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Paycheck Protection Program Loans

Congress has approved a third round of the Paycheck Protection Program (PPP). Once again, Emery is offering this loan program through the SBA.

Small businesses in the community could be eligible for relief as first time borrowers or 2020 borrowers still experiencing COVID-related financial difficulty. Below is the information regarding a first or second draw PPP loan.

I didn’t apply for a PPP Loan in 2020, but would like to now.

First Draw PPP Loan Details:

The first time borrower for PPP loans can utilize the funds for:

  • Payroll costs, including benefits
  • Mortgage interest
  • Rent
  • Utilities
  • Worker protection costs related to COVID-19
  • Uninsured property damage costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operations

Emery Can Help:

Contact us today to apply or with any questions about eligibility or forgiveness. We’re here to help you through every step of this process!

I was granted a PPP loan in 2020 but need more assistance.

Second Draw Loan Details:

SBA now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan.

The Second Draw PPP Loans can be used for:

  • Payroll costs, including benefits
  • Mortgage interest
  • Rent
  • Utilities
  • Worker protection costs related to COVID-19
  • Uninsured property damage costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operations

For most borrowers, the maximum loan amount for this program 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 this program is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Do I Qualify?

You are most likely eligible for a Second Draw PPP loan if you:

  • Previously received a First Draw PPP Loan and will or have used the full amount only for authorized uses
  • Have no more than 300 employees; and
  • Can demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Who Do I Contact?

To start your application process or if you have any questions, please contact Andrew Hollar or Mitchell Cain.

Andrew Hollar
ahollar@emeryfcu.org
513.530.0605

Mitchell Cain
mcain@emeryfcu.org
513.247.6239

If you would like to learn more information from the SBA website, click here to be redirected to all their PPP information.