Paycheck Protection Program Loans
The Paycheck Protection Program (PPP) has reopened for new borrowers and certain existing PPP borrowers. Please read the key points below, taken from the SBA’s announcement (release number 21-02) on January 8, 2021.
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.
Overview of First Draw PPP (PDF document)
Overview of Second Draw PPP (PDF document)
Apply for a First Draw or Second Draw PPP Loan through RSI Bank
Step 1: Prepare for your application
Use the provided Loan Calculator to determine the loan amount and the Borrower Application Checklist to assemble the required documents. Completing the Loan Application form in advance can be helpful to improve accuracy and reduce data entry time. (You will be required to enter this information in the online loan application portal.)
Loan Calculator (Excel file)
Borrower Application Checklist (PDF document)
First Draw Application Form (PDF document)
Second Draw Application Form (PDF document)
Step 2: Create a new application
Click the link below to access the secure online portal. Create a new username by clicking "Don't have an account?/Sign up". Complete the form to create an account. Accept the Terms before starting an application. Second Draw PPP Loan Applicants: Answer the question affirmatively that there is an existing PPP loan for the applicant.
We're here to help. Please call our PPP hotline at 732.587.1577 or email SBAcares@RSI.bank for more information.
FAQ Regarding Participation of Faith-Based Organizations in PPP and EIDL
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RSI Bank and its affiliates do not provide tax, legal or accounting advice. Always consult your tax, legal and accounting advisers on your particular situation.