Where to Apply for PPP 2nd Draw Loan Online

By: Racheal Hooks

Small Business Administration (SBA), in collaboration with the United States Treasury Department, has opened the Paycheck Protection Program (PPP) for businesses. In partnership with banks and other small lenders, SBA began accepting applications for Second Draw PPP Loans on January 13, 2021. The process will last until March 31, 2021, and provide access to small lenders and their customers. 


Congress has passed the new round of economic stimulus package that goes into effect the week of January 11, 2021. This includes $284 billion in relief financing for small businesses, available through the Paycheck Protection Program (PPP). 


To ensure smaller lenders, and their customers, access this loan, SBA is initially only accepting Second Draw PPP Loan applications from community financial institutions (CFIs). These institutions are made up of Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), Microloan Intermediaries, and Certified Development Companies (CDCs). Businesses that need help, after taking out an initial loan, will be able to apply for a second loan. Still, participating businesses must show proof of substantial revenue decline and meet other requirements detailed below. 


The business requirement to qualify for the second-draw PPP loans


If a business or individual received an initial PPP loan, they might qualify for the second round of funding, providing you meet the listed requirements below:

  • Employ no more than 300 employees.
  • Provide evidence of the use of the first PPP loan.
  • Provide evidence of a drop of at least 25% in gross receipts for any quarter of 2020, compared with a similar quarter in 2019.
  • Have not closed shop permanently. Businesses that have temporarily shut down or paused operations can receive a second-draw loan.

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Loan details


  • The PPP loans have an interest rate of 1%.
  • The Loans that are issued have a maturity of five years.
  • Will demand no collateral or personal guarantees for the loan processing.
  • No fees will be charged for loan processing.
  • Loan payments will be delayed for borrowers who apply for loan forgiveness until the SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred ten months after the end of the covered period for the borrower’s loan forgiveness (either eight weeks or 24 weeks).


The Second Draw PPP Loans can be used in financing payroll costs, including employee benefits. The funding may also be used in paying rent, utilities, worker protection costs related to COVID-19, mortgage interest, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. 


The maximum loan amount of a Second Draw PPP Loan is 2.5 times the average monthly 2019 or 2020 payroll costs, up to $2 million for most borrowers. For businesses in the food services and accommodation sector, the maximum loan amount for a Second Draw PPP Loan is 3.5 times the average monthly 2019 or 2020 payroll costs, up to $2 million. 


Are online businesses eligible for the PPP Loan?


The Second-draw loans are open to businesses, some nonprofits, veterans’ organizations, self-employed persons, independent contractors, housing cooperatives, sole proprietors, small agricultural cooperatives, and tribal or minority businesses. Online businesses that fall within these categories may also be eligible. Please reach out to your PPP lender to find out if your online business qualifies.

How to Apply for PPP Loan


A standardized downloadable loan application is provided by SBA that needs to be filled out and submitted to an approved lender. Depending on the lender, some or all of the following documentation will need to be submitted with your application:

  • Tax returns for up to 2 years leading to 2019.
  • Payroll reports that show how you achieved your total loan amount.
  • Company’s legal documents of formation or organization legal structure/setup, ownership, etc. 
  • Payroll expense documents.
  • Summary report of payroll with corresponding bank statements.
  • Payroll benefits breakdown.
  • Proof that employees live within the United States. 
  • Recent mortgage/rent statement and utility bills.
  • Proof of a drop of at least 25% in gross receipts for any quarter of 2020, compared with a similar quarter in 2019.
  • Proof of utilization of the first PPP loan for businesses which was received.
  • CARES act report.
  • Voided check.
  • Driver’s license or passport.

Where to apply for PPP second draw loan online


The recent extension to the PPP is being rolled out a bit more cautiously, to ensure that the earlier problems of only large organizations getting access to funding will no longer hold. So, while more options are now available, they are solely reachable through neighborhood lenders that prioritize small enterprise institutions. It is necessary to check with your favored lending group to see if they are presently accepting applications, or intend to, in the coming days.


If your desired lender is not participating, you may also choose to look at the following options below. These are online PPP loan establishments that are partnered with neighborhood lenders and are presently accepting applications. 


Each alternative comes with its unique set of advantages and drawbacks, so you’ll have to be certain that the lender has the most experience for your commercial enterprise and will permit your loan application to be processed quickly.



SmartBiz Loans aims to guide your business through the application process, to get the best and lowest cost financing that meets your needs. They have experienced professionals, who use SmartBiz’s unique technology platform, to help in matching your loan application with a trusted bank likely to fund your business. About 90% of the qualified applicants, they refer to banks, get funded.


They have helped businesses receive funding to the tune of nearly $4.0 billion in SBA 7(a), PPP (Paycheck Protection Program), and bank term loans, making SmartBiz become the nation’s #1 online facilitator of SBA and bank term loans under $350,000.  Also, over 20,000 small businesses have gotten funding to support 300,000 small business jobs. 


Over 50% of its loans are for women-owned, minority, or veteran businesses. Banks utilize the SmartBiz platform to process more than 10% of the entire nation’s volume of traditional SBA 7(a) loans under $350,000.


SmartBiz Loans looks to link commercial enterprise proprietors with SBA authorized National and Regional lenders. This simplified application process is constructed to be submitted in 15 minutes, or much less, by getting you ready upfront to have all the documentation vital to be approved. Suppose you presently make use of ADP, Paychex, Gusto, Intuit Payroll, or Zenefits. In that case, you can have your mortgage processed more rapidly by automatically producing a CARES Act Report for your business. You will want to create a free Nav account to be matched with a lender.

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Funding Circle


Funding Circle was created with the idea of revolutionizing the lending system, which it sees as outdated, and building a better deal for small businesses. A six-minute application funding circle aims to help you find the right financing options for your needs, from lines of credit to term loans, cash advances, and even Small Business Administration (SBA) loans.


Funding Circle’s PPP Loan software is a hybrid between a self-made online gadget and a without delay managed application. You’ll begin the process  by filling out primary records through their new PPP mortgage portal, which will then be transferred to a Funding Circle account supervisor, who will reach out to you to assist your application and any crucial supplementary documents. Additionally, Funding Circle is working with a couple of funding partners to process the loans, which can imply you’ll be transferred to one of them if deemed necessary.



Divvy is now accepting applications to assist you in first applying  with their lending partner, Cross Bank. If you have registered for a Divvy account, your account supervisor will work, without delay, with you to begin your application, decide the amount you qualify for, and get the necessary documentation in order. 


If you’re not a Divvy customer, they, nonetheless, still assist you, ensuring you get access to their banking partner, Cross Bank. If you’re searching for assistance in submitting for a PPP mortgage and are already utilizing Divvy, this may be a first-rate alternative for you.





Lendio’s PPP application is available to those who both have, and do not have, an account with them. All of the entire records, and most enterprise and financial records, will be auto-filled if you have an account. If you don’t have an account, you’ll have to add all of the records yourself, and, in each case, you will want to add extra files to assist your application. While the technique is simple, keep in mind that those with Lendio accounts will have priority over non-account holders throughout the approval process.



BlueVine, an online lender that has processed greater than $3 billion in loans, considering its founding in 2013, has begun accepting PPP applications. BlueVine says it has “experienced advisors” on hand to reply to questions, and assist with the application.




Since its founding in 2010, Credibly has issued greater than $1 billion in loans to small and medium-sized companies around the United States. Credibly claims it has simplified the procedure and only takes “minutes” to observe a PPP mortgage application for the platform’s usage. It additionally stated it had facilitated greater than $500 million in PPP loans to date.

Smarter Investing: M1Finance.com

Intuit QuickBooks


Intuit QuickBooks, which is highly regarded for its ubiquitous accounting and payroll software, accepts PPP mortgage functions for cutting-edge customers. Small groups that are Payroll clients, or QuickBooks Self-Employed clients, who filed 2019 taxes with TurboTax Self-Employed, can follow, and obtain, a PPP mortgage from QuickBooks Capital.




OnDeck, the biggest U.S.-based online small enterprise lender, has issued greater than $13 billion in loans to over 100,000 clients, considering its founding in 2017. The organization has lately begun accepting functions for the PPP mortgage program. The employer also created a COVID-19 hub consisting of data on PPP loans, EIDL loans, nearby and national help options, and different sources for navigating the coronavirus pandemic.



PayPal, one of the greatest fintech corporations globally, is one of the first businesses of its kind to provide PPP loans. The company’s initiative has been particularly set up to assist present-day PayPal merchants. However, non-merchants can additionally follow through their portal.


Ready Capital


Ready Capital is a real estate and small commercial enterprise lender that has issued greater than $3 billion in loans in the U.S., and is another giant participant supporting small businesses with PPP loans. 




Square, which has been offering several types of charge and enterprise equipment to small agencies for years, used to be an early fintech business enterprise that began providing entry to PPP loans. However, the employer focused on assisting Square retailers first with PPP mortgage functions earlier than accepting non-sellers.

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