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On May 4 at 5:00 p.m. CT the SBA closed the Paycheck Protection Program (PPP) application portal. We are no longer accepting new PPP applications for First or Second Draw loans. If you currently have an application in process, please monitor your email for updates.
A simplified forgiveness process is now available for loans of $150,000 or less. If you qualify to use Form 3508S, you will not need to submit any supporting documentation. However, if you are applying for forgiveness on your Second Draw loan and didn’t already provide documentation to evidence the 25% revenue reduction requirements at the time you applied for your loan, you will need to do so as part of your forgiveness application.
Subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded. Some restrictions and fees may apply.
Financing maximums and terms are determined by borrower qualifications and use of funds. U.S. Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by U.S. Bank National Association.
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