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These are general guidelines and are subject to change through the final rulemaking and eligibility requirements from the U.S. Small Business Administration (SBA). Changes governed by the SBA may impact application dates and potentially delay the application process.
Your Small Business Resource
On January 11, 2021 at 9am ET, Congress announced the approval of an additional $284 billion under the SBA Economic Aid Act, that will afford qualifying small businesses the ability to apply for the CARES – ACT Paycheck Protection Program (PPP) Loan.
In anticipation of the SBA resuming PPP Loans, we can begin accepting your small business PPP applications to ensure the timely submittal upon the SBA portal opening in the coming days.
Deadline to apply for the Second Draw PPP Loan is March 31, 2021. Funding is limited.
First time borrowers:
You are eligible for a First Draw PPP Loan if you:
The loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
Second time borrowers:
You are generally eligible for a Second Draw PPP Loan if you:
Maximum Loan Amount
For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs (up to $2 million).
Please note that the relevant time period for calculating a borrower’s payroll costs for a Second Draw PPP Loan is either the twelve-month period prior to when the loan is made or calendar year 2019.
Full Forgiveness Terms
Borrowers under Second Draw PPP Loan, will qualify for loan forgiveness if during the 8 to 24-week covered period following loan disbursement:
As always, thank you for choosing Amerant as your trusted ﬁnancial advisor.
To expedite the application process, we invite you to reference the Resource Center below for important information, program overview, application, and more. Please ensure that your information is as accurate as possible on all of the documentation being submitted, in order to properly calculate the loan amount. Inaccurate data may jeopardize approval as set by the SBA guidelines.
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