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SBA Paycheck Protection Program 2.0 – Learn More

SBA Paycheck Protection Program 2.0


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On Sunday, December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. A $900 billion emergency relief package is included as part of this omnibus spending bill. It is intended to assist individuals and businesses during the ongoing Coronavirus pandemic and accompanying economic crisis.

As part of CAA 2021, a new round of funding for the Paycheck Protection Program (PPP) has been approved.

BMT’s goal is to support our clients and communities. BMT has partnered with ACAP and The Loan Source who will begin accepting applications from qualifying borrowers shortly after the Small Business Administration (SBA) publishes their guidance and new application form.

About our Referral Partner:

ACAP currently services 35,000 PPP borrowers and The Loan Source has been an experienced SBA lender for over 25 years.

PPP Loan Requests

For more information on applying for an SBA PPP loan or to apply for loan forgiveness on your existing BMT originated PPP loan, visit the Loan Source website.

If you are an existing PPP borrower from BMT’s round one origination, you will be asked to provide your SBA Loan (approval) #.


PPP 2.0 Program Highlights

New loans available under the program

Additional $284.6 billion in Paycheck Protection Program (PPP) funding for loans to
small businesses, including for borrowers who have previously received a PPP loan

New eligibility rules:

  • Borrowers must employ 300 or fewer employees
  • Borrowers must demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 compared to the same quarter in 2019
  • For example, Q3 2020 revenue less than Q3 2019 revenue by 25% or more
  • Borrower may choose the quarters for comparison but must be same quarter of 2020 and 2019. Certain exceptions may be allowed for newer businesses not in operation for all of 2019
  • Be prepared to support with financial statements, tax return information, other financial records, or Borrower attestation
  • Business has used or will use the full amount of first PPP loan
  • Maximum loan amount will be $2.0 million
  • Two methods to determining loan amount:
  • 2.5x average monthly payroll cost during the 12-month period prior to the loan application date
  • 2.5x average monthly payroll cost for 2019
  • Businesses with NAICS code beginning with 72 (generally hospitality businesses) may receive up to 3.5x average monthly payroll cost using same two methods above
  • Second draw loans will have the same terms as Round 1 and will be eligible for 100% loan forgiveness if funds are used for allowable expenses

For Round 1 Loans, the current bill allows for streamlined and simplified forgiveness for loans of $150,000 or less

  • Details are still being released, but the current Bill provides for a one-page Borrower attestation and minimal supporting documentation to achieve full forgiveness
  • Same rules would apply for Round 2 loans

Please note this information is as of 1/6/21 and reflects our understanding of the program rules at this time. Program rules and conditions are subject to change, and likely will change pending guidance and interpretation by the SBA.

Once you have registered, be on the lookout for updates from the email: [email protected]. If you believe you are not receiving emails, please check your spam filters.

Helpful Links

We request that inquiries on SBA PPP Loans are not directed to BMT branch staff or our Customer Care Center. Please contact The Loan Source.