Second Draw PPP Applicants FAQ
Existing PPP Loan borrowers could be eligible for a second draw application. Please reference the SBA's guidelines for more information.
AM I ELIGIBLE?
To be deemed eligible for a second PPP loan your businesses must
- Have been in operation on February 15, 2020;
- Have used or will use, the full amount of the First Draw PPP Loan on or before the expected date of the Second Drawn PPP Loan disbursement; and
- Be a business with 300 or fewer employees that has experienced revenue reductions of 25% or more in any 2020 quarter compared with the same quarter in 2019
In addition to the above, Boston Private requires that you are a business banking client with a Boston Private deposit account open in the name of the applicant business as of January 1, 2021.
HOW DO I APPLY?
By completing these forms -
- The SBA Second Draw Application in our portal
- Gather and provide all supporting documentation including payroll information. Here is a link to the full list of Required Documentation. It is very important that you have all the necessary documents prepared when you are ready to submit.
Please save required documentation to your computer and upload to our online application when available. We hope to have the application available online by 1/18/2021.
WHAT IS THE APPLICATION DEADLINE?
Applications will be accepted through March 31, 2021, or until the funding has been exhausted, whichever is sooner.