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- Paycheck Protection Program
SBA Paycheck Protection Program
Keeping you informed on the Paycheck Protection Program
Important update:
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.
The SBA Paycheck Protection Program
The PPP is a federal loan program that helps small- and medium-sized businesses affected by the COVID-19 pandemic to assist with covering costs related to payroll and certain other expenses.
For additional information, please visit:
Additional PPP funding and expanded eligibility
On March 3, 2021, the SBA released guidance providing eligible borrowers filing an IRS Form 1040, Schedule C, the option to calculate their maximum loan amount based on gross income, rather than net profit. Additionally, on March 11, President Biden signed the American Rescue Plan Act of 2021, which expanded eligibility for a PPP loan to additional nonprofit entities and internet-only news organizations (subject to additional criteria) and included an additional $7.25 billion in PPP funding.
We encourage you to consult your accountant or legal counsel on how these new rules may impact your business.
Businesses who did not previously receive a PPP loan are eligible to apply for a First Draw PPP loan of up to $10 million, using similar criteria from the initial round of PPP funding made available in 2020. Eligible borrowers may include:
- Small businesses, including independent contractors, sole proprietors, and self-employed individuals.
- Tax-exempt nonprofit organizations described in any paragraph of section 501(c) of the Internal Revenue Code (excluding 501(c)(4) nonprofits).
- Entities such as housing cooperatives, news organizations (including internet-only news publishers), and destination marketing organizations.
*Additional eligibility requirements, including limitations on the size of the borrower (e.g., maximum number of employees) may apply. Please refer to the Small Business Administration or U.S. Treasury Paycheck Protection Program websites for full program criteria.
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may, under certain narrow circumstances, request an increase in their first loan amount. Generally speaking, increases may be requested by borrowers that fall within one of the following categories:
- Partnerships that did not include any amount for partner compensation as part of the calculation of their loan amount.
- Seasonal employers that wish to select an alternative 12-week period between February 15, 2019 and February 15, 2020 for purposes of calculating their loan amount.
- Farmers or ranchers that wish to utilize a newly specified methodology for calculating their maximum loan amount.
- Borrowers that returned a part of their loan (borrowers that returned all of their loan must reapply).
- Borrowers that did not accept the full amount of the loan for which they were approved.
Businesses who already received a PPP loan are able to apply for a second PPP loan, up to $2 million, subject to meeting additional eligibility criteria, including:
- They have used or will have used the full amount of their first PPP loan (including any increased loan amount, if applicable) prior to disbursement of the second PPP loan.
- They were in operation on February 15, 2020 (and have not permanently closed) and have fewer than 300 employees.
- They experienced and can demonstrate at least a 25% reduction in gross receipts in any quarter in 2020 when compared against certain past quarterly results.
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.
Your loan funds can be used for the following business-related expenses:
- Payroll, including benefits, to retain employees, excluding amounts above a prorated annual salary of $100,000 for employees who make more than that amount.
- Mortgage interest payments for mortgages originated prior to February 15, 2020.
- Rent payments on leases in force before February 15, 2020.
- Utility payments, as long as the services began before February 15, 2020.
- Refinancing an SBA Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 (First Draw loans only).
- Payments for any business software or cloud computing service that facilitates certain business operations.
- Costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that were not covered by insurance or other compensation.
- Payments made to suppliers of goods essential to the operations of the business under contracts in effect before the origination of the loan.
- Expenditures made to facilitate compliance with federal, state or local guidance pertaining to sanitation, social distancing or any other worker or customer safety requirement related to COVID-19 during the period between March 1, 2020 and the end of the national emergency declaration.
Applying for a new PPP loan
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.
Loan forgiveness
Your loan may be eligible for forgiveness. That means you may not be responsible for repayment of the loan if you use all the funds for forgivable expenses. We will follow SBA guidance to determine the amount that is forgivable and will require an application with supporting documentation and/or certifications, depending on the amount of your PPP loan.
Our loan forgiveness application portal is open and access will be granted through a direct email. We will send invitations to customers who had a First Draw loan in 2020 in order based on the loan disbursement date. All 2020 borrowers should receive an invitation by the end of April. We expect to start inviting 2021 PPP borrowers mid-June.
Paycheck Protection Program loans helping small businesses
Small business owners have inspired us with their stories navigating the COVID-19 pandemic. Learn how several businesses leveraged a PPP loan for their business during these unprecedented times.
Prioritizing payroll
Vic Moea and Homero Aviles, owners of Sinful Subs, kept all their employees on payroll throughout the first few months of the pandemic by being strategic spenders.
Surviving shutdowns
When Dr. Michael R. Thomas had to close his dentistry office at the beginning of the pandemic, he used a PPP loan wisely to keep his business ready for reopening.
Doubling down
The owners of Desert Footwear used a PPP loan to keep both of their locations thriving – and continue their plans to open a third.
Protecting your business against fraud
We take privacy seriously and will never publicly disclose the names of our clients, nor the nature of their business, unless required by law. However, the SBA has been required to disclose information related to your PPP loan. When information like this is made public, it creates an opportunity for fraudsters. If you receive an offer or advice related to your PPP loan that sounds too good to be true, it is probably a scam. To help avoid fraud or scams be sure to:
- Protect your information and only share sensitive information with sources you trust.
- Fully examine an email message and sender before opening any included links or other content. Updates that you receive during the application process will come from 1800USBanks@email.usbank.com and usbank@notifications.usbank.com. Please make sure that your email settings will allow receipt from these addresses.
- Be cautious of assistance for a fee. U.S. Bank does not charge a fee for processing PPP loan forgiveness applications.
If you suspect fraud, contact us immediately at 877-595-6256. We are available 24 hours a day, 7 days a week to help protect you.
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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