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Sunday, 10 January, 2021

Paycheck Protection Program Reopens for First Draw and Second Draw Loans

The U.S. Small Business Administration and Treasury recently released borrower loan applications and top-line summaries for First Draw and Second Draw loans for the reopened Paycheck Protection Program (PPP). The new PPP is part of the $900 billion COVID-19 relief bill that was signed into law on December 27, 2020, with $284.5 billion allocated to the PPP, including $35 billion of that amount available for first-time loans. The program begins tomorrow for select lenders and borrowers and then opens for a broader audience shortly thereafter.

Please review both top-line documents for more information on forgiveness terms, eligibility, and more. Please note that all new First Draw and Second Draw PPP Loans will have the same terms regardless of lender or borrower and borrowers can apply for a First Draw or Second Draw PPP Loan until March 31, 2021.

PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS

First 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.

Top-line Overview of First Draw PPP Support Document

PPP First Draw Borrower Application Form

PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS

The PPP now allows certain 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. 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.

Top-line Overview of Second Draw PPP Support Document

PPP Second Draw Borrower Application Form

Visit www.sba.gov or www.treasury.gov for more information and details, including the comprehensive program rules.

If you have any questions, please contact the NATA team at covid@nata.aero

For general press inquiries, contact Shannon Chambers at 703-298-1347 or schambers@nata.aero

The National Air Transportation Association (NATA) has been the voice of aviation business for 80 years. Representing nearly 3,700 aviation businesses, NATA’s member companies provide a broad range of services to general aviation, the airlines and the military and NATA serves as the public policy group representing the interests of aviation businesses before Congress and the federal agencies.