Because you were granted a SBA PPP Loan in 2020, that loan was renamed “SBA PPP Draw One Loan” by Congress’ CARES ACT revision.
HERE’S THE BIG NEWS from the CARES ACT revision
1. There is $285 Billion available for PPP Loans (Draw One & Draw Two) BUT it’s on a first come-first serve basis. When it’s gone, it’s gone.
2. YOUR business is most likely eligible for the Draw Two SBA PPP loan if you had any quarter of gross revenue in 2020 at least 25% less than the same quarter in 2019.
The easiest way for you to see if you can get the same amount (or more) of Draw Two money you received for Draw One is to get out your State B&O/Sales Tax reports (WA State Department of Revenue) both years and use the attached spreadsheet to confirm you qualify.
- The rest is easy because PSRFCU is your SBA PPP Lender
3. BOTH DRAW ONE and DRAW TWO ARE FORGIVABLE and NON-TAXABLE LOANS!!!
If you know someone who didn’t apply for the SBA PPP Draw One Loan and you think they might qualify, have them call PSRFCU at 360-293-4862 ASAP and ask for me. We can submit Draw One SBA PPP loans for businesses who qualify.
PSRFCU will do everything we can to help them get some of this business-saving money to help our entire business community recover more quickly.
Please let me know ASAP (by email or voice mail) if you want to apply for DRAW TWO.