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Learn More About the PPP Loan Application Process and How It Can Help Small Businesses

As COVID-19 continues to impact businesses and communities in 2021, many could benefit from financial assistance. This is why the Paycheck Protection Program was set up last year to help small businesses throughout the pandemic. The PPP started its first round last year in April and ended in August of 2020. But, because many businesses are still being affected by COVID-19, a second round of PPP started in early 2021. And these government-backed, forgivable loans are providing financial assistance to many who need it. At Essential FCU, we are ready to help small businesses and organizations find the relief they need to continue doing what they do best. Learn where you can find a PPP loan application, and see what’s new with PPP Round 2.

Where to Find a PPP Loan Application

You can apply for a Paycheck Protection Program Round 2 loan right here at Essential FCU! We’re happy to help you start the process as soon as you are ready. However, because this is Paycheck Protection Program Round 2, there are some changes that you should know about. One of the biggest changes is that there are now two different applications for those seeking loans. 

Those who received loans in PPP Round 1 may still be eligible to receive loans in PPP Round 2. However, this is only if the full amount of the previously received First Draw PPP Loan has been or will be used entirely for authorized usage. They must also demonstrate a 25-percent reduction in gross receipts between comparable quarters in 2019 and 2020. And the organization receiving the loan can have no more than 300 employees. In addition, a second draw borrower PPP loan application must be filled out. 

The process is slightly different for borrowers seeking a Paycheck Protection Program loan for the first time in PPP Round 2. As mentioned earlier, first draw borrowers fill out a separate form from second draw borrowers. This version is similar to its first draw application counterpart. But it lacks some of the questions and requirements pertaining to a previous PPP loan draw. However, there are still several similar requirements shared between both applications. And these must be filled out to completion before the application can be submitted. For more information about PPP ROund 2 loans, please visit the SBA website or contact an Essential Commercial Loan Administrator at commercial@essentialfcu.org.

Let Essential FCU Help With Your Business’ Paycheck Plan Protection Round 2 Needs

Essential FCU remains committed to helping small businesses navigate the difficult financial circumstances brought on by the pandemic. And the forgivable loans of the PPP have offered many businesses the support they need to weather the storm. If you believe your small business or organization may be eligible for PPP Round 2 loans, we’re here to help. For more info or if you have any questions, give us a call at 225-353-8238 or contact us online. Or find the Essential FCU nearest you. We are ready to assist you in finding the financial support you need.