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Paycheck Protection Program Updates

February 21, 2021

New PPP funding announced. Applications will be limited to businesses with fewer than 20 employees.

With the recent announcement of a third round of Paycheck Protection Program (PPP) funding, United will be offering the opportunity to apply for a First or Second Draw PPP loan. 

This time, there are additional requirements for participation. Please be sure to review the qualifications prior to application. As a reminder, United PPP borrowers will not complete a paper application, instead, you will complete your application entirely within the United Cares Portal. If you are interested in applying for a PPP loan through United for the very first time (First Draw), or if you previously received a PPP loan through either United or another financial institution and are interested in a Second Draw from United, please submit an interest form below and we will distribute your application link to your email inbox. 

Submit an Interest Form
 

Our goal is to help you get access to the assistance your business needs to get through this crisis. We encourage you to explore our PPP resources for additional information.

What's new with this round of PPP?

The Biden-Harris administration announced several reforms to this round of PPP applications and funding with the intention of making funds more easily-accessible to organizations with fewer than 20 employees, sole proprietors, independent contractors and self-employed individuals. Click here for information from the SBA on the changes enacted this time around. 

Other program changes include:

  • Institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
  • Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
  • Consistent with a bipartisan bill, eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
  • Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
Submit an Interest Form

 

Click here to learn more from the SBA about the Paycheck Protection Program.

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.

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.

Application Interest Form

Did your business previously receive a PPP loan?

Are you a current United Community Bank customer?

 



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 February 3, 2021. Terms and conditions are subject to change.