COVID-19 Update: Compeer Financial Offices are open for business, with safety measures in place. We are committed to serving you and offer several options for connecting with us.
Paycheck Protection Program (PPP) Information and Resources
The government has passed a new stimulus bill that authorizes additional funding and streamlined forgiveness for the Paycheck Protection Program (PPP) through March 31, 2021.
These SBA forgivable loan programs were created to assist small businesses in meeting payroll and other critical expense needs. PPP loans require a certification that current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
First Draw PPP Loans: The “First Draw” PPP program is reopened with additional funding. This is only open to borrowers that did not receive an initial PPP loan. Under certain circumstances, a client may apply for an increase in their original “First Draw PPP” loan amount.
Second Draw PPP Loans: A “Second Draw” PPP program is created and opened. This program has slightly different rules than “First Draw” PPP loans and is targeted to borrowers that had a revenue reduction of 25% or greater in any quarter of 2020 versus the same quarter of 2019.
How to Calculate Loan Amounts (Detailed SBA Guidance)
Before you begin, please carefully review the below SBA guidance on how to calculate and properly document PPP loan amounts:
1. Applicants have two ways to submit PPP applications – by requesting an online application OR uploading a scanned application.
To request a link to an online application click here:
OR download a PDF application to scan. Scroll down to step number 5 to submit your PDF application.
SBA First Draw Borrower Application (SBA 2483) (First Draw or Recalculation)
SBA Second Draw Borrower Application (SBA 2483-SD)
PLEASE NOTE: If you choose to submit a scanned and uploaded application, choose the proper application to download. You will need to download the PDF file before filling anything in. Submit a scanned application at the bottom of this webpage.
2. Provide all relevant applications and supporting documentation (application scanned as a single PDF document and supporting documentation scanned as a single PDF document).
Provide all documentation that verifies numbers used in your calculations. Below is a list of common documentation:
4. Please submit only one application and supporting documentation
5. If using a PDF application, submit to the portal.
PPP Forgiveness Information and Resources
We are awaiting revised guidance and loan forgiveness applications from SBA.
Since the new legislation also contains changes to the forgiveness process. Compeer Financial recommends clients pause on submitting PPP forgiveness applications at this point. We will not be submitting any additional PPP forgiveness applications to SBA until we receive guidance from SBA on the changes to the forgiveness process.
Loan forgiveness will be dependent on the client expending the funds on documented payroll costs, covered mortgage interest payments, covered rent payments, covered utilities, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures, and not more than 40% of the forgiven amount may be for non-payroll costs.
Questions about the PPP loan program? Please contact [email protected]
If your application for business credit is denied, you have the right to a written statement of the specific reasons for that denial. To obtain that statement, please contact us within 60 days from the date that you were notified of our decision. We will send you a written statement of the statement. NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with this law is the Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090.