Last Updated January 14, 2021
United is taking all the necessary steps to ensure all applications are reviewed and Members contacted. We are monitoring updates and changes made to the Paycheck Protection Program, and working through new PPP applications, second-round PPP applications, as well as loan forgiveness on original PPP loans from earlier in the pandemic. Thank you for your patience as we all work together during this time. The Paycheck Protection Program (PPP) is a Small Business Association lending program made available to small businesses to pay their employees during the COVID-19 crisis. Loan forgiveness under this program is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. The following are notable differences in this additional Paycheck Protection Program round: Read further to learn about business eligibility, what the PPP loan funds can be used for, loan forgiveness, and applying for a PPP loan. Eligible businesses include: For eligible businesses that currently have a PPP loan or have had one previously who need additional support, the updated program allows some businesses obtain another PPP loan, called a "PPP second draw." Eligibility for PPP Second Draw loans includes: As more information comes through, the SBA will provide an update on the application details, including timing. We are closely monitoring the program and will keep you up to speed on all we learn as more information is published. The SBA officially reopened on Monday, January 11, however this does not apply for credit unions. The program will be open to all remaining lenders, including United, on Tuesday, January 19, 2021. There are two versions of the application, depending on if this is your first PPP loan received or if it will be your second. The applications are downloadable from the SBA site. Please be sure you have the most recent form for your type of application. While you may fill out the application ahead of time, we cannot process it until January 19, when the SBA opens the program to all lenders. In the meantime, feel free to reach out to us if you have any questions. If you are not in one of our six regional locations, please call at (888) 982-1400. As with the previous PPP loan, the new Paycheck Protection Program loans can be used for: In addition, the new PPP loans can also be used for: The loan amounts will be forgiven as long as: Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The process to file for forgiveness has also been streamlined for businesses borrowing less than $150,000. More details on this process will be provided to ensure you are tracking and measuring the right information. More details on this process will be provided to help ensure you are tracking and measuring the right information. Get the most up-to-date information on how United is helping relieve the hardships associated with Covid-19. More information is available on the SBA's Coronavirus relief options page. [ external link ] Browse through United's articles on Stimulus checks and more.loan forgiveness for small businesses
What is different in this second round of PPP funding?
what businesses are eligible?
If your business has previously received PPP funding
PPP availability and application process
PPP coverage
How to use a PPP loan
What counts as payroll costs?
loan forgiveness
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