Paycheck Protection Program (PPP) application assistance

Answers to your PPP loan application questions

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.

Which category best matches your question?

Application process

First Draw and Second Draw loans

Payroll and loan calculators

Technical

General program information

Application process

To complete the SBA PPP application, we recommend that you have the following information available:

Business information:

EIN and incorporation documents
Information for all individuals with at least 20% ownership, including social security numbers and separate email addresses

Previous loan information, if applicable:

If you obtained your first PPP loan from a different lender, you will need to provide your SBA loan number to us.
If you have an existing PPP loan with U.S. Bank, our application will systematically retrieve the SBA loan number for you.

Details of eligible payroll expenses:

Salaries, wages, tips and compensation from quarterly federal tax withholding (Forms 941), individual employee earnings (Forms W-2) or payroll provider reporting
Employer paid health insurance premiums
Employer paid retirement contributions
Employer paid state and local taxes (e.g., state UI)

Completed 2019 or 2020 tax forms for your business (IRS Forms 1040, 1120 or 1120-S, W-3, 941)

If you’re a sole proprietor or independent contractor: Form 1040 Schedule C
For partnerships: Schedules K-1 and Form 1065
Completed state and/or local payroll tax forms

Documentation that you were operational on February 15, 2020

For sole proprietors and independent contractors: A 2020 invoice, bank statement, or book of record establishing you were operational at this time
For businesses with employees: Payroll statement or similar documentation from the pay period that covered February 15, 2020

Documentation to show a 25% revenue reduction for a second PPP loan, if applicable

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):
- Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
- Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
- Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5 of the U.S. Treasury borrower guidance for Second Draw loans), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.
For loans with a principal amount of $150,000 or less, such documentation is not required at the time the borrower submits its application for a loan but must be provided on or before the date the borrower submits its application for loan forgiveness or as otherwise requested by the SBA.

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 regardless of whether you applied during the initial round in 2020, 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 for a First Draw loan and eligibility requirements for a Second Draw loan, you may apply for both. 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. We will accept applications for current customers nationwide and for non-customers in states where we operate branches.

Here are the steps that will follow as part of the loan process.

Application review | U.S. Bank will review your application. This step may require you to submit supplemental documentation and verification, based on your business situation. You will receive an email confirmation if additional information is required.
Document submission | You will be receiving an email with a link and instructions to your loan portal, where you will upload specific documentation required for your loan. This will include payroll history, and other documents depending on your business specific needs.
Payroll review | U.S. Bank will review payroll based on the documentation provided. If applicable, we’ll review the documentation demonstrates the requisite 25% revenue reduction for Second Draw loans. We may request additional documentation or clarification via email as we go through this process.
Submittal to SBA | U.S. Bank will submit your application to the SBA for review. As a result of process changes required to support new rules in this phase of PPP funding and additional steps implemented by the SBA, applicants should be prepared for their loan applications to take some time for payroll verification and SBA approval.
Finalize terms and e-sign | Once your loan is confirmed by the SBA, you sign the documents electronically. You will be receiving an email to notify you that your loan is ready to sign.
Funding | U.S. Bank distributes the funds via ACH to your account within 24 hours of signing.

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.

Adjust loan amount | Upon receiving access to the loan portal, you’ll be allowed to confirm your payroll cost calculations. Changes may be made during this time. If you have recently submitted your initial application and have not yet received instructions and a link to the next step in the application process, please allow up to three business days to review your initial application.
Changes to loan amount after review | Additional changes to your loan amount after we have conducted a review of your payroll documents can be made. You’ll be asked to provide additional documentation to support the loan amount adjustment.
Changes to business information | Additional changes to your application beyond the loan amount requested can be made. You’ll be asked to provide the name of the business and full owner’s name so we may reference the application.

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.

As a result of process changes required to support new rules in this phase of PPP funding and additional steps implemented by the SBA, applicants should be prepared for their loan applications to take some time for payroll verification and SBA approval. Once your loan is approved by the SBA, we will notify you that your loan is ready to sign. We will then distribute the funds to your account within 24 hours of signing.

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.

For PO boxes, use your physical business address. You’ll have the option to add a PO box at a later stage in the application.
Ensure you have verified the accuracy of the address. If the problem persists, you’ll be able to proceed with the application after the third attempt.
If you have a mailing address that is different than your business physical address, enter your physical business address. There will be an option later within the application to enter a separate mailing address.

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 Draw and Second Draw loans

First Draw PPP loans: Businesses who did not previously receive a PPP loan are eligible to apply for a First Draw loan of up to $10 million, using similar criteria from the initial round of PPP funding made available in 2020. This includes:

Businesses and entities in operation on February 15, 2020 (and have not permanently closed).
Small businesses, 501(c)(19) veterans organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard.
501(c)(3) nonprofit organizations with as many as 500 employees per physical location.
Tax-exempt “business league” organizations under Internal Revenue Code section 501(c)(6) with as many as 300 employees per physical location.
Accommodation and food service sector businesses that employ 500 or fewer employees per physical location.
Entities such as housing cooperatives, news organizations, and destination marketing organizations.
Business owners with a non-financial fraud felony conviction in the last year, as well as business owners who are delinquent or in default on federal student loans.
Non-citizen business owners who are lawful U.S. residents can apply using Individual Taxpayer Identification Numbers (ITINs).
Additional tax-exempt groups, including 501(c)(5) labor organizations, 501(c)(7) social and recreation clubs, and 501(c)(8) fraternal benefit societies.
Internet-only news publishers with 500 or fewer employees or a size set by the SBA per location.

Per the SBA guidelines, the loan amount a business may request will be based on the average monthly payroll cost, multiplied by 2.5.

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 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 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 use the full amount for their first PPP loan (including any loan increase, 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.

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):

Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5 of the U.S. Treasury borrower guidance for Second Draw loans), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

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.

On March 3, the SBA released new guidance under the Interim Final Rule on Revision to the Loan Amount Calculation and Eligibility. The new rules expand the relief opportunities provided by the program, most importantly:

Individuals who file an IRS Form 1040, Schedule C (Schedule C filer) now have an option to use a new methodology to calculate their PPP loan amount for both First Draw and Second Draw loans, based on gross income. Eligible borrowers that have a loan application in progress and wish to use this new methodology will need to provide additional information to support processing their application. Under SBA rules, this new calculation methodology cannot be used by borrowers that have already received their PPP loan funds.
Schedule C filers that choose to use the new calculation methodology for a First Draw PPP loan and who report more than $150,000 in gross income may be subject to additional SBA review.

The SBA has removed eligibility restrictions for businesses with owners who have non-financial fraud felony convictions in the last year, as well as for businesses with owners who are delinquent or in default on federal student loans.

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.

Payroll and loan calculations

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?”

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:

Payroll salary, wages, commissions, or similar compensation (for employees whose primary place of residence is the United States);
Cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips);
Payment for vacation, parental, family, medical, or sick leave;
Allowance for separation or dismissal;
Payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; disability, vision or dental insurance; and retirement;
Payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
Most applicants will use the average monthly payroll for 2019 or 2020, excluding costs over $100,000 on an annualized basis for each employee.
For seasonal businesses, you may use the average total monthly payroll for any 12-week period between February 15, 2019 and February 15, 2020, excluding costs over $100,000 on an annualized basis for each employee. If applying for a First Draw loan, new businesses, may use the average monthly payroll expenses for the time period between January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.
If applying for a Second Draw loan, new businesses without 12 months of payroll costs but that were in operation on February 15, 2020 may calculate the average monthly payroll based on the number of months in which payroll costs were incurred, excluding costs over $100,000 on an annualized basis for each employee, as prorated for the period during which the payments are made or the obligation to make the payments is incurred, for each employee.

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.

Aggregate payroll costs from the calendar year 2019 or 2020 for employees whose principal place of residence is the United States.
Subtract any compensation paid to an employee in excess of an annual salary of $100,000 and/or any amounts paid to an independent contractor or sole proprietor in excess of $100,000 per year.
Calculate average monthly payroll costs (divide the amount from Step 2 by 12).
If applying for a First Draw loan, multiply the average monthly payroll costs from Step 3 by 2.5 (or, for businesses with a NAICS code starting with 72 applying for a Second Draw loan, multiplied by 3.5).
If applying for a First Draw loan, add the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you are seeking to refinance, less the amount of any “advance” under an EIDL COVID-19 loan (because it does not have to be repaid).

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 (or Form 1099-NEC), are NOT considered employees, as they have the ability to apply for a PPP loan on their own.

Technical questions and support

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:

Clear your internet browser cookies and cache, and try again.
If logging in using the “Account ID” option, please ensure that you are using the online banking credentials that you used during the original application process. If you’ve forgotten your user ID or password, please select the “Forgot ID / Password” option to reset.
If logging in using the passcode that was provided to you via email, please verify that the information you are entering matched exactly to what was initially placed on the application:
- Last name is case sensitive and must include hyphens if originally included on the application
- Email address should match the email address the passcode was sent to, in the case you originally entered a business and personal email address on the application
- Birth date must match exactly to what was entered on the application
- Last 4-digits of the Social Security number of the applicant that submitted the initial application. For multi-owner applications, this will be the SSN for the owner that submitted the initial application.

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:

Clear your internet browser cookies and cache and try again using the link that you received via email.
If you have not received the email:
- Please check your spam folder for an email from 1800USBanks@alerts.usbank.com.
- Please verify with the original submitter of the application the exact email that was used.
If logging in using the passcode that was provided to you via email, please verify that the information you are entering matched exactly to what was initially placed on the application:
- Last name is case sensitive and must include hyphens if originally included on the application
- Email address should match the email address the passcode was sent to, in the case you originally entered a business and personal email address on the application
- Birth date must match exactly to what was entered on the application
- Last 4-digits of the Social Security number of the applicant that submitted the initial application. For multi-owner applications, this will be the SSN for the owner that submitted the initial application.
Please ensure that you are using the passcode that was provided to you in the most recent email, and not one from a prior message you received

The loan portal can accept PDF file types, with a maximum file size of 100MB.
If you are attempting to upload a different file type, please convert the file to PDF and try again.
If the file size of the document is greater than 100MB, you can separate the file into multiple PDF files and attempt to upload again.

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.

General program questions

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:

1.00% fixed interest rate
Loan amounts up to $10 million for First Draw PPP loans and $2 million available to businesses receiving a Second Draw PPP loan
No fees
No prepayment penalties
No business collateral or personal guarantee required
Loan forgiveness for eligible payroll, mortgage interest, rent, utilities and other eligible expenses during a borrower-selected covered period beginning on the date of loan disbursement and ending anywhere from eight to 24 weeks thereafter

Payments are deferred as long as customer submits a loan forgiveness application within 10 months after the end of the maximum 24-week loan forgiveness covered period.

For other questions, please call the Business Service Center at 800-673-3555.

Addtional resources and education

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:

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

Stay informed with us.

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.

View additional resources

Connect with us online

View additional resources

Financial education
Security
Careers
Privacy
Online tracking and advertising
Site map
Accessibility
Cobrowse

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.

year U.S. Bank

Paycheck Protection Program (PPP) application assistance

Answers to your PPP loan application questions

Which category best matches your question?

Application process

What information do I need to apply?

If my business was denied for a PPP loan during the initial round of funding in 2020, will I be able to apply?

Can I apply for both a first and second PPP loan during this next round of funding in 2021?

I submitted my application, what is the next step?

What will be used to qualify my business for an SBA PPP loan?

When will I hear back about my application?

How can I make changes to my application?

How can I check on the status of my application?

I submitted my application, where do I send my supporting documents?

How long will it take to receive funding after I apply?

How do I withdraw my application?

The application will not accept the address that I am entering.

I am receiving an error when entering my SSN or date of birth.

First Draw and Second Draw loans

Who is eligible for a First Draw loan?

Can I increase the loan amount on my first PPP loan?

Who is eligible for a Second Draw loan?

What documentation will be required to demonstrate the 25% revenue reduction?

What are “gross receipts”?

If I file an IRS Form 1040, Schedule C, how do recent changes to the program impact me?

If I received my first PPP loan from a different lender, do I need to use the same lender to apply for a Second Draw loan?

Will I have to complete the forgiveness process on my first PPP loan in order to be eligible for a second loan?

Do I need to provide documentation to validate I’ve used all the funds from my first PPP loan as part of my application for a Second Draw loan?

Payroll and loan calculations

Why did the application only ask for my payroll information?

Can I change my average payroll cost that I entered on the application?

What can I include in my payroll costs?

How do I calculate my loan amount using payroll costs?

What is defined as an employee when determining current employee count of a business?

Technical questions and support

Who will I be receiving emails from during this process?

I’m having issues accessing my loan portal using the link that was provided.

I’m a co-owner and having trouble accessing the application.

I’m not able to upload documents in my digital loan hub.

I haven’t received a link to access my digital loan hub.

General program questions

What is the SBA Paycheck Protection Program (PPP)?

I have another question not listed here. Who can I contact?

Addtional resources and education

Who can I call for assistance?

How can I learn more about this program?

Stay informed with us.