--- title: "Interim Final Rule: Second Draw Loans" description: The SBA issued the Interim Final Rule on Second Draw Loans (the IFR). Get the details! image: https://blog.brixeyandmeyer.com/hubfs/Copy%20of%20SBA%20Disaster%20Loan%20Application%20Assistance%20(4).png --- [![Brixey Meyer](https://blog.brixeyandmeyer.com/hs-fs/hubfs/raw_assets/public/Brixey_and_Meyer_January2023/images/Brixey-white.png?width=3092&height=1080&name=Brixey-white.png "Brixey Meyer")](https://www.brixeyandmeyer.com/) - [Home](https://www.brixeyandmeyer.com/) - [Our Services](https://brixeyandmeyer.com/#headline-143-59) - [Audit & Assurance](https://www.brixeyandmeyer.com/audit-and-assurance) - [CFO Services](https://www.brixeyandmeyer.com/cfo-services) - [Cyber Risk Management](https://www.brixeyandmeyer.com/cyber-sure) - [Environmental, Social & Governance](https://www.brixeyandmeyer.com/environmental-social-governance-services-esg) - [Human Resources](https://www.brixeyandmeyer.com/human-resources) - [Operations, Technology & Strategy](https://www.brixeyandmeyer.com/operations-technology-strategy) - [Retirement Plan Administration](https://www.brixeyandmeyer.com/retirement-plan-administration) - [State & Local Tax](https://www.brixeyandmeyer.com/state-local-tax) - [Tax Compliance & Consulting](https://www.brixeyandmeyer.com/tax-compliance-and-consulting) - [Transaction Advisory](https://www.brixeyandmeyer.com/transaction-advisory-services) - [Valuation](https://www.brixeyandmeyer.com/valuation-services) - [Insights](https://blog.brixeyandmeyer.com/) - [About](https://brixeyandmeyer.com/?page_id=206) - [About B&M](https://www.brixeyandmeyer.com/about-bm) - [Our Team](https://www.brixeyandmeyer.com/our-team) - [Join Our Team](https://www.brixeyandmeyer.com/join-our-team) - [Contact](https://www.brixeyandmeyer.com/contact) - [Get Started](https://www.brixeyandmeyer.com/get-started) - [Client Portal](https://www.clientaxcess.com/#/login) - [Make a Payment](https://secure.cpacharge.com/pages/brixeyandmeyer/payments) - [Home](https://www.brixeyandmeyer.com/) - [Our Services](https://brixeyandmeyer.com/#headline-143-59) - [Audit & Assurance](https://www.brixeyandmeyer.com/audit-and-assurance) - [CFO Services](https://www.brixeyandmeyer.com/cfo-services) - [Cyber Risk Management](https://www.brixeyandmeyer.com/cyber-sure) - [Environmental, Social & Governance](https://www.brixeyandmeyer.com/environmental-social-governance-services-esg) - [Human Resources](https://www.brixeyandmeyer.com/human-resources) - [Operations, Technology & Strategy](https://www.brixeyandmeyer.com/operations-technology-strategy) - [Retirement Plan Administration](https://www.brixeyandmeyer.com/retirement-plan-administration) - [State & Local Tax](https://www.brixeyandmeyer.com/state-local-tax) - [Tax Compliance & Consulting](https://www.brixeyandmeyer.com/tax-compliance-and-consulting) - [Transaction Advisory](https://www.brixeyandmeyer.com/transaction-advisory-services) - [Valuation](https://www.brixeyandmeyer.com/valuation-services) - [Insights](https://blog.brixeyandmeyer.com/) - [About](https://brixeyandmeyer.com/?page_id=206) - [About B&M](https://www.brixeyandmeyer.com/about-bm) - [Our Team](https://www.brixeyandmeyer.com/our-team) - [Join Our Team](https://www.brixeyandmeyer.com/join-our-team) - [Contact](https://www.brixeyandmeyer.com/contact) - [Get Started](https://www.brixeyandmeyer.com/get-started) ![](https://blog.brixeyandmeyer.com/hubfs/Copy%20of%20SBA%20Disaster%20Loan%20Application%20Assistance%20(4).png) # Interim Final Rule: Second Draw Loans Published by [Alan Greenwell](https://blog.brixeyandmeyer.com/author/alan-greenwell) on Jan 11, 2021 1:55:24 PM ![SBA Disaster Loan Application Assistance (8)-1](https://blog.brixeyandmeyer.com/hs-fs/hubfs/SBA%20Disaster%20Loan%20Application%20Assistance%20(8)-1.png?width=750&name=SBA%20Disaster%20Loan%20Application%20Assistance%20(8)-1.png) On January 6, 2021, the U.S. Small Business Administration (SBA) issued the [Interim Final Rule on Second Draw Loans](https://info.brixeyandmeyer.com/e2t/tc/VVL8Db2dn54nW1lbmFf3yjWXbW2x7JLQ4lJwC1N3NdJHk3p_9LV1-WJV7CgBJ7W5M760H5qCnDvW18HhRG2HpWZ1W2FQHdZ3_gS2BW7KwxQ752Tf_nW6qTDVz537zv9W7sf4754tftfHW3n4DfX728z7zN7wqLtsCW4yCW4vyT6Z2l5G2WW3FMJWd7P_9QdW4qF0Kj2kMg6cW5dxXSD34BMLCW8tDM3t37Vt26W17XlXJ7HqYmNW6w3gd-8KYc_tW6WCGwQ9gnFf4W1ZWB4n5Xd-QMVN6VW45MVCJkW37Z1_M2WqzDjW92MCCW91pnDrW4tRcpT2Q1_M0W8b2mJ22WLgh8W77jQnW5_QfsWW7k8VyD5C_NmwW6BkzbH52qf7ZW91LzPH7TkZlvW7nP1Z76Qy5HyW5KYMBr2LB_9w3lmF1) (the IFR). The IFR announces the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), a component of the [Consolidated Appropriations Act, 2021](https://info.brixeyandmeyer.com/e2t/tc/VVL8Db2dn54nW1lbmFf3yjWXbW2x7JLQ4lJwC1N3NdJH13p_9rV1-WJV7CgLc7W3r_ZT53B0Pn7N9hnQTxqplz9W8X8zPH4sfZ9lVBXS915MdbY9W6Wb8nc2H4rcLW7TGM054qJ-s_W3j4-Ln8hpc-tW4Lxvn06SdjcrW2-WcqN5-FjhyVV149j7B4C1KW2STJKW7xvmJwW1MJ6lh2F8R2RW5V9n-b2WQVc-W9jt-nJ1L9rGLN4MKdMSFgVJ3W4ZQ5s01NQW1LW2h_jVK94xtbMW4HMqpT4DnkdVW2p7qw-7KN1gxW5wrljx4ctq6yW3qrYPQ6QxX2XVNdfQb2fxJKGN241vBvM8wVvW6YjsSH5ZKrH7W8yKfdg6LWpqqW76xfPR1K85ks3kP91) (the Act), which authorizes the SBA to guarantee additional loans under the Paycheck Protection Program (PPP). The Economic Aid Act provides that a borrower is eligible for a Second Draw PPP Loan only if it has 300 or fewer employees\* and experienced a reduction in gross receipts in any quarter in 2020 compared to that same quarter in 2019. *\*Exceptions in employee numbers apply for businesses with a *[*NAICS Code*](https://info.brixeyandmeyer.com/e2t/tc/VVL8Db2dn54nW1lbmFf3yjWXbW2x7JLQ4lJwC1N3NdJGr3p_8SV1-WJV7CgJ4nW8PQV417CQgmsW38byJV8Pv382W21P9Tv3l4cPBW5Rg2-5939zs2W3Ztjd575szCTN4-QBFC-kl_SW62QlLG38jz0qW79fvmL7ck6NBW8290c67DfBdyVBYKX_1m-PHLVYgCBT2Mfs3nW3-GQ1d5x4w7WN3FgsrV1zSPzW1gdGVR1mQh48W6lKXJS7cR3rcW93XtFh67rRzHW8tJBQN4m-3GMW741QLD64WvpSW3s18183nRc3HW35b5XF5J-csMW6ltH5M7VhsX9W6Pk95G6PpdMd3fcF1)* beginning with 72.* A Second Draw PPP Loan may be granted to an eligible borrower that (i) received a First Draw PPP Loan and (ii) used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower. The IFR addresses several questions including, but not limited to, the following: - Who is and is not eligible for a Second Draw PPP Loan? - How do SBA’s affiliation rules affect an applicant’s eligibility for a Second Draw PPP Loan? - What is the maximum loan amount for a Second Draw PPP Loan? - How do I submit an application for a Second Draw PPP Loan and what documentation must I provide to demonstrate eligibility? - What do lenders need to know and do? - Will an applicant’s Second Draw PPP Loan application be affected if there are unresolved issues regarding the applicant’s First Draw PPP Loan? - Are Second Draw PPP Loans eligible for loan forgiveness? Please reach out to Brixey & Meyer to help navigate the Interim Final Rule. We are committed to keeping our clients, friends and families posted on the latest developments. 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