Applications accepted from all U.S. Bank customers and non-customers in retail states
The Small Business Administration (SBA) portal is now open to all eligible lenders for both first- and second-draw loans through the Paycheck Protection Program (PPP), paving the way for U.S. Bank to once again accept applications from small businesses in need.
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As with earlier rounds of PPP, U.S. Bank is assisting its current customers – as well as non-customers in the 26 states in which the bank has a retail presence – through the application process. Eligible business owners can apply at usbank.com/ppp. Businesses will have until March 31, 2021 to apply or until funds run out, whichever comes first.
The latest funding was signed into law on December 27, providing a new relief package with significant benefits for small businesses. The legislation includes $284.45B in funding for the PPP, which will be used to:
Fund PPP loans for businesses that did not previously receive one. These businesses are eligible to apply for a first loan up to $10 million, using 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.
Fund a second round of PPP loans of up to $2 million for businesses that received a loan during the first round. To be eligible for a second loan, the business must:
- Have been in operation on February 15, 2020 and employ 300 or fewer employees.
- Already have or will have used the full amount of their first PPP loan (including any loan increase, if applicable) prior to disbursement of their second PPP loan.
- Demonstrate at least a 25 percent reduction in gross receipts in any quarter in 2020 when compared against certain past quarterly results.
To learn more about the program and to access U.S. Bank’s digital application process, please visit usbank.com/ppp.