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SBA’s Paycheck Protection Program 

We have received some completed PPP applications via email, however at this time, we are planning to only process applications through our online portal.  

The program will open to all larger banks and other lenders on Tuesday 1/19.  The program opened this past Monday morning for certain lenders reaching underserved communities, including community development financial institutions and minority depository institutions.

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Second Draw PPP Loans are generally subject to the same terms, conditions and requirements as First Draw PPP Loans:

• The last day to apply for and receive a second-round PPP loan is March 31, 2021.
• If you received a first-round PPP loan, you must state that you have or will have used your first PPP loan for authorized purposes on or before the date you receive your second PPP loan.
• If your aggregate revenue is down at least 25% in 2020 compared to 2019, you are eligible for a second round PPP loan.  This can be used as an alternative to the quarterly option previously offered.
• Payroll costs are now calculated on either calendar year 2020 or calendar year 2019, instead of the 12 months rolling from the application date.
• If your loan application amount is under $150K, you will not be required to provide documentation to prove your revenue loss at the time of application but will have to when applying for forgiveness.
• Gross receipts include all revenue in whatever form received or accrued (following the entity's accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.
• Generally, receipts are considered “total income” (or in the case of a sole proprietorship, independent contractor, or self-employed individual “gross income”) plus “cost of goods sold,” and excludes net capital gains or losses as these terms are defined and reported on IRS tax return forms.
• When making a second-round PPP loan application, you have to certify that your business is not permanently closed and require the funds to support your business's ongoing operations. 

We will collect Frequently Asked Questions and communicate them here in an effort to help us manage email and phone communications in the most efficient manner possible and keep our highly valued clients informed.  Thank you for your confidence in allowing our team to serve you during this difficult time.  

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We recommend you do get a free one-on-one business advising appointment with the SBA Resource Partner the San Diego & Imperial Small Business Development Center (SBDC.) They have expert advisors who have been helping thousands of businesses navigate the economic impacts of the pandemic at no-cost, including helping with the forgiveness of the PPP. You can request services by visiting https://sdsbdc.ecenterdirect.com/signup or calling 619-482-6391.