Missed Applying for a PPP Loan the First Time? Here’s your Second Chance

missed applying for ppp loan

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The initial Paycheck Protection Program (PPP) provided small business owners the opportunity to apply for government funds to sustain their business during the pandemic. With a limited budget and thousands of small businesses applying for loans, not all companies could secure additional funds. Some businesses closed, but others continued to operate with little cash flow available. Fortunately, as of January 11, 2021, the PPP loan system has reopened its portal system for small businesses to apply for pandemic funds. The small business coach at Bryant Consultants shares more information about applying for the PPP loan during the second application period.

The Small Business Association (SBA) explains that the process is similar to the initial program with aid available in forgivable loans. However, there are some changes to the eligibility regulations for second-time applicants and forgivable expenses. The SBA will accept First Draw PPP applications from Community Development Financial Institutions (CDFIs), Certified Development Companies (CDCs), Minority Depository Institutions (MDIs), and participating Community Financial Institutions (CFIs). The Second Draw PPP application acceptance began on January 13, 2021.

How to Apply

Your application’s submission is possible through any existing SBA 7(a) lender, federally insured credit union, federally insured depository institution, or participating Farm Credit System institution. Additional regulated lenders may be available to make loans upon approval of their program enrollment.

  • First Time Borrower – Speak with your lender to find out if they are participating in the program.
  • Second Time Borrower – Borrowing from the same bank with the same figures to calculate the loan can negate the need for payroll information to apply.

Prepare yourself to answer questions the lender may ask by downloading the PPP loan application below. The form outlines the information you need and can help you gather information before applying with a lender.

PPP First Draw Borrower Application Form (Revised 01-08-21)

PPP Second Draw Borrower Application Form (Revised 01-08-21)

Bryant Comments

Small business clients who missed the first round for PPP loans may benefit from applying during the second round. Begin gathering your information and start the application as soon as possible. Although there is not the same urgency to request funds as in the spring of 2020, and we believe the SBA can maintain enough proceeds through a short term, it is best to apply early.

Clients who received PPP disbursements in 2020 can streamline the application process by applying with the same information as the first disbursement. Most banks may not need more information if you previously applied.

Once the program opens, primarily community lenders will accept applications for the first few days. The focus is deliberate so the SBA can ensure the program reaches veterans, underserved communities, women, and minorities, as those businesses tend to have more needs. SBA administration officials state that other lenders can issue loans soon after the reopening, but they have not specified a specific date.

When you are ready to apply, contact your bank to ensure they are accepting applications. Some banks may be updating their portal based on previous experience. Then, request information about an estimated application start date if they are not currently processing applications.

Applying for a PPP loan could mean the difference between your small business’s success and failure during a pandemic. If you would like to learn more or schedule a complimentary one-hour consultation, please contact Bryant Consultants by calling (877) 768-4799. We provide consultation, training, and coaching and will continue to post relevant updates regarding the coronavirus pandemic. To ensure that you receive the latest updates, please follow us on Facebook and Instagram.

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