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PPP Eligibility

To qualify for Second Draw PPP loans borrowers must have received a First Draw PPP loan, must have used, or will use the full amount of such First Draw PPP loan on or before the expected date the Second Draw PPP loan will be disbursed to borrowers, and must employ 300 employees or less.  For loans greater than $150,000, borrower must submit documentation adequate to establish a revenue reduction (gross receipts) of 25% or greater in any one quarter of 2020 relative to that same quarter in 2019. For PPP Second Draw loans of $150,000 or less, such documentation is not required at time of loan application however, must be submitted on or before the date the borrower applies for loan forgiveness.  

For PPP Second Drawn funding, most borrowers can apply to receive 2.5 times their average monthly payroll costs, based on 2019 or 2020 payroll costs.  Those businesses in the restaurant and hospitality industry, with an NAICS code beginning with 72, can receive up to 3.5 times their average monthly payroll costs.

PPP Documentation Requirements

Borrowers interested in applying for Second Draw funding under the amended PPP need not submit additional documentation to substantiate payroll costs if the borrower, (i) used 2019 payroll figures to determine their First Draw PPP loan amount, (ii) plans to once again use 2019 payroll figures to determine their Second Draw PPP loan amount, and (iii) the applicant uses the same lender to apply for their Second Draw PPP loan as used to apply for the borrowers First Draw PPP loan. 

Borrowers must be prepared to sign and attest to the validity of the documents listed below prior to uploading as evidence of their revenue reduction information during our online application process.  Examples of such documentations are as follows:

  • Bank statements
  • Tax forms
  • Quarterly financial statements


PPP Resources and Support

Click here for SBA resources related to PPP, recent changes by Congress, and interim final rules related to second-draw loans

Our PPP teams are available at or (833) 301-NFBK ext. 4151 for assistance and to help navigate the application process.