COVID-19 SBA Loan Resources

Paycheck Protection Program (PPP) Second Draw January 2021

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

At this time, we are only accepting Second Draw PPP Loan applications from borrowers who obtained their First Draw Loan from Evolve.

SUBMIT SECOND DRAW PPP 2021 APPLICATIONS TO: SBAPPP2021@getevolved.com

Applications will be processed in the order they are received.

For more information: Visit the SBA’s website

Who may qualify?

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
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Second Draw Forgiveness Terms

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

  • Employee and 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
  • At least 60 percent of the proceeds are spent on payroll costs.

Paycheck Protection Program (PPP) First Draw

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

At this time, we are only accepting First Draw PPP Loan applications from existing Evolve clients.

SUBMIT FIRST DRAW APPLICATIONS TO: SBAPPP2021@getevolved.com

Applications will be processed in the order they are received.

For more information: Visit the SBA’s website

Who’s Eligible?

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    500 employees, or that meets the SBA industry size  standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

What documents will I need to apply?

  • Click Here to see the required documents needed to process your loan request.

How much can I borrow?

The eligible loan amount determined by combining the following payroll categories into a monthly average and multiplying the result by 2.5X, not to exceed $10 million:

  • Salary, wages, commissions, tips (capped at $100,000 annualized for each employee)
  • Employee benefits including: vacation, parental, family, medical or sick leave; allowance for separation or dismissal; payments for group health care benefits including insurance premiums and payment of any retirement benefit
  • State and local taxes assessed on compensation
  • For sole proprietor or independent contractors: wages, commissions, income, or net earnings from self-employment capped at $100,000 on an annualized basis for each employee

What can I use these loan proceeds for?

  • Payroll costs — including benefits
  • Interest on mortgage obligations, incurred before February 15, 2020
  • Rent, under lease agreements in force before February 15, 2020
  • Utilities, for which service began before February 15, 2020

Will I have to repay this loan?

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8 to 24 week covered period following loan disbursement:

  • Employee and compensation levels are maintained;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs

What are the loan terms?

  • 1.00% fixed rate
  • 2-year term; no prepayment penalties or fees
  • No collateral or personal guarantee required
  • All payments are deferred for 6 months; however, interest will continue to accrue over this period.

PPP Forgiveness Information and Application

Funds are provided in the form of loans that can be fully forgiven when employee and compensation levels are maintained and when loan proceeds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

SUBMIT FORGIVENESS APPLICATIONS TO: SBACovidHelp@getevolved.com

COVID-19 Economic Injury Disaster Loans (EIDL)

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).

Click here for more information and to apply.


For small businesses with existing SBA 7(a) and 504 loans (CDC portion only-not bank 1st mtg.):

  • The SBA will make the next 6 months payments on loans in place prior to the enactment of the CARES ACT (March 27, 2020) that are in regular servicing status.
  • This is automatic and does not need to be requested. SBA will make the first payment within 30 days of the payment due date.

In response to this act, effective 4/1/2020, Evolve Bank SBA Lending has suspended all ACH payment collection.

  • After the subsidy period mentioned above, a borrower may be eligible for up to six months of additional relief in the form of payment reductions and/or deferments if your loan is in regular servicing status. (generally meaning current)
  • This is not automatic and requires lender review and approval. Borrower will need to make a written request and provide additional documentation.
For more information: Visit the SBA’s website
contact us: 833.954.1547

SBA COVID-19 Relief

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Contact Us

833.954.1547

Evolve Bank & Trust

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