Paycheck Protection

The SBA Paycheck Protection Program

President Biden signed legislation extending the PPP application deadline to May 31, 2021.

United Bank is an approved SBA lender and our lenders are now accepting PPP applications.

On 12/27/20, new legislation was signed into law providing a second round of lending under the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA).  United Bank is an approved SBA lender and will be participating again to provide these critical loans to our small business customers.  

If your business was a recipient of a first-round SBA PPP loan through United Bank, guidance has been released with directions for the forgiveness process.  Learn more.

Below is a summary of PPP 2.0 provisions.

Borrowers are broadly eligible if they have 500 or fewer employees, or are certain businesses that meet SBA size standards. Additionally, 501(c)(3) nonprofits, 501(c)(19) veterans organizations, and certain tribal concerns qualify for PPP loans. Borrowers may also be sole proprietors, independent contractors, or self-employed. Borrowers must have been in operation on February 15, 2020, and employed either salaried employees subject to payroll taxes or paid independent contractors.  Entities that have permanently closed are not eligible.

See additional guidelines for PPP Second Draw Loans.

PPP 2.0 expands the permitted uses of PPP proceeds to include the following items:

- payroll costs

- rent, mortgage interest and utilities

- Operations expenditures, supplier costs and PPE expenditures for worker protection

- Property damage costs related to public disturbances in 2020 not covered by liability insurance

Second Draw PPP loans are generally subject to the same terms, conditions and requirements as First Draw PPP loans. To be eligible, a borrower:

- has 300 or fewer employees
- must have used or will have used all funds disbursed under its first PPP loan before the origination of the PPP second draw, and
- must demonstrate at least a 25% reduction in gross receipts in 2020 as compared to 2019.

Borrowers are not required to use the same financial institution for the Second Draw PPP request, as they did the First Draw loan.
Unlike PPP loans prior to August 8, 2020, new first-time applicants, including farmers and ranchers, will have the ability to use either 2019 or 2020 when calculating their maximum loan amount.  The maximum loan amount remains the lesser of 2.5x average monthly payroll or $10 million.
Businesses that are part of a single corporate group may not receive more than $4 million of Second Draw PPP loans in the aggregate.
A borrower in the Accommodation and Food Services sector, with NAICS code beginning with 72, may borrow 3.5x its monthly payroll costs.
See our documentation summary for First Draw and Second Draw borrowers.  The SBA in partnership with the US Treasury may continue to modify these requirements with further guidance.  

How to Apply:   

Customers may inquire directly with a lender to begin the process, or contact us by sending an email with the following information to

  • Your name and your business name
  • Industry or type of business
  • City where your business is located
  • How should we contact you? Email or phone (please provide number and best time to call) 

One of our lenders will contact you to discuss the CARES program further.  The PPP Application will be forwarded to you at that time with instructions for uploading all documents securely, so that the exchange of your private personal information will be encrypted and secured.

For supplemental information, visit the U.S. Department of Treasury to read more.