Business Relief Program

PPP Second Draw Loan

Paycheck Protection Program Second Draw

Update April 1, 2021

The Paycheck Protection Program has been extended through May 31, 2021. 

Update March 5, 2021

The Biden-Harris administration has made several revisions to the Economic Aid Act, approved on December 27, 2020, to address how PPP Schedule C loans are calculated. Starting today, individuals who file an IRS Form 1040, Schedule C can submit their applications. The new borrower application forms with instructions can be found in Step 2 below for PPP Second Draw loans. 

PPP funding is set to expire on March 31, 2021.

Update February 24, 2021

Due to changes in the Paycheck Protection Program 1st and 2nd draw loan programs, starting today through March 9th, only businesses with 19 or less employees can apply for relief through the program.

First Citrus Bank will continue to accept applications from businesses with over 19 employees; however, these will not be submitted to the SBA until March 10th. 

First Citrus Bank is an SBA Preferred Lender and works directly with the Small Business Administration (SBA). Below please find detailed information about the Paycheck Protection Program (PPP) Second Draw Loan. The guidance is subject to final rules and regulations published by the SBA. For additional program information, please visit the Small Business Administration's (SBA) website.

Please follow steps 1-4 below.

Who Can Apply?

  • Eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Schedule C

  • Individuals who file an IRS Form 1040, Schedule C can use gross income to calculate their PPP maximum loan amount.
  • Borrower must use Schedule C PPP application in Step 2 below.

Borrowers whose PPP loan has already been approved and funded cannot increase its PPP loan amount based on new calculation.

How Will the Program Work?

  • Second Draw PPP Loans can be used to help fund payroll costs, including benefits.
  • Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

What Are the Terms and Eligibility?

  • A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
    • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
    • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; and
    • Has no more than 300 employees.
  • Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8-to 24-week covered period following loan disbursement:
    • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60 percent of the proceeds are spent on payroll costs.

What Is the Maximum Loan Amount?

  • For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.
  • For borrowers in the Accommodation and Food Services sector, the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

PPP Second Draw Loan Instructions and Submission

IMPORTANT: It is critical we have a complete package to give you the best chance to secure PPP funding.

Please follow steps 1-4 below.

Step 1: Please complete the contact information and follow the steps below

Step 2: Download and complete the below

  • Second Draw PPP Fact Sheet
  • Second Draw PPP Application OR Schedule C Second Draw PPP Application
  • First Citrus Bank Account Funding Information

Download and complete the below based on loan amount requesting

  • Second Draw PPP OVER $150,000 Supporting Documentation
  • Second Draw PPP UNDER $150,000 Supporting Documentation

Step 3: Save Second Draw PPP application and all supporting documentation to your computer

Step 4: Submit Second Draw PPP application and supporting documentation in one download

IMPORTANT: It is critical we have a complete package to give you the best chance to secure PPP funding. Please follow all steps 1-4.

Submit completed and signed Second Draw PPP application and ALL supporting documentation from a desktop computer using the below link.

** Please make sure you have initialed Question 4 and Question 5 on your application**

If you have questions regarding your PPP loan, please contact your banker or pppforgiveness@firstcitrus.com