Relief Bill: PPP Round 3
Relief Bill: PPP Round 3
As of May 4, 2021, PPP funding has been exhausted. If you have questions about your application, please reach out to your banker.
On March 30, 2021, the Paycheck Protection Program (PPP) Extension Act was signed into law, extending the Small Business Administration’s (SBA) PPP loan application deadline to May 31, 2021.
Washington Trust Bank remains committed to helping our business community through this unprecedented time. We will continue to accept and process applications for first draw and second draw PPP loans.
Please note: The SBA is now accepting second draw PPP loan applications from borrowers who submitted first draw loan applications in 2021. In order for these borrowers to receive a second draw loan, their first draw loan must be fully disbursed and used before the second draw loan is expected to be funded.
If you are planning to apply for a PPP loan, please utilize the resources below and speak with your banker to best prepare your application and required documentation for a smooth and swift application process.
We are eager to serve small businesses, minority and women owned businesses as well as the new industries that were not eligible to apply for the first round of PPP loans under the CARES Act, including, but not limited to:
- Housing cooperatives
- News organizations
- 501(c)(6) and destination marketing organizations
*All PPP loans are subject to final approval by the SBA and the borrower certifying they have met all the SBA conditions and requirements.
PPP Loan Application Details
Relief Bill Resources
Interim Final Rules (IFRs)
Summary of the SBA’s IFRs for PPP first draw and second draw loans.
Summary of the SBA’s IFR addressing first draw loan increases.
Summary of the SBA’s IFR addressing loan forgiveness for this round of PPP loans.
Summary of the SBA’s IFR changing how Schedule C filers calculate their PPP loan amounts.
Restaurant Revitalization Fund (RRF)
The American Rescue Plan Act established the RRF to provide emergency assistance to help restaurants and other qualifying businesses impacted by COVID-19. This $28.6 billion program will provide eligible businesses with funding equal to their pandemic-related revenue loss. The amount of funding a business may receive is the difference between a business’s gross revenue in 2019 and 2020, up to $5 million per location and $10 million total. The grant would be reduced by the aggregate disbursements a business received in PPP loans. The minimum grant amount is now set at $1,000. You can sign up to receive email alerts from the SBA as more information about the RRF becomes available.
Shuttered Venue Operators Grant (SVOG)
The SVOG program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by the SBA’s Office of Disaster Assistance.
Borrowers are Required to Use SBA Form 3511
The SBA will no longer allow affiliate information to be submitted on a Word document.