How Does a Borrower Qualify for a Second-Draw PPP Loan?

The new round of PPP also brought new changes, including expanding the list of eligible expenses, setting aside money for smaller lenders, and allowing some borrowers to apply for a second PPP loan. Small businesses can apply for a PPP loan through March 31, 2021, or until funds are depleted, if they fit into the following criteria:

1. The borrower has used the full amount of first PPP loan
​2. The business is an ‘eligible entity’ including, but not limited to:

• Eligible self-employed individual, sole proprietor, independent contractor
• Nonprofit
• Housing cooperative
• Veterans organization
• Tribal business concern
• Small agricultural cooperative

3. The business has less than 300* employees
4. Loan can be up to 2.5x the average monthly payroll costs during one-year period before loan or during 2019 calendar year
5. Loan can be up to 3.5x the average monthly payroll costs if the borrower is in the hospitality or food services industry (NAICS 72)

PPP 2.0 Eligibility Full Requirements

PPP 2.0 - Get Started In Just 2 Steps 

Step 1: Create your account.
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By creating your account, you will be ready to start the streamlined lending process as soon as possible.
​Click "Create an Account" below:

CREATE AN ACCOUNT

Already have an account? Login

Step 2: Begin gathering the documents that you are likely to need for the PPP process

• Revenue Reduction Support- Gather financials and bank statements to help support the claim of revenue reduction.

• Payroll Records - To confirm your business was in operation February 15, 2020.

• Business Documents - Your articles of incorporation and W9.

• Personal Information - For any owners you may need to provide valid identification.

• ​Tax Returns & Statements - Have these available in case they are needed.

Need Helpful Hints for the On-line Application Process​? Click here.

The Renaissance Team
E-Mail - businessloans@rclfms.com
Phone - 228-896-3386
Ext.   - 120 Meredith Osborne
           - 105 Vickie Rivers
           - 125 John-Michael Marlin

If you are unable to complete the online application and need assistance with a paper application,
please email businessloans@rclfms.com or call 228-896-3386 ext. 120.