Will the closure of Azlo have any impacts on my ability to apply for and receive PPP funds?
Your ability to apply for and be approved for a PPP loan will not be impacted by Azlo’s closure. In the near-term, your PPP proceeds can still be deposited into your Azlo account. However, you may want to consider providing alternative account information to receive PPP funds with another banking provider.
Can I apply for a second PPP loan in this round?
Borrowers who received a PPP loan can apply for a second draw if certain criteria are met. A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- 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;
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
To view the SBA’s guidelines on a second draw, please refer to the SBA’s website.
What documents will be required to apply for a PPP loan?
Customers will need to work with their lender to determine the comprehensive set of documents they will need to apply for a PPP loan. Some potentially required documents include:
- Standard business documents (business type, Tax ID, etc.)
- Loan amount requested
- Employee count
- Information on business owners
- Business bank statements for the past 12 months
- Tax documentation
- Account verification letter (as an alternative to a voided check)
- 1099-MISC form for sole proprietors, independent contractors
Please work with your lender to determine the full list of documentation required.