Important update: On February 22, the Biden-Harris administration announced that in order to provide equitable relief to hard-hit small businesses, the SBA will only accept Paycheck Protection Program (PPP) loan applications from businesses with fewer than 20 employees from Wednesday, February 24 through Tuesday, March 9. During this time, we will focus on processing applications for those qualifying small businesses.
All other applicants are welcome to complete the application through U.S. Bank; however, we will only be able to process the application to the point of SBA submission.
The Paycheck Protection Program may help your business cover payroll and certain other expenses if you have been affected by the COVID-19 pandemic.
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 for First Draw loans, Second Drawn loans and loan increases to certain existing PPP loans.
We are now accepting new applications through March 31 or until funds run out, whichever comes first.
To complete the SBA PPP application, we recommend that you have the following information available:
Business information:
Previous loan information, if applicable:
Details of eligible payroll expenses:
Completed 2019 or 2020 tax forms for your business (IRS Forms 1040, 1120 or 1120-S, W-3, 941)
Documentation that you were operational on February 15, 2020
Documentation to show a 25% reduction for a second PPP loan, if applicable
The U.S. Treasury Department has released updated guidance on the supporting documents and loan calculation instructions for this program. You can reference the updated guidelines from treasury.gov about how to calculate loan amounts for First Draw loans and how to calculate loan amounts for Second Draw loans.
You may apply during this next round regardless of whether you applied during the initial round, as long as you meet the current eligibility requirements set forth by the SBA for the current round of funding.
As long you meet all applicable eligibility requirements, you may apply for both a First Draw and Second Draw loan. However, because one requirement for a Second Draw loan is that the business has fully used all of the funds from the first loan, businesses may not simultaneously apply for both.
Here are the steps that will follow as part of the loan process.
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 and such other documentation required under PPP rules. Upon submitting to this program, you certified that your business is eligible under the PPP.
Please know that we are working on your application and will be providing email updates throughout the process. We kindly ask that you allow up to three business days for us to review your initial application. You’ll be receiving email updates when it’s time for the next step in the process.
To make changes to information you entered on your application, please contact the Business Service Center at 800-673-3555.
We’ll 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.
Within a few days of submitting your initial application, you’ll receive an email with instructions and a link to access your loan portal. Within your loan portal, you’ll have the opportunity to upload your supporting documents. You may revisit this loan portal at any time to verify documents you have uploaded, provide additional information, and check the status of your application. If you have misplaced the original link that was sent to you, you may access the loan portal and request a passcode.
Once you have finalized and signed your PPP loan agreement, you can expect funding to the account you designated on the application within 1-2 business days.
If you would like to cancel your application, please call the Business Service Center at 800-673-3555 with your request. You’ll need to provide the full name of your business and the full owner’s name so we may reference your application.
A physical address is required for the business and individual owners.
The error message occurred because the information entered does not match our internal system records. If you continue to receive an error message, you may select “Proceed without logging in” when prompted to enter your online credentials.
First-time borrowers will be eligible to apply for a loan 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 loan, multiplied by 3.5).
Additional program qualifications may apply. Please refer to the Small Business Administration or U.S. Treasury Paycheck Protection Program for full program details.
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 Draw loan up to $2 million provided they:
Quarterly “gross receipts” for one calendar quarter in 2020 and the “gross receipts” for the corresponding calendar quarter in 2019. Per the U.S. Treasury borrower guidance for Second Draw loans, the following are the primary sets of documentation that can be provided to substantiate your certification of a 25 percent gross receipts reduction (only one set is required):
SBA defines gross receipts as all revenue in whatever form received or accrued (in accordance with the entity’s accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees or commissions, reduced by returns or allowances. Generally, receipts are considered “total income” (or in the case of a sole proprietorship, independent contractor, or self-employed individual “gross income”) plus “cost of goods sold,” and excludes net capital gains or losses as these terms are defined and reported on IRS tax return forms.
Gross receipts do not include the following: taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees); proceeds from transactions between a concern and its domestic or foreign affiliates; and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts.
No, you may choose any participating lender when applying for a Second Draw loan.
No, the eligibility for receiving a Second Draw loan does not include the requirement to have completed the forgiveness process on the first PPP loan. A business is, however, required to certify it has or will have used all funds from the first PPP loan (including any loan increase, if applicable) prior to receiving the proceeds from a second loan.
Per the SBA guidelines, a borrower will certify on the application that they have (or will) use all funds from their First Draw loan (including any loan increase, if applicable), but will not be required to submit documentation to validate this certification.
Per the SBA guidelines for this program, 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 loan, multiplied by 3.5). While rent, utilities, and other expenses may be a suitable use of the loan proceeds, they are not included in the calculation of the loan amount. Please reference the question below, “What can I include in my payroll costs?” The U.S. Treasury Department has released updated guidance on the supporting documents and loan calculation instructions for this program. You can reference the updated guidelines from treasury.gov about how to calculate loan amounts for First Draw loans and how to calculate loan amounts for Second Draw loans.
During the next stage of your application, you will have the opportunity to break down your payroll costs and provide supporting documentation through your loan portal. You may make changes to your payroll cost calculation at this time. If you have submitted your application and have not yet received a link to your loan portal, please allow up to three business days for us to review your initial application and provide you instructions on the next step.
To make additional changes to your loan amount after we have conducted a review of your payroll documents, please contact the Business Service Center at 800-673-3555. You’ll be asked to provide additional documentation to support the loan amount adjustment.
As the general rule, the loan amount through this program will be based upon your average monthly payroll cost for either calendar year 2019 or 2020, at the borrower’s option. We have provided this guidance below:
Our initial application will allow you to enter an estimated loan amount and the steps for calculating that loan amount are below. Please note, you will be given an opportunity during the next phase of the application to confirm your payroll costs and adjust your calculated eligible loan amount.
An employee is defined as an individual that receives compensation through the company's payroll, regardless of full- or part-time status. Independent contractors, such as those individuals whose compensation is reported on a Form 1099-MISC, are NOT considered employees, as they have the ability to apply for a PPP loan on their own.
Updates that you receive during the application process will come from 1800USBanks@email.usbank.com, please make sure that your email settings will allow receipt from this address. Additionally, during the process of reviewing the supporting documents that you provide, you may receive a direct email from one of our Verification Specialists.
To troubleshoot accessing your loan portal, please attempt the following solutions:
Please ensure that you are using the passcode which was provided to you in the most recent email and not one from a prior message you received.
If you’re a co-owner in a business with more than two owners and are not the submitter, you will not receive an email once application is submitted. Please reach out to the submitting owner for additional information.
If you’re a co-owner in a business with two owners, you will receive an email once the submitting owner completes the application. If you’re having trouble accessing the application, use these trouble shooting tips:
Please check your spam folder for an email from 1800USBanks@alerts.usbank.com. While uncommon, it can take up to 24 hours to receive your link to complete the next stage of your application, which would include access to the digital loan portal.
The PPP is a federal loan program that helps small and medium-sized businesses affected by the coronavirus (COVID-19) pandemic to assist with covering costs related to payroll (including healthcare and certain related expenses), mortgage interest, rent, leases, utilities and interest on existing debt among others. The loan is an SBA 7(a) loan with the following terms:
Payments are deferred as long as customer submits a loan forgiveness application within 10 months after the end of their chosen loan forgiveness covered period.
The legislation has authorized funding for this program through March 31st or until funds are depleted, whichever comes first.
PPP loans can be used for the following:
Please reference the Application Process section for additional guidance and calculation instructions.
For other questions, please call the Business Service Center at 800-673-3555.
The application process for the SBA PPP loan will be online. There will be no need to call U.S. Bank or visit one of our branches. For assistance, you may send an email to our dedicated team at sbappp@usbank.com. They will be available to respond to questions related to this program and the application process. Additionally, if you work directly with a U.S. Bank Business Banker, you may contact them for additional guidance.
For additional information, please visit:
Start today with our inquiry form and we’ll email you as soon as you can begin the digital application process. Please watch for email communication from us for updated information on your inquiry.
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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