US Bank Paycheck Protection Program (PPP) loan application for both First Draw and Second Draw PPP loans on Tuesday, January 19.

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We intend to open our Paycheck Protection Program (PPP) loan application for both First Draw and Second Draw PPP loans on Tuesday, January 19. The Small Business Administration¹ (SBA) has indicated that we may begin processing applications at that time. The link to access the application will be posted on usbank.com/ppp and sent directly to your email on Tuesday.

In the meantime, there are a few things we would like to share:

Eligibility requirements
First-time PPP borrowers: Businesses who did not previously receive a PPP loan will be eligible to apply for a First Draw loan of up to $10 million, using similar criteria from the initial round:

  • Businesses and entities in operation on February 15, 2020.
  • 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.

PPP Second Draw loans: Eligible businesses, similar to those open to First Draw loans, will be able to apply for a Second Draw PPP loan of up to $2 million, provided they:

  • Have used or will use the full amount for their first PPP loan.
  • Were in operation on February 15, 2020 and employ 300 or fewer employees.
  • Can demonstrate at least a 25% reduction in gross receipts in any quarter in 2020 when compared against certain past quarterly results.

How can I apply?
A full application, including required documentation, will be accepted from eligible businesses through our online portal. This digital process will guide you through the application. As a reminder, there is no need to fill out a paper application for First or Second Draw loans, and neither our branch nor call centers will be able to accept or process applications.

Depending on whether you are applying for a First Draw loan or a Second Draw loan, you may need to provide some or all of the information listed below. A full list of required documents will be available on our website in the coming days.

  • Information for all individuals with at least 20% ownership (e.g., SSN and separate email addresses).
  • Documentation of payroll expenses (e.g., salaries, wages, tips and compensation, health insurance premiums, retirement contributions, paid state and local taxes).
  • Completed 2019 or 2020 tax forms for your business.
  • Documentation that you were operational on February 15, 2020.
  • Documentation to show a 25% reduction in gross receipts for a Second Draw PPP loan, if applicable.