If you previously received a PPP Loan, you may be eligible to apply for a fully-forgivable Second Draw PPP Loan under the Economic Aid Act.
Are you eligible for a Second Draw PPP Loan?
If you can answer yes to all of the questions below, you are eligible for a Second Draw PPP Loan:
- I have already received a PPP loan.
- I have used, or will use, the full amount of my PPP loan before disbursement of a Second Draw Loan.
- I used, or will use, the full amount of my PPP loan only for authorized uses as outlined in the PPP guidelines.
- I have no more than 300 employees.
- I do not plan to apply for or receive a Shuttered Venue Grant, under Section 324 of the Economic Aid Act.
- I can demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019 by comparing quarterly gross receipts for one quarter in 2020 with gross receipts for the corresponding quarter in 2019. Alternatively, if I was in operation in all four quarters of 2019, I can demonstrate a revenue reduction or 25% or greater when comparing annual gross receipts in 2020 to annual gross receipts in 2019.
- Note: reduction in income must be verifiable through tax forms, quarterly financial statements or bank statements for both 2019 and 2020.1
How to calculate the 25% reduction:
How to Apply: 3 Ways
Email our PPP Loan Experts (using the link below) or send an email directly to: LoanRelief@NorthCascadesBank.com to receive an application and a list of the supporting documentation you will need to submit. You can also contact your Local Banker at (509) 888-6000.
1Documentation showing a 25%+ reduction in income from 2019 to 2020 is not required at the time of application for Second Draw Loans under $150,000, but it is required upon applying for forgiveness. We may request this documentation upfront to ensure a smooth and seamless forgiveness process.