February 11, 2021 | Business Success

A Quick Q&A Ahead of Your Second Draw PPP Loan Application

For information about the February 24 through March 9 exclusive PPP application access window for businesses with fewer than 20 employees, as well as other changes upcoming to the program click here.

 

If you received a PPP loan in 2020, here are some things you should know ahead of applying for another in 2021.

If you received a Paycheck Protection Program (PPP) loan in 2020 but are interested in another for 2021, you may be in luck:

The U.S. Small Business Administration (SBA) recently implemented a “Second Draw” loan for 2021 for previous PPP borrowers.

With the new Second Draw PPP loans comes new details you should know before you apply. Check out the video with some of our bankers below for more information on Second Draw PPP loan topics like,

  • The types of businesses eligible to apply.
  • The types of expenses that may be covered.
  • Information you should have on-hand before applying.
  • How loan amounts are determined (especially for businesses with only one employee).
  • Tips for completing your application.

 

Applying for Your Second Draw PPP Loan through Umpqua Bank

  • If you’re already an Umpqua Bank customer, you can access the application web portal through your Online Banking account or from your local banker or store.
  • If you’re not an Umpqua Bank customer, you can request information about a Second Draw PPP loan application from one of our bankers or stores in your area. Click here to schedule an initial appointment.

More Information

The following are links to additional resources referenced in the video above: