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Important update on the Paycheck Protection Program (PPP): On March 25, Congress voted to extend the deadline to apply for a PPP loan through May 31.
We will continue processing applications for those who applied prior to the original program deadline of March 31. Completed applications will be submitted to the SBA. Note that a complete application with full documentation does not guarantee that U.S. Bank will be able to finish our review successfully to submit to the SBA by the program deadline or that the SBA will approve the loan.
More time to apply for a new PPP loan
On Tuesday, March 30, we will resume accepting new applications for First and Second Draw PPP loans.
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:
On December 27, a second round of stimulus legislation was signed into law. It included additional funding for the PPP as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. The Act has significant impacts to the PPP, including approximately $284 billion for additional lending and streamlined forgiveness for loans of $150,000 or less.
We encourage you to consult your accountant or legal counsel on how these new rules may impact your business. We’ll continue to update this page and communicate more information as it becomes available.
Approximately $284 billion in additional funds will be available for PPP loans, so lenders will be able to reopen their PPP loan application processes. The Act also extends the eligibility for PPP loans to additional businesses.
First-time borrowers will be eligible to apply for a loan of up to $10 million, under similar criteria from the initial round:
Per the SBA guidelines, the loan amount a business may request will be based on the average monthly payroll cost, multiplied by 2.5 (or, for businesses with a NAICS code starting with 72 applying for a Second Draw PPP loan, multiplied by 3.5).
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may, under certain 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:
Businesses who already received a PPP loan will be able to apply for a second PPP loan, up to $2 million. Business must meet the criteria for a second loan, including:
Additional covered expenses are eligible for forgiveness, and a simplified forgiveness process will be available for loans of $150,000 or less. We expect to receive additional guidance from the SBA on this process, including the revised loan forgiveness application form, soon.
Businesses can use funds and still be eligible for loan forgiveness for more business expenses:
The PPP application deadline has been extended through May 31.
U.S. Bank will reopen our application for both First Draw and Second Draw loans, as well as the opportunity to request increases on certain First Draw loans, on Tuesday, March 30. We will accept applications for current customers nationwide and for non-customers in states where we operate branches.
Based on direction that has been provided relating to the CARES Act, your loan may be eligible for forgiveness. You, the borrower, may not be responsible for repayment of the loan if you use all the funds for forgivable expenses. Lenders 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.
The SBA is accepting forgiveness applications as of March 5. We are re-opening our loan forgiveness application portal and access will be granted through a direct email. We will send invitations to customers who had a First Draw PPP loan in 2020 in order based on the loan disbursement date. All 2020 borrowers should receive an invitation by the end of April.
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.
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.
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.
The owners of Desert Footwear used a PPP loan to keep both of their locations thriving – and continue their plans to open a third.
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:
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.
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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