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Tue, January 26, 2021 at 05:51 pm EST

Second Round - PPP Program

The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, has released guidance on the second round of the Paycheck Protection Program (PPP). The second round consists of two separate programs; First Draw PPP and Second Draw PPP.

First Draw PPP Loans

First Draw PPP Loans are for applicants that did not receive a PPP loan prior to August 8, 2020. FAIRWINDS will not be accepting these applications. We encourage you to seek other financial providers if you want to apply before the application due date of March 31, 2021.

Second Draw PPP Loans

Second Draw PPP Loans are for those borrowers that previously received a PPP First Draw Loan. For most borrowers, the maximum loan amount of a PPP Second Draw Loan is 2.5x your average monthly 2019 or 2020 payroll costs up to $2 million. FAIRWINDS is accepting Second Draw PPP Loans from our qualified business members that previously received a PPP Loan from us. (All eligible business members have been notified by email.)


  • Previously received a First Draw PPP Loan and will or have used the full amount only for authorized uses
  • Have no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Funds Usage

  • Payroll costs, including benefits
  • Mortgage interest
  • Rent
  • Utilities
  • Worker protection costs related to COVID-19
  • Uninsured property damage costs caused by looting or vandalism during 2020
  • Certain supplier costs and expenses for operations

Full Forgiveness Terms

Second Draw PPP Loans may qualify for full loan forgiveness if during the 8 to 24-week covered period following loan disbursement:

  • Employee compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60% of the proceeds are spent on payroll costs.

First Round - PPP Program

Recently, a new bill was signed that will substantially streamline the loan Forgiveness Application process for loans of $150,000 and less. We are awaiting further guidance and instructions from the Treasury and Small Business Administration (SBA).

Please note that we are not accepting Forgiveness Applications at our FAIRWINDS locations or through the mail. We will keep you updated regarding implementation of the new streamlined application process and how to submit.

If you received a PPP loan from FAIRWINDS, we encourage you to review the Loan Forgiveness Application and begin collecting the necessary documentation to complete the application. A checklist is provided below to assist with this. We will inform you by email and on this website page when the loan forgiveness online application portal is live.

Click on the options below to learn more about the PPP loan forgiveness options.