Second Round PPP Application

WE WILL BEGIN SUBMITTING PPP LOAN APPLICATIONS TO THE SBA FRIDAY, JANUARY 15

If you are a returning Capitol National Bank customer requesting a second draw PPP loan, please click on the link below:

CNB Customer Second PPP Loan

If you are a New Customer to Capitol National Bank requesting your FIRST DRAW PPP loan, please click on the link below:

New Bank Customer First PPP Loan

If you are a New Customer to Capitol National Bank requesting your SECOND DRAW PPP loan, please click on the link below:

New Bank Customer Second PPP Loan

Sole Member LLC – 2021

Who is eligible to receive a PPP Loan?

Only certain businesses are eligible to receive a PPP loan, and these specifications are different for first-time loan recipients and second-draw recipients.

 

To be eligible for a first-draw PPP loan:

  • Your business has less than 500 full-time, part-time, or seasonal employees.

  • Your business was operational before February 15, 2020 and remains operational.

To be eligible for a second-draw PPP loan:

  • Your business has less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location.

  • You are able to demonstrate a revenue reduction of at least 25% in the first, second, or third quarter of 2020 (when compared with the same quarter in 2019).

    • For simplicity, businesses can now use annual tax returns for 2019 and 2020 to substantiate the 25% revenue reduction.

    • Businesses can also compare any quarter in 2019 with the comparable quarter in 2020 which can be substantiated with quarterly financial statements

  • You have used or will use the full amount of the first-draw PPP.

  • Your business was operational before February 15, 2020 and remains operational.

Businesses eligible for first- and second-draw PPP loans include:

  • Sole proprietors

  • Independent contractors

  • Self-employed individuals

  • Certain non-profits (the new bill has expanded eligible businesses to include certain501(c)(6) non-profit organizations)

  • Seasonal employers; the new bill has clarified the definition of these to be businesses that operate no more than seven months within a year or earn no more than a third of gross receipts within a six-month period

  • Faith-based organizations that have less than 150 employees

  • Housing cooperatives that employ less than 300 people

 

What has changed with round 2 of PPP?

Here’s PPP under the Consolidated Appropriations Act, 2021 at-a-glance:

  • $284 billion has been allocated to PPP (including $138 billion of unspent loans from the first round that were reinvested) and the program has been extended to March 31, 2021

  • Second-draw loans are available for businesses with under 300 employees

  • Businesses eligible for PPP loans has been expanded

  • Loan limitations have been expanded for certain businesses

  • Forgiveness for loans under $150K have anew, simplified one-page application

    • While expenses eligible for forgiveness still require a 60/40 split of payroll costs/other eligible expenses, group health insurance benefits are now included in payroll costs (and these entail life insurance, disability benefits, vision, and dental insurance)

  • Eligible expenses for forgiveness have been expanded (for first-draw loans that have not yet been forgiven and for second-draw loans)

  • Borrowers are allowed to choose a covered period that is any period of time between eight and 24 weeks

  • PPP funding includes dedicated set-asides for community lenders (CDFIs and MDIs) and business that operate in low-income areas

  • A clarification has been made indicating that interest rates on PPP loans are non-compounding and non-adjustable 

  • A clarification has been made indicating that forgiven PPP loans are not taxable and forgiven expenses are tax-deductible

 

What are the PPP loan maximums and limitations?

First-draw PPP loan limitations:

The maximum amount a business that has not yet received a PPP loan can borrow is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs

  • $10 million

There may be exceptions to these limits for restaurants and other hospitality businesses.

Second-draw PPP loan limitations:

Any business that is applying for a second draw will be subject to more stringent limitations. The maximum second PPP loan amount is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year

  • 3.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year for any business that is classified under Code 72 by the North American Industry Classification System (NAICS). (This is a list of hospitality and entertainment businesses like restaurants, hotels, and casinos; click the link to get the full list.)

  • $2 million

 

Upload Your PPP Documentation HERE 

Or email your complete application to PPP@capitolnational.com

WeatherIcon For: Weather

Today
Icon For: Clouds
19o
19o
Fri
Icon For: Clear
22o
6o
Sat
Icon For: Snow
26o
13o
Sun
Icon For: Snow
29o
23o
Mon
Icon For: Snow
25o
19o

48933: 19o

Change City   Data by OpenWeatherMap

Change City

Cancel
×