Last week, the Small Business Administration (SBA) and Treasury released their official guidance on how the second round of PPP will work.

SBA announced the reopening of PPP the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions are be able to make First Draw PPP Loans starting on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.

We encourage you to refer to the National Restaurant Association's PPP Policy Update/User Manual for a distilled version of the new PPP guidance and to work directly with your lender and accountant as each operation will likely have unique and specific nuances that fit their individual situation.
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Useful Resources

• Policy Update/User Manual for Restaurants – Second Draw PPP
• NEW Application for Second Draw PPP
• Updated Application for First Draw PPP
• Top-Line Overview of First Draw PPP Loans
• Top-Line Overview of Second Draw PPP Loans
• Interim Final Rule #1 – PPP as Amended by Economic Aid Act
• Interim Final Rule #2 – PPP Second Draw Loans
• Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance
• Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)
• Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement