SBA and Treasury Release New PPP Application Forms

Posted on by Lewis

I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, released borrower loan application forms for the Paycheck Protection Program (PPP) which re-opened today (January 11) for both new borrowers and certain existing PPP borrowers. The forms are Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form. Form 2483 is updated from previous iterations that started with the original PPP program. Form 2483-SD is a new form for qualified PPP borrowers to seek a second draw of  a forgivable loan.


The SBA and Treasury also published top-line summaries of the first-draw and second-draw PPP loans and a pair of procedural notices.

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. 

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; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

We helped a multitude of businesses qualify for, and obtain a PPP Loan during the first round of funding throughout 2020.  Whether you’d like to attempt to qualify for a first round “draw”, or need assistance with documenting the qualifications for a second round “draw”, we are here to assist you.  Feel free to contact us with any questions you may have about the PPP. https://brtaxaccountant.com/