Second Draw Paycheck Protection Program (PPP) FAQ

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.

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