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  • Business banking  / 
  • Business Lending  / 
  • SBA loans  / 
  • Paycheck Protection Program

SBA Paycheck Protection Program

Keeping you informed on the Paycheck Protection Program

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.

Apply now

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:

  • Small Business Administration website
  • U.S. Treasury Paycheck Protection Program website

December stimulus legislation and the PPP

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:

  • Businesses and entities in operation on February 15, 2020 (and have not permanently closed)
  • Small businesses, 501(c)(3) nonprofits, 501(c)(19) veterans organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard
  • Businesses in the accommodation and food service sector that employ 500 or fewer employees per physical location
  • Entities such as housing cooperatives, tax-exempt “business league” organizations under Internal Revenue Code section 501(c)(6), news organizations, and destination marketing organizations are now eligible, subject to additional requirements

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:

  • 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 will be able to apply for a second PPP loan, up to $2 million. Business must meet the criteria for a second loan, including:

  • 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
  • Were in operation on February 15, 2020 and have not permanently closed and have fewer than 300 employees
  • Experienced at least a 25% reduction in gross receipts in any quarter in 2020 when compared against certain past quarterly results

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:

  • Covered payroll and other expenses. No changes to the original covered expenses, which included payroll costs, mortgage interest, rent and utilities.
  • Covered operations expenditures. Payment for any business software or cloud computing service that facilitates business operations.
  • Covered property damage costs. 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.
  • Covered supplier costs. Expenditures to a supplier of goods pursuant to a contract, purchase order or order for goods in effect prior to taking out the loan that are essential to the borrower’s operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
  • Covered worker protection expenditures. Personal protective equipment and adaptive investments to help a borrower comply with federal health and safety guidelines or any equivalent State and local guidance 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

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.

Apply now   PPP application assistance

Loan forgiveness

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.

Loan forgiveness assistance

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.

Read Sinful Subs’ PPP story

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.

Read a dentist’s PPP story

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.

Read Desert Footwear’s PPP story

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.

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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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