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Paycheck Protection Program Updates

Second Draw PPP Loan Information

United is preparing to accept applications for Second Draw PPP loans as soon as the SBA opens its portal to all participating lenders. Customers who previously received a PPP loan through United and have completed the PPP loan forgiveness application process will be eligible to apply first. United customers that received a PPP loan last year from another financial institution will be given the next opportunity to apply, followed by businesses that currently do not have a banking relationship with United. If you have an interest in applying for a Second Draw PPP loan through United, please complete an application interest form by clicking on the button below. Customers that previously received a PPP loan through United do not need to complete this form.

First Draw PPP Loan Information

If you are a first time PPP program participant, click here to learn more about First Draw PPP Loans. United is not currently accepting applications for First Draw PPP Loans. If you have an interest in applying for a First Draw PPP loan through United, please complete an application interest form by clicking on the button below. We will notify you if we begin accepting applications.

Protecting your business from PPP fraud

Following the allocation of hundreds of billions of PPP funds earlier this year, the SBA warned about a potential increase in scams and fraud occurrences concerning government funding options. Unfortunately, they were right. Scammers are posing as government officials or claiming to represent the SBA offering assistance or making demands as part of the loan forgiveness process. Click on the button below to learn more about how to protect your business from PPP fraud.

The Latest on PPP

Last Updated: January 13, 2021

The SBA began accepting Paycheck Protection Program applications this week. At this time, only smaller lenders including Community Development Financial Institution (CDFIs) and Minority Depository Institutions (MDIs), are allowed to process loan applications for at least two days after the program reopens. By doing this, the SBA is providing access to the PPP for smaller lenders and their customers. Click here to learn more. 

United Community Bank is not classified as a CDFI or MDI, therefore is unable to begin accepting applications at this time. United is preparing to accept applications for Second Draw PPP loans as soon as the SBA opens its portal to all participating lenders. Customers who previously received a PPP loan through United and have completed the PPP loan forgiveness application process will be eligible to apply first and will be notified by email.

United customers that received a PPP loan last year from another financial institution will be given the opportunity to apply next, followed by businesses that currently do not have a banking relationship with United. If you have an interest in applying for a Second Draw PPP loan through United, please complete an application interest form by clicking on the button below.

Complete an Application Interest Form

What's new with this round of PPP?

The Economic Aid Act provides additional PPP funding for small businesses. It also provides simplified forgiveness applications for current PPP loans of $150,000 or less. The SBA and Treasury have issued some details, but these rules are subject to further interpretation and modification. The information provided below will be updated as new information is made available.

Borrowers certifying that the loan is “necessary for the continued operation of the business” are generally eligible to apply for a PPP loan if they have:

  • 300 or fewer employees per location
  • Used the full amount of the First Draw PPP Loan on eligible expenses under the PPP rules
  • Sustained at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019

Other program changes include:

  • This round of PPP is available until March 31, 2021 or when funds are no longer available.
  • A $2 million maximum loan amount has been established.
  • Most borrowers will apply for a Second Draw PPP loan of 2.5x of average monthly 2019 or 2020 payroll. However, restaurant and hospitality businesses (NAICS code beginning with 72) may apply for a Second Draw PPP loan of 3.5x average monthly 2019 or 2020 payroll.
  • Seasonal borrowers may use any 12-week lookback period to determine payroll.
  • Streamlined SBA application processing for loans under $150,000
  • EIDL advances cannot be reduced from PPP Loan Forgiveness. If you’ve already received forgiveness with the EIDL advance amount reduced from the forgiveness amount, you do not need to take any action. The SBA has stated you will be made whole. Further communication will be sent to impacted borrowers at a later date.
  • Businesses may deduct expenses covered by forgiven PPP loan proceeds on their taxes, superseding previous IRS guidance.
Click here to learn more from the SBA about the Paycheck Protection Program.

Application Interest Form

Complete an Application Interest Form if you are interested in applying for a PPP loan through United. Application links will be distributed by email in the order in which they are received. United is not able to guarantee that all registrants will receive an application link due to the high application volume coupled with the limited availability of PPP funds. However, we will do our best to accommodate as many small businesses as possible.

Did your business previously receive a PPP loan?

Are you a current United Community Bank customer?

 

United CARES Act Resources for You

COVID-19 has significantly impacted nearly every business in our community. The resources below provide guidance to help navigate this unprecedented time.
 
We encourage you to document all aspects of your loan, from start to finish, in the event that it comes under further review. As some of this guidance from SBA and Treasury may change, we expect additional questions may arise.

Additional Lending Options

We are proud to offer an array of specialized, SBA lending options. If you are considering the best path forward for your business, our lending experts would be happy to talk you through your options and help find the right financial solution to help you keep the doors open and get your people back to work. 

If there is anything we can do apart from the Paycheck Protection Program to assist with your financial needs, please contact your banker or local branch. If you are interested in other possible financial assistance, the SBA has provided a list of relief options here.

 

Looking for archived PPP updates and news? 

  Click Here

United Community Bank will not pay fees to or otherwise compensate anyone acting as an agent of the business for advising on or assisting in the preparation of the Paycheck Protection Program loan application, forgiveness application or otherwise.

The information provided is accurate and updated as of January 13, 2021. Terms and conditions are subject to change.