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NCR Channel News - Take Advantage of the PPP Second Draw Loan Program

Take Advantage of the PPP Second Draw Loan Program

NCR Channel Partners,

On December 21, Congress approved a second round of Paycheck Protection Program (PPP) loans for small businesses – with total funding of $285 billion. These forgivable funds can now be used for business software systems that can help you keep your restaurant running and your staff and patrons safe.
Even if you took out an initial PPP loan earlier this year, you are likely eligible for a second PPP loan, as long as you meet the threshold criteria:
  • 300 or fewer employees
  • A decline in revenues of at least 25% in any quarter of 2020 compared to 2019
In the second round, you may borrow 2.5 times your average monthly payroll expense, up to $2 million, based on calendar year 2019 figures. What’s new is that the loans may now be used for an expanded list of expenses, which includes software and cloud computing services.
What’s new is that the loans may now be used for an expanded list of expenses, which includes software and cloud computing services. Specifically, up to 40% of loan proceeds may now be spent on:
“Any business software or cloud computing service that facilitates business operations; product or service delivery; the processing, payment or tracking of payroll expenses; human resources; sales and billing functions; or account or tracking of supplies, inventory, records and expenses.”
It is important to remember that, to be forgiven, 60% of loan proceeds must still be spent on payroll-related costs.

The Small Business Administration (SBA) is expected to work quickly to make these loans available. If you took out an initial PPP loan in 2020, I encourage you to go back to your bank and discuss the application process for a second-round loan. If you did not apply for an initial loan, you can find a participating bank near you at Paycheck Protection Program – Participating Lenders. Your lender can also help you navigate the application for forgiveness of your initial PPP loan.

As always, NCR is your partner in finding the technology solutions that will meet your business’ needs. Regardless of whether you’re ready to implement one of our best-in-class solutions, I hope you will take advantage of this important federal resource to protect your business and your employees.
My best,
Matt Fairbanks
Global Retail Channel Leader

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