To apply for a Second Draw PPP loan, you must certify that you or your business had at least a 25 percent decrease in gross receipts in 2020. Upload your documents by logging in to your application. We also recommend you upload your 20 Schedule C and Schedule F, if you haven’t already uploaded them. To avoid problems, we recommend you upload bank statements from 20 and provide a copy of a valid government-issued photo ID, for example, a driver’s license or passport. We might ask you to provide extra information to support your Second Draw application. Other details of your Second Draw loan should be consistent with your First Draw application. The calculation is different for Second Draw loans. The amount of your Second Draw loan might differ from the amount of your First Draw loan. To comply with this rule, we will ensure your Second Draw loan is submitted to the SBA only after their database registers your First Draw loan in the correct status. You cannot receive a Second Draw loan unless your First Draw loan is fully disbursed. So make sure you have signed your First Draw promissory note and your bank details are uploaded to PPP Fast Lane. Problems with your First Draw loan, including failed funding or another problem, could delay your Second Draw application or automatically cancel it. The hold can last up to 20 days after your First Draw loan was approved. If your lender approves your application, your application will be held until SBA rules allow it to be submitted. After you sign, your lender will review your information. You must review and sign the DocuSign document to apply for a Second Draw loan through PPP Fast Lane. You will receive a DocuSign email includes your Second Draw PPP application. After your First Draw loan is dispersed, we will start the process for your Second Draw loan.
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