If you meet the eligibility requirements and would like to apply for a second PPP loan, please click the button below and use the same login credentials as your forgiveness application, or contact your relationship manager.
The program guidelines are largely unchanged, except the maximum loan amount is now $2 million, eligible businesses must have 300 or fewer employees (excluding NAICS code 72 businesses) and the eligible expenses have been expanded as outlined below. To apply for a Sunwest Bank’s PPP Loan, please click the button below.
(Note that we will continue to update this FAQ as updated program details are released by the SBA)
People with loans of $150,000 or less will be allowed to use a simple once page loan forgiveness application. This application required borrowers to submit the loan amount, the amount spent on payroll, and the number of employees they were able to retain.
501(c)(6) organizations that are not lobbying organizations such as chambers of commerce, trade associations, and boards of trade are now eligible if they have fewer than 150 employees.
Certain part of the new relief bill apply to other types of SBA loans. They include the following:
The EIDL amount no longer must be subtracted from the PPP loan amount when applying for forgiveness.
Reversing a controversial IRS rule about prior PPP loans, expenses paid for with forgiven PPP loan proceeds are now fully tax deductible. This applies to both first and second draw PPP loans.