The second round of the Paycheck Protection Loan program opened the week of January 11, 2021. Below you will find more information and how to apply.
Second Draw PPP Loans
Second Draw PPP Loans can be used to help fund payroll costs, including benefits. They can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Click here to learn more about the program. The Top-Line explanation form linked below is especially helpful.
Eligibility
Previous PPP borrowers may be eligible for a Second Draw PPP loan if they:
- Will or have used the First Draw PPP Loan’s full amount only for authorized uses,
- Have no more than 300 employees, and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
How to Apply
Town & Country is now accepting applications for Second Draw PPP Loans. To apply, you must submit:
- The Second Draw Application Form linked below. (Note that directions for completion are on page 4)
- Justification for your loan amount. For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. However, at least 60% of the loan proceeds must be spent on payroll to qualify for full loan forgiveness.
- Documentation demonstrating at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. If your loan is less than $150,000, this is not required with your application. However, it will be required for forgiveness so we strongly encourage you to submit it up front, as well.
Complete SIGNED applications with supporting documentation should be submitted to your lender via email in their entirety. Incomplete applications will not be accepted. However, we can fill in the PPP First Draw SBA Loan Number for you, if you wish.


First-time Participants
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Learn more about the PPP Loan program here. The Top-Line Overview linked below is especially helpful.
All PPP loans have an interest rate of 1% and any PPP loan issued after June 5 has a maturity of five years. The SBA will forgive loans if all employee retention criteria are met and the funds are used for eligible expenses. Learn more about filing for forgiveness here.
Who is eligible?
Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA standards can also apply.
How to Apply
Town & Country is now accepting applications for First Draw PPP Loans. To apply, you must submit:
- The First Draw Application Form linked below. (Make sure you're using Version 6, updated 1/8/21. Directions for completion are on page 3)
- Justification for your loan amount. For most borrowers, the maximum loan amount of a First Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. However, at least 60% of the loan proceeds must be spent on payroll to qualify for full loan forgiveness.
Complete SIGNED applications with supporting documentation should be submitted to a lender via email in their entirety. Incomplete applications will not be accepted.


Looking for more information on the Paycheck Protection Program or the Schedule C Filer options? Click here to visit the SBA website.
As a PPP lender, Town & Country Credit Union can’t offer an opinion on whether the loan of any particular borrower will qualify for forgiveness. The SBA will determine whether the borrower is approved for forgiveness and for what amount after your Town & Country lender submits your application on your behalf. If you have specific questions regarding the application or forgiveness process, talk with your lender.