Paycheck Protection Program

Please note:

We are working on making updates to the Second Draw PPP Loan application. It will be unavailable for the time being. Please be patient as we make the necessary adjustments. 

 

First Basin Lending Solutions is here to help guide you.

The SBA, alongside the U.S. Treasury Department, are now accepting applications for Second Draw PPP Loans through March 31, 2021.

First Basin Credit Union is an SBA Eligible Lender and invites all those who completed the First Draw PPP Loan with FBCU to apply through us. We are prepared to guide our small business members through the process. If you have questions, please email
ppploans@firstbasin.com

 

Second Draw PPP Loan Tools:

  • Borrowers will need:
    • NAICS Code, which can be found at www.naics.com/search
    • PPP First Draw SBA Loan Number. Note: if you completed your first PPP Loan with First Basin, we already have this number & can complete it for you, if you do not have it available. 

Payroll & Loan Amount Calculator

Loan Detail Overview

PPP Details and Usage:

  • PPP allows certain eligible borrowers, who previously received a PPP Loan, to apply for a Second Draw with the same general loan terms as their First Draw.
  • Second Draw PPP Loans may be used for the following:
    • To help fund payroll costs, including benefits.
    • Paying for mortgage interest or rent
    • Utilities
    • Worker protection costs related to COVID-19
    • Uninsured property damage costs caused by looting or vandalism in 2020
    • Certain supplier costs and expenses for operations
  • Maximum loan amount and increased assistance for accommodation & food services businesses:
    • For most borrowers, the maximum loan amount for a Second Draw is 2.5 x average monthly 2019 or 2020 payroll costs, up to $2 million.
    • Borrowers in the accommodation and food services sector (use NAICS to confirm), the maximum Second Draw PPP Loan amount is 3.5 x average monthly 2019 or 2020 payroll costs up to $2 million.

Borrowers who may qualify:

  • Those who previously received a First Draw PPP Loan, and will or has used the full amount only for authorized uses.
  • A borrower with no more than 300 employees.
  • Those who can demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

PPP First Draw Forgiveness:

First Basin Lending strongly encourages you to complete your forgiveness application for the first PPP Loan, if you have not already done so. It is not required to be completed prior to applying, but is strongly encouraged.

  • The second PPP Loan does have a requirement that all of the funds for the first PPP Loan be used for eligible expenses prior to the funding of the second loan.

PPP Loan First Time Borrower?

Apply Here