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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations Draw PPP Loan it received or for the loan amount it received, the lender will receive notification from SBA when the lender submits an application for a guaranty of a Second Draw PPP Loan and will not receive an SBA loan number until the issue related to the unresolved borrowers First Draw PPP
Loan is resolved. SBA will resolve issues related to unresolved borrowers expeditiously. These procedures are designed to promote compliance with the eligibility requirements for Second Draw PPP Loans by preventing additional loans from being made to borrowers that were not eligible for a First Draw PPP Loan or received an impermissible loan amount. At the same time, these procedures do not disqualify an eligible unresolved borrower from receiving a Second Draw PPP Loan, in recognition that many flags will be resolved in the borrowers favor. The Administrator, in consultation with the Secretary, has determined that these procedures strike an appropriate balance between promoting program integrity and preventing abuse, while making Second Draw PPP Loans available to all eligible borrowers as expeditiously as possible. SBA will set aside available appropriations to fund Second Draw PPP Loans applied for by unresolved borrowers in the event they are approved.
H. Loan Forgiveness Loan forgiveness of Second Draw PPP
Loans and the loan review process for Second Draw PPP Loans are generally subject to the interim final rules regarding Loan Forgiveness and SBA
Loan Review Procedures and Related Borrower and Lender Responsibilities, as modified to conform to the Economic Aid Act by the Consolidated First Draw PPP IFR, which is being published concurrently with this IFR. Subsection j contains forgiveness provisions specific to Second Draw PPP loans.

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Table of Contents a Second Draw PPP Loan Program b What requirements apply to Second Draw PPP Loans?
c Who is eligible for a Second Draw PPP
Loan?
d How do SBAs affiliation rules affect an applicants eligibility for a Second Draw PPP Loan?
e Who is not eligible for a Second Draw PPP
Loan?
f What is the maximum loan amount for a Second Draw PPP Loan?
g How do I submit an application for a Second Draw PPP Loan and what documentation must I provide to demonstrate eligibility?
h What do lenders need to know and do?
i Will an applicants Second Draw PPP
Loan application be affected if there are
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unresolved issues regarding the applicants First Draw PPP Loan?
j Are Second Draw PPP Loans eligible for loan forgiveness?

IV. Paycheck Protection Program Second Draw Loans a Second Draw PPP Loan Program Under section 7a37 of the Small Business Act 15 U.S.C. 636a37, SBA
is authorized to guarantee Paycheck Protection Program Second Draw Loans Second Draw PPP Loans.
b What requirements apply to Second Draw PPP Loans?
1 Second Draw PPP Loans are subject to SBAs and the Department of the Treasurys Treasurys consolidated interim final rule implementing the Paycheck Protection Program Consolidated First Draw PPP
IFR and all PPP loan program requirements, except as otherwise provided in this section, including but not limited to the following terms:
i The guarantee percentage is 100
percent.
ii No collateral will be required.
iii No personal guarantees will be required.
iv The interest rate will be 100 basis points or one percent, calculated on a non-compounding, non-adjustable basis.
v The maturity is five years.
vi All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower in order to determine eligibility of the borrower and the use of loan proceeds.
2 Frequently Asked Questions and other guidance issued by SBA or by SBA in consultation with the Department of the Treasury with respect to PPP loans under section 7a36 of the Small Business Act 15 U.S.C.
636a36 First Draw PPP Loans apply to Second Draw PPP Loans, except as otherwise provided in this section.
c Who is eligible for a Second Draw PPP Loan?
Subject to subsection e of this section, below, the following applicants are eligible for Second Draw PPP Loans:
1 An applicant is eligible for a Second Draw PPP Loan if it is a business concern, independent contractor, eligible self-employed individual, sole proprietor, nonprofit organization eligible for a First Draw PPP Loan, veterans organization, Tribal business concern, housing cooperative, small agricultural cooperative, eligible 501c6 organization or destination
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marketing organization, or an eligible nonprofit news organization 33 that:
i Previously received a First Draw PPP loan in accordance with the eligibility criteria in the Consolidated First Draw PPP IFR;
ii has used, or will use, the full amount of its First Draw PPP Loan including the amount of any increase on such First Draw PPP Loan on authorized uses under subsection B11 of the Consolidated First Draw PPP IFR on or before the expected date on which the Second Draw PPP Loan will be disbursed; 34
iii employs not more than 300
employees, unless it satisfies the alternative criteria for businesses with a North American Industry Classification System NAICS code beginning with 72 and eligible news organizations with more than one physical location described in subsection c3 or c4 of this section; and iv A experienced a reduction in revenue in calendar year 2020, measured as follows:
1 the applicant had gross receipts during the first, second, third, or fourth quarter in 2020 that demonstrate at least a 25 percent reduction from the applicants gross receipts during the same quarter in 2019 for example, an applicant that had gross receipts of $50,000 in the second quarter of 2019
and had gross receipts of $30,000 in the second quarter of 2020 experienced a 40
percent revenue reduction between these two quarters;
2 if the applicant was not in business during the first or second quarter of 2019, but was in business during the third and fourth quarters of 2019, the applicant had gross receipts during the first, second, third, or fourth quarter of 2020 that demonstrate at least a 25 percent reduction from the applicants gross receipts during the third or fourth quarter of 2019 for example, an applicant that had gross receipts of $50,000 in the third quarter of 2019 and had gross receipts of $30,000 in the third quarter of 2020
demonstrating a reduction of 40 percent from the applicants gross receipts during the third quarter in 2019;
3 if the applicant was not in business during the first, second, or third quarter of 2019, but was in business during the fourth quarter of 2019, the applicant had gross receipts 33 All terms in this subsection have the same definitions as in sections 7a36 and 37 of the Small Business Act and the Consolidated First Draw PPP IFR, as applicable.
34 A lender must make disbursement of the loan within ten calendar days of loan approval. See subsection D7 of the Consolidated First Draw PPP IFR.

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