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The PPP is a federal loan program that helps small and medium-sized businesses impacted by the coronavirus (COVID-19) to assist with covering costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt. The loan is an SBA 7(a) loan.
The Paycheck Protection Program is part of an economic stimulus package known as the CARES Act.
Loans are to be used for payroll costs (excluding amounts above a prorated annual salary of $100,000 for employees who make more than that amount), mortgage/debt interest, rent and utilities and refinancing an SBA Economic Injury Disaster Loan (EIDL) made between January 31, 2020 - April 3, 2020.
As part of the SBA PPP application process, there is no credit check, no personal guarantee from business owners and no collateral requirements. Your business must meet the eligibility requirements of this program and provide supporting documentation to confirm the available loan amount for your company. Upon submitting to this program, you certified that your business is eligible under the Paycheck Protection Program.
U.S. Bank is working through every application we have received up to this point. While we are not able to prioritize applications, we can assure you that our goal is to provide a decision for your business as soon as possible. We will keep you updated through email communication during the process.
Please note that while we will do our best to process your application quickly, we cannot guarantee that moving through this process will result in successful funding from the SBA.
Timing is dependent on your accurate completion and submission of information to U.S. Bank and volume of requests. We are continuing to partner with the SBA to improve and automate this process as quickly as possible. We will do our best to keep you posted on the progress of your application and time to fund.
We will be communicating updates on your application via email. If you have a passcode, you can also continue the application process by logging in to your account with your account ID or the passcode we sent via email.
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. As of Friday, May 15, the SBA has published additional guidance regarding PPP loan forgiveness.
Your loan funds can be used for:
In addition to using your loan funds on eligible expenses, follow the guidance below to maximize your potential loan forgiveness:
Keep track and document eligible expenses within the 8-week period. It will help with the forgiveness application process.
Review the forgiveness application form and instructions for reference from sba.gov, including a list of documentation that must be submitted.
We are currently building the process to accept forgiveness applications. You can apply for loan forgiveness after your loan has been in place for an 8-week period. This page will be updated with the most recent information.
For assistance, visit our PPP application assistance page for answers to the more frequently asked questions and further contact information. If you work directly with a U.S. Bank Business Banker, you may contact them for additional guidance.
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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