesses that have already received a first draw PPP loan and meet certain eligibility criteria. These businesses must have experienced a revenue reduction of 25% or more in at least one quarter of 2020 compared to the same quarter in 2019. Additionally, the businesses must have employed no more than 300 individuals.

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What is second draw borrower application?

The second draw borrower application is a form that eligible businesses use to apply for a second round of Paycheck Protection Program (PPP) loans. It allows borrowers who have previously received a PPP loan to access additional funds under certain conditions.

Who is required to file second draw borrower application?

Entities that have already received a first draw PPP loan, have used or will use the full amount of that loan for authorized purposes, and meet certain eligibility criteria including having fewer than 300 employees or demonstrating a significant revenue reduction are required to file the second draw borrower application.

How to fill out second draw borrower application?

To fill out the second draw borrower application, borrowers need to complete the standardized application form provided by the Small Business Administration (SBA), providing necessary details about their business, including payroll costs, the number of employees, and demonstrating revenue decline if applicable.

What is the purpose of second draw borrower application?

The purpose of the second draw borrower application is to provide financial assistance to small businesses that have been affected by the economic downturn caused by the COVID-19 pandemic, helping them to retain employees and sustain operations.

What information must be reported on second draw borrower application?

The application requires borrowers to report information such as their business name, address, Tax Identification Number (TIN), number of employees, average monthly payroll costs, and any PPP loans they have previously received.