Paycheck Protection Program - Second Draw
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.
Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Visit SBA.gov/PPP (opens in new window), for program details and important information regarding eligibility and specific documentation requirements.
If you determine you are eligible, please download and complete SBA Form 2483-SD (2/17/21) Paycheck Protection Program Borrower Application Form Revised February 17, 2021. Follow the instructions on each section of the application, answer all questions, and initial and sign where instructed. Note: the bank must account for at least 90% of the total ownership of the applicant business.
Submit the completed application form with the following supporting data:
- Documentation and calculations used to support and verify revenue reduction of 25% or greater in 2020 relative to 2019. Acceptable documentation would include profit and loss statements for the relevant quarters, summary deposit information from bank statements, or tax returns if using the full year.
- First quarter 2020 payroll documentation to verify the business was in operation as of February 15, 2020.
- Payroll documentation and the calculations used to support and verify the requested loan amount.
- A copy of the first page of the 2019 business tax return or 1040-Schedule C to verify your 2019 gross annual revenues.
- Entity documents if we don’t already have these on file for you (Articles of Corporation and Bylaws for Corporations, Operating Agreement for Limited Liability Companies, or Partnership Agreements for Partnerships).
- Identification for authorized individuals signing loan documents (Scanned copy, front and back of U.S. driver’s license or state ID with issued and expiration dates; passport; or military ID. Note: ID cannot be expired).
- Cell phone number and email address for authorized individuals who will be signing loan documents on behalf of the applicant business for us to use when sending loan documents securely for e-Signature.
- PPP Loan Disclosure signed by the authorized representative and owners of the business.
If you are ready to submit your completed application or have questions regarding the program, please contact a Mountain West Bank lender. A list of loan officers and their contact information can be found by clicking here Find a Lender.
Additional information regarding second draw paycheck protection program loans can be found at Interim Final Rule on Second Draw Loans (Released 1/6/2021)