Finally, PPP 2.0 is here! And as always, your partners at Loan Mantra and Hudson Capital are here to help you. To make the Second Draw PPP process as seamless and transparent as possible, we’ve outlined the following steps to help you navigate the Program.
Here’s what you need to know:
To all existing Loan Mantra customers who received PPP 1.0 with our help, please don’t worry. We already have the information required to request your Second Draw PPP loan. In other words, YOU ARE ALL SET! We will send you the PPP 2.0 application form for your e-signature by Tuesday January 12th.
Please note: The Second Draw PPP program has some important updates from the original program that launched last April. Notably, businesses applying for a second PPP loan must be able to demonstrate a 25% reduction in revenue when comparing 2020 figures to 2019. That said, do not sign the application form if you cannot show that your business incurred a loss of 25% in any one quarter in 2020 compared to the same quarter in 2019.
Items to note for previous PPP clients:
- All borrowers who had a higher payroll expense in 2020, please email us.
- At the current time, we do not need quarterly financials for loan requests less than $150,000. However, if you cannot show a loss in revenue of 25% or more in any single quarter compared to the same quarter in 2019, please email or call us.
- Though loan requests less than $150,000 don’t require financials to apply for PPP 2.0 now, at some point they will be required. If you can proactively upload them to the Loan Mantra portal, this will be to your benefit.
New Borrower? Please provide the following:
- All 941s for 2019 and 2020;
- 940s for 2019 and 2020;
- Driver’s license for all owners;
- Voided check for company;
- 2019 business tax returns;
- Create or update your Loan Mantra portal today.
What happens next?
Existing clients, please know we will get you your application form by January 12, 2021. New borrowers, please get the documents noted above uploaded to the Loan Mantra portal as soon as possible to begin the PPP Second Draw Process.
As before, Loan Mantra will provide you with a painless and transparent way to participate in the PPP program. Continue to check back here for updates!