Preparing For The Second Round of PPP Loans

January 8, 2021

Small businesses in the United States may be eligible for financial relief through the federal Paycheck Protection Program (PPP) that was introduced as a result of Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA).




January 11, 2021

We are glad to announce that TAB Bank is ready to begin accepting applications for First Draw and Second Draw Paycheck Protection Program (PPP) loans. We have worked hard with our partners at SmartBiz to make the application process as simple and straightforward as possible. As a priority TAB Bank customer, you are one of the first to receive this application link.

Click here to begin the application process

If you have not already read about the program, we encourage you to review the Program Overview links above and/or the Other Resources contained below. 

If You Need Assistance

For questions or concerns related to the PPP application process through SmartBiz, please email or call 1.866.283.8726.

For questions or concerns related to an existing PPP loan through TAB Bank, click here to request an email or callback from a PPP specialist.

Please note: the TAB Bank team is unable to provide specific financial or legal advice for your business. Please consult with your attorney or CPA if you need such guidance.


January 5, 2021

The SBA is expected to release lender guidance as early as January 6 and could begin accepting new PPP applications as early as January 11. The TAB Bank team, along with our technology partners at SmartBiz, are working diligently to be ready as soon as the SBA is.

First Draw: If your business did not receive a PPP loan in 2020, you may be eligible to receive up to $10 million in this second round of PPP funding. Your loan amount is calculated as 2.5 times your average monthly payroll in 2019. For example, if your total annual payroll in 2019 was $120,000 then you could be eligible for a PPP loan of $25,000.

Second Draw: If your business received a PPP loan in 2020, you may be eligible to receive an additional PPP loan up to $2 million. To qualify for a second-draw PPP loan, your company must have no more than 300 employees and must have sustained a 25% drop in revenue for any quarter of 2020 compared to the same quarter in 2019. Your loan amount is calculated as 2.5 times your average monthly payroll in 2019, except for Accommodations and Food Services businesses (NAICS 72), which may receive 3.5 times their 2019 average monthly payroll.

For all PPP loan recipients, funds may be used to cover eligible expenses such as:

  • payroll costs (e.g., salary, wages or tips and costs related to employee benefits such as healthcare, paid sick leave, insurance premiums or retirement)
  • any prepayment of interest on a covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation)
  • any payment on a covered rent obligation
  • any covered utility payment
  • covered operations (software, cloud computing, and other human resources and accounting needs)
  • property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance
  • covered supplier costs
  • covered worker protection expenditures (PPE)

First Draw and Second Draw PPP loans require no guarantee or collateral, and have a 5-year maturity, beginning on the date of loan funding. PPP loans may qualify for complete or partial loan forgiveness if funds are used to cover eligible expenses (see above).

TAB Bank anticipates being able to begin accepting PPP applications within the next 7 days.


December 23, 2020

On Monday, December 21, Congress passed a long-awaited stimulus package that includes provisions for a second round of Paycheck Protection Program (PPP) loans. TAB Bank is eager to continue our mission of supporting small businesses by offering additional PPP loans beginning in January 2021.

Under current direction, PPP funding will be made available to companies with fewer than 300 employees who are able to demonstrate at least a 25% reduction in gross revenues in any quarter during 2020—regardless of whether a first-round PPP loan was received.

TAB is currently awaiting details from the SBA about other new or revised requirements associated with these second-round PPP loans. We will send application instructions once all lender guidance has been issued (expected early to mid-January).



  • Frequently Asked Questions about PPP (
  • Interim Final Rule for First Draw PPP Loans (Full Text)
  • Interim Final Rule for Second Draw PPP Loans (Full Text)
  • Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Full Text)
  • Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Full Text)

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