Paycheck Protection Program

The US Small Business Administration Paycheck Protection Program (SBA PPP) is currently ACCEPTING NEW APPLICATIONS. Currently new PPP applications are only being taken by Community Financial Institutions, Minority Deposit Institutions, Certified Development Companies, and Microloan intermediaries. Partners 1st is qualified SBA PPP loan resource.

Even if you received a PPP loan in the spring of 2020, you may qualify for a second loan in 2021.

In round one of the Paycheck Protection Program, Partners 1st was able to get SBA PPP Funding for every eligible small business applicant that submitted a complete application. We are working diligently to ensure the same level of success for our members during this upcoming round of PPP.

THE US Small Business Administration is dividing applicants into TWO groups (Draws):

First Draw Applicants are businesses who have not previously received PPP Loan.
If this is you... Click here to start your application.

Second Draw Applicants are businesses that DID receive a PPP Loan last year - Either through Partners 1st FCU or with another lender.
If this is you... Click here to start your application

Who is eligible?

  1. Small Business, nonprofit organizations, veteran’s organizations, Tribal business concerns, and small agricultural cooperatives that meet the SBA size standards.
  2. Sole Proprietors, self-employed individuals or independent contractors
  3. Certain small new organizations, destination marketing organizations, housing cooperatives, and 501 (C) (6) nonprofits may now be eligible.
  4. Employ no more than 300 employees
  5. Have used or have a plan to use the full amount of your first PPP loan.
  6. The Business must have at least a 25% reduction in revenues in at least one quarter in 2020 compared to the same quarter in 2019.

What can you use PPP loan funds for?

  1. Payroll cost, including benefits.
  2. Interest on mortgage obligation; rent, under lease agreement; utilities.
  3. NEW: Covered operations expense, Payment for any software, cloud computing, and other human resources and accounting needs.
  4. NEW: Covered Property damage costs due to public disturbances during 2020 not covered by insurance.
  5. NEW: Covered supplier costs. Expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the recipients operation at the time the expenditure was made. Supplier costs of perishable goods can be made before the life of the loan.
  6. NEW: Covered worker protection expenditure. Personal protective equipment and adaptive investments to help comply with federal health and safety guidelines or any equivalent State and local guidelines related to Covid-19 during the period between March 1, 2020 and the end of the national emergency declaration.

How is your loan amount determined?

Your loan amount will be 250% (2.5 times your average monthly payroll. Your monthly payroll includes wages, tips, group health, retirement benefits, and taxes with a limit of $2 million. For companies that operate under NAICS code 72 which is generally restaurants and hotels, your loan amount will be 350% (3.5 times) your average monthly payroll with a limit of $2 million per location.

  • These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit and

What information will you need to apply?

Please click here for a list of info you will need.

Are you interested in Applying for a Paycheck Protection Program Loan?

Please contact and we'll be happy to help.

Frequently Asked Questions
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).
  • 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 certain 501 (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 May 31, 2021; application deadline is May 19, 2021, in order to allow enough time for processing.
  • 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 a
  • While expenses eligible for forgiveness still require a 60/40 split of payroll costs/other eligible expenses,(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 tothat is any period of time between eight and 24 weeks
  • A clarification has been made indicating that forgiven
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
I wasn’t able to get a first-round PPP loan. Should I try for one in the second round?

Yes, as long as you are eligible and can adhere to the terms of the loan. With the creation of the new bill, Congress has set aside allocations for community lenders and institutions that can help smaller businesses, businesses owned by POC, and those who operate in lower-income areas access capital.

I returned part or all of my PPP loan. Can I apply for another PPP loan?

Yes. Within 17 days of the enactment of this bill, the SBA is required to release guidance to lenders on allowing borrowers who have returned loans to access PPP capital.