Dear PPP Borrower,
As you may know, a second round of the Paycheck Protection Program is now available. The rules have changed from the first round, and Newtek is here to help during these unprecedented times.
Because you’re one of our original PPP Borrowers, we want to make sure you have the most up to date information in qualifying for this 2nd round.
Here is what you need to know:
- Existing PPP borrowers, like yourself, may apply for a 2nd PPP loan
- The 2nd round PPP loan offers funds to businesses under 300 employees, with loan calculated at 2.5 times payroll, 3.5 for select industries
- Loan can be used for payroll and overhead
- Business must demonstrate at least a 25 percent reduction in gross receipts in any quarter of 2020, including the fourth, relative to the same 2019 quarter
To start your 2nd round PPP loan application, click on the link below to go to your PPP loan portal. We’ll help streamline this process for you as best possible. If you have any questions, please contact us at info@newtekone.com.
Regards,
Newtek Business Finance Solutions
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