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.
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.
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.
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.
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.
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.
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.
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.
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.
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 firstname.lastname@example.org. 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.
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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