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Can I Get a Second Paycheck Protection Program (PPP) Loan if I Received My First PPP Loan in 2021?

PPP 2021 deadline extended

The PPP was originally scheduled to end on March 31 2021. However, the deadline to apply has been extended to May 31 2021, giving eligible businesses extra time to apply for the funds they need. The extended application period is for those getting either a 1st or 2nd PPP loan.*

Can I apply for a 2nd PPP loan?

Yes! However, you must have spent the full amount of your initial loan on eligible expenses or will do so by the time your second-draw loan is disbursed and you meet the other SBA eligibility requirements (general eligibility requirements are listed in the next FAQ).

Who may qualify for a 2nd PPP loan

A borrower is generally eligible to apply for a Second PPP loan if the borrower:

  • Previously received a first PPP loan and will or has used the full amount on authorized uses
  • Has no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020; and
  • Otherwise meets all SBA and lender requirements

Forms for a 2nd PPP loan in 2021

The Small Business Administration (SBA) has created specific forms for 2nd time PPP borrowers. You can access them via the SBA’s website below:

PPP Second Draw Borrower Application Form

Below is a new form this year, allowing Independent Contractors, Gig Economy Workers, and Freelancers to apply for more funding based on Schedule C numbers:

PPP Second Draw Borrower Application Form for Schedule Filers Using Gross Income

Can I apply for the same amount as my first loan?

The amount of your second loan depends on your payroll costs or your gross income if you’re self-employed, a sole proprietor, or a single member LLC that files on a Schedule C. For additional information, read our blog post article: How Self-Employed, Independent Contractors, and Gig Economy Workers Can Apply for a PPP Loan Prior to Filing 2020 Taxes.

Most eligible businesses can receive up to 2.5x their average monthly payroll costs for calendar year 2020 or 2019. (Note that businesses in the accommodation and food service industry can now receive up to 3.5x payroll costs.)

The maximum loan amount is capped at $2 million for second PPP loans, compared to $10 million for first PPP loans.

I haven’t used up my first PPP funds. Can I get a second PPP loan?

Second PPP loans are only available to businesses that have spent the full amount of their initial loan on eligible expenses or will do so by the time their second-draw loan is disbursed and meet the other requirements.


Small business loans FAQ

What are the basic requirements?

Businesses that qualify for an SBA loan offered from banks in the SmartBiz network typically have more than $100,000 in annual revenue. Most of our customers are profitable and cash flow positive. All are able to show that they can afford to make our monthly loan payments. Learn More

SBA 7(a) Working Capital or Debt Consolidation Loans from $30,000 to $350,000

  • Minimum 2 years in business
  • U.S. based business owned by a US citizen or Lawful Permanent Resident who is at least 21 years old
  • Good personal credit score of 640 or higher
  • No outstanding tax liens
  • No bankruptcies or foreclosures in the past 3 years
  • No recent charge-offs or settlements
  • Current on government-related loans

SBA 7(a) Commercial Real Estate Loans from $500,000 to $5 million

  • The real estate must be majority owner-occupied. This means that at least 51% of the square footage of the property you’re buying must be occupied by and used by your business.
  • Time in Business: 2+ Years
  • Business owners must have personal credit scores above 675
  • Cash Flow: Sufficient business and personal cash flow to service all debt payments demonstrated by 3 years of tax returns and interim financial data
  • SBA Specific Requirements: No delinquencies and/or default on government loans

Do I need to personally guarantee the loan?

All business owners who own 20% or more of the business must provide a personal guarantee. Married couples who collectively own 20% or more of the business when their shares are combined, must both provide a personal guarantee.

What industries are eligible?

From a hair salon to an online retailer to an accounting firm—there are many small businesses that are eligible for an SBA Loan and most industries are eligible. Industries that are excluded include gambling, lending, life insurance, religious teaching, primarily political and lobbying activities, oil wildcatting, mining, mortgage servicing, real estate development, bail bond, pawn or private clubs, among others.

What can I use my funds for?

Need new equipment? Is it time to hire another employee? Would you like to purchase or refinance commercial real estate? You can use your funds in a variety of ways depending how much you're borrowing. Learn More

$30,000 to $350,000: Loans of this amount can be used for working capital (such as operational expenses, marketing, hiring, etc.), new equipment purchases, and to refinance existing business debt not secured by real estate (such as cash advances, business loans, and equipment leases) if the purpose of the debt was for the business.

$500,000 to $5 million: Loans of this amount can be used for the purchase or refinance of commercial real estate. To qualify, the real estate must be majority owner-occupied. This means at least 51% of the square footage of the property being purchased must be occupied by and used by your business.

I’ve been turned down by my bank before. Can I still get an SBA loan?

Yes. We have helped many small businesses obtain an SBA loan offered from a bank in the SmartBiz network even after they have been turned down by other banks.

Can I get a second SBA loan?

Yes, many customers get a second SBA loan as their business grows and needs additional capital. If you receive approval for more than one SBA loan within 90 days of each other, the loans will be treated as if they were one loan for purposes of determining the amount of the SBA guarantee fees, if any.

Can I get an SBA 7(a) loan if I already have a Paycheck Protection Program (PPP) loan?

Yes. You can get a traditional SBA 7(a) loan in addition to a PPP loan. The amount of your PPP loan payment if it is not forgiven, will need to be included in your debt schedule and your cash flow. Contact the lender who funded your PPP loan to discuss the forgiveness of your loan or if you would like to extend your PPP term from 2 years to 5 years. PPP loans can be forgiven until December 31st, 2020.

How does PPP Loan Forgiveness work?

Your PPP loan will be fully forgiven if enough of your proceeds are used for payroll costs, as well as interest on mortgages, rent, and utilities. Partial forgiveness is also an option depending on your unique situation and loan payments will be deferred for six months. To complete an application for forgiveness, contact the lender who funded your PPP loan.

Can I get an SBA 7(a) loan if I already have an Economic Injury Disaster Loan (EIDL)?

Yes. You can get a traditional SBA 7(a) loan in addition to an EIDL loan. The amount of your EIDL loan payment will need to be included in your debt schedule and your cash flow.

What if I’m not eligible or don’t qualify for an SBA loan through SmartBiz?

Low rates, low monthly payments, and long terms make SBA loans the "gold standard" in small business lending. However, not every small business initially meets the requirements for an SBA loan. As a result, Bank Term loans are also offered from banks in the SmartBiz network for small business owners that don’t immediately qualify for an SBA loan or need funds more quickly than even our streamlined SBA process can provide.

And if your small business can’t qualify for an SBA or Bank Term loan, we still won’t leave you hanging! SmartBiz Loans works with non-bank lenders as well. We’ll work to help you find other financing that may be a good fit for your needs.

What is the SBA E-Tran Score?

E-Tran is the SBA's proprietary scoring system lenders use to determine if the SBA will allow them to lend. Banks in the SmartBiz network must run this score when deciding to approve an SBA loan of $350,000 and less.

If your E-Tran score is insufficient for an SBA loan right now, we may still be able to help your business access a fixed-rate, Bank Term loan. Please check with your Relationship Manager.

You can also take steps to improve the E-Tran score of your business over time. If your E-Tran score isn't meeting requirements, we encourage you to apply again for an SBA loan once you've made those improvements.

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Paycheck Protection Program (PPP) Loan Forgiveness: Learn More About How it Works

How does PPP loan forgiveness affect a tax credit?

You cannot get both a small business loan under the PPP and also claim a tax credit.

If the employer’s employment tax deposits are not sufficient to cover the credit, the employer may receive an advance payment from the IRS by submitting Form 7200 to request an advance payment of employer credits due to COVID-19.

See Claiming CARES Act Tax Credits To Keep Employees for more information.

Why would a PPP forgiveness application get denied?

There are several instances in which you may not qualify or only qualify for partial PPP loan forgiveness. Review these reasons and avoid issues with the forgiveness application.

  • Failure to meet the 60/40 split
  • Failure to maintain Full Time Employee headcount
  • Failure to restore reduced compensation

How to manage unforgiven PPP loan amounts

If you applied and were approved for your loan after June 5, 2020, any unforgiven amounts automatically convert to a five-year loan at a 1% rate. Loans approved before June 5, 2020 convert to a two-year loan at a 1% rate, but you can apply for an extension to five years from your PPP lender.

Your loan payments are postponed until:

  • The date that the SBA remits the approved forgiveness amount to the lender
  • The SBA determines that a loan is not eligible for forgiveness
  • Your time to seek forgiveness lapses (although interest will accrue)

If you do have unforgiven loan amounts from your PPP funding, you have several options.

Repay your loan immediately

Depending on the amount of funds that are unforgiven and how you spent them, it might be wise to pay back your loan as soon as possible. You can do this without incurring any prepayment penalties or other fees. Paying off your loan promptly enables you to avoid additional interest accruing over time.

Take advantage of generous loan terms

With a 1% rate, your PPP loan has even more favorable terms than standard SBA loans. It may be better for your business to carry any unforgiven loan amount for the two- or five-year period allowed. Since you didn’t have to put up collateral for the loan or have impeccable credit to qualify, this can give you some breathing room as you figure out what comes next for your business.

If your PPP loan forgiveness is denied, contact the lender who funded your loan. You may be able to submit extra documentation to help with the approval process. You can request the SBA review a lender’s decision denying forgiveness within 30 days of the denial.

Additional resources

The SmartBiz team is regularly updating our resource center to help address questions top-of-mind for small business owners. Visit the SmartBiz Small Business Blog for resources to help you thrive in 2021 and beyond.


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