Congress passed and President Trump signed amendments to the March 2020 CARES and other laws to create a new PPP Second Draw Program for previous PPP borrowers who have exhausted their loan funds and can demonstrate significantly reduced receipts. There are special rules for the hospitality industry. See the eligibility details below. Customers Bank is now taking PPP Second Draw Loan applications. You can apply by using the link. NOTE: the SBA is staggering the start-dates for loan approval and funding by lender type and size. Customers Bank will not be able to submit your 2nd Draw loan application for funding until after Wednesday, January 13 at the earliest.
Use

Payroll-related
Rent
Mortgage Interest
Utilites Expenses
Additional Expenses
Amount
2.5X
2.5x average monthly payroll, 3.5x average monthly payroll for food service & accommodations, capped at $2 million
Rate
1% APY
1% fixed Annual Percentage Rate
Terms
5yrs
5 year term total
Forgiveness
100%
eligible for 100% forgiveness with approval
The foregoing is presented as a matter of convenience, does not constitute legal, accounting, or tax advice, and does not purport to address all aspects of the March 2020 CARES Act or subsequent legislation. We strongly recommend that you consult your attorneys, CPAs, tax advisors, and financial consultants with any questions.
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