Home / smallbusiness / Small Business Information for COVID-19

Small Business Information for COVID-19

Paycheck Protection Program (PPP) 2.0 

  • The omnibus bill signed into law in December 2020 provides $284.5 billion to reopen and strengthen the PPP for first and second time borrowers. 

  • Under the Omnibus small businesses who received a PPP loan may be eligible for a second loan, up to $2 million, if they experienced a revenue reduction of 25%. 

  • Loans will be available until March 31, 2021 or until the money runs out, whichever is sooner. 

Who Is Eligible?

  • Eligible small entities that have 500 or fewer employees- including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors- can apply. 

  • Starting January 11, 2021, entities will only be able to access capital through community financial institutions.

  • Beginning on January 13, 2021 entities can apply for a PPP loan through an existing SBA 7(a) lender. 

 How To Apply 

  • You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.  

  • If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender: 

Full Forgiveness Terms

  • First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the eight to 24-week covered period following the loan disbursement: 

  • Employee and compensation levels are maintained;

  • The loan proceeds are spent on payroll costs and other eligible expenses; and

  • At least 60 percent of the proceeds are spent on payroll costs. 

  • A borrower can apply for forgiveness once it has used all loan proceeds which the borrower is requesting forgiveness. 

  • Borrowers can apply for forgiveness at any time up to the maturity of the loan. 

  • If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then the PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender. 

  • Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: 

  • Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds.

  • Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible. 

Eligible Expenses

  • Payroll costs, including benefits 

  • Mortgage, rent, utilities 

  • Worker protection costs related to COVID-19

  • The Omnibus expanded the list of eligible expenses to include: 

  • Covered operations (software, cloud computing, and other human resources and accounting needs) 

  • Property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance 

  • Covered supplier costs 

  • Covered worker protection expenditures for PPE

Second Draw of PPP Loans 

  • A borrower is generally eligible for a Second Draw PPP Loan if the borrower: 

  • Has previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses 

  • Has no more than 300 employees; and 

  • Can demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020. 

  • The maximum loan amount for a Second Draw PPP is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million.  


















Stay Connected

Request my newsletter to stay up to date on the latest news from my office

Office Locations

Request a meeting or find out where you can meet our team
  • Washington, DC Office
    2421 Rayburn House Office Building Washington, DC 20515 Phone: (202) 225-2701 Fax: (202) 225-3038 Hours: Monday-Friday, 9:00am-6:00pm ET
  • McAlester District Office
    1 E. Choctaw, Suite 175 McAlester, OK 74501 Phone: (918) 423-5951 Fax: (918) 423-1940 Hours: Monday-Friday, 8:00am-5:00pm CT
  • Claremore District Office
    223 W. Patti Page Blvd., Claremore, OK 74017 Phone: (918) 283-6262 Fax: (918) 923-6451 Hours: Monday-Friday, 8:00am-5:00pm CT
Washington, DC Office
McAlester District Office
Muskogee District Office
Claremore District Office