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For those who have already applied for a PPP loan …

SECOND DRAW PPP applications are now being accepted and are available to eligible small businesses.

Generally, entities that were eligible to participate in the first round of the PPP, received a PPP, and have fully used those proceeds (on eligible expenses) are eligible to apply for a SECOND DRAW loan.  However, certain new eligibility requirements were implemented with this round.  Please verify your continued eligibility before considering participation in the SECOND DRAW program.

Eligible small business:

  • Employ 300 or fewer employees
  • Experienced a revenue reduction of 25% or more in 2020 in relation to the comparable 2019 quarter, calculated as follows:
    • If in business all of 2019: gross receipts during the first, second, third, or fourth quarter in 2020 that demonstrate not less than a 25% reduction from the gross receipts of the entity during the same quarter in 2019
    • If not in business during the first or second quarter of 2019: gross receipts during the first, second, third, or fourth quarter in 2020 that demonstrate not less than a 25% reduction from the gross receipts of the entity during the third or fourth quarter of 2019
    • If not in business during the first, second, or third quarter of 2019: gross receipts during the first, second, third, or fourth quarter in 2020 that demonstrate not less than a 25% reduction from the gross receipts of the entity during the fourth quarter of 2019
    • If not in business in 2019, but in operation as of February 15, 2020: gross receipts during the second, third, or fourth quarter in 2020 that demonstrate not less than a 25% reduction from the gross receipts of the entity during the first quarter of 2020
    • If you were in operation for all four quarters of 2019 and meet the 25% reduction in 2020 compared to 2019 using the entire calendar year, adequate documentation could be substantiated using your annual tax forms. This could be helpful if you do not have quarterly information available.
  • Borrowers must have been an operating business on February 15, 2020 and must not be a publicly traded company

There are significant changes to the program so please seek advice from your accountant to determine your loan amount and eligibility. You can learn how to calculate your second-draw maximum loan amount and the necessary documentation needed here.

Please be prepared to demonstrate a reduction of at least 25% in gross receipts between comparable quarters in 2019 and 2020. 

If you’re a second-draw PPP borrower OR if you started but never completed an application through LoanStreet in the first round:  use this link to log in to your LoanStreet portal.

  • You will be able to access the SECOND DRAW application within your portal by clicking on the green button that states “Apply for PPP Second Draw Loan.”
  • Borrowers who started but never completed your first round application, your details will automatically transfer to a new FIRST DRAW form which will be ready to complete when you log in.

Additional Information

It’s a good idea to check-in with the Wisconsin Small Business Development Center’s website.  They provide up-to-date info on many programs available to small businesses in Wisconsin including PPP.

And, always refer to the SBA website for eligibility and documentation requirements.  Per the SBA, it is your responsibility to understand these requirements.

 

Back to the PPP home page

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