Illinois Steve - 2/25/2021 16:10
If you are dealing with a lender that knows what they are doing it shouldn’t be a big deal. I know several that have done both and it was pretty quick. You have until March 31st to apply for the second draw and not sure on the recalculation on the first. If your lender can’t figure it out by then you need a new lender.
The "lender of record" meaning the lender who originated the loan needs to be the one to file for the increase.
Illinois Steve - 2/25/2021 16:50
I know of people who have filed for recalculated first draw recalculation for which they received the funds and they have also field for the second round draw. I don't believe they have received second round funds yet. I think things have changed in regard to having to have first round forgiven before second round is applied for.
Well there you have it... I have never talked to anyone who actually had the first draw increase approved. I agree that the first draw does not need to be forgiven before second draw is applied for. What no one knows however is what the covered period is for the increase. Does it start over or is it retroactive?
Edited by beefey 2/26/2021 13:03
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Dicey PPP Position -- 1st Draw Increase and 2nd Draw
