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MISREAD Joint Mobility Program (PPP Italian) Form sheet Details of the project for a monolingual application (in English) Instructions to complete the form sheet: If you want to submit a bilingual

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. Begin by filling out the applicant information section, which includes your legal name, trade name, and business address.
3. Provide your Employer Identification Number (EIN) or Social Security Number (SSN), depending on the type of business you operate.
4. Specify whether you are self-employed, an independent contractor, or have employees.
5. Fill out the loan information section, including the loan amount you are requesting and the purpose of the loan.
6. Provide documentation to support your loan request, such as payroll records, tax forms, or financial statements.
7. Answer the certification questions honestly and accurately.
8. Sign and date the application.
9. Submit the completed application to the designated lender.

Who needs second draw borrower application?

1. The Second Draw Borrower Application is required for small businesses, nonprofits, independent contractors, and self-employed individuals who previously received a Paycheck Protection Program (PPP) loan and are seeking a second loan under the program.
2. It is specifically for those who have experienced significant revenue reduction and meet the eligibility criteria set by the Small Business Administration (SBA).

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What is second draw borrower application?

The second draw borrower application is a form used by businesses to apply for a second round of Paycheck Protection Program (PPP) loans during the COVID-19 pandemic.

Who is required to file second draw borrower application?

Businesses that received a first draw PPP loan and have used or will use the funds from that loan can file for a second draw borrower application if they meet certain eligibility criteria.

How to fill out second draw borrower application?

To fill out the second draw borrower application, businesses need to complete the application form provided by the Small Business Administration (SBA), providing necessary documentation and information related to their business and prior PPP loan.

What is the purpose of second draw borrower application?

The purpose of the second draw borrower application is to allow eligible businesses to access additional financial assistance to help retain employees and cover operational costs during the ongoing impacts of the pandemic.

What information must be reported on second draw borrower application?

Applicants must report information such as payroll costs, number of employees, revenue decrease, business details, and information about the first draw PPP loan received.