The SBA's Second Draw Application is available now. Here is what you need to know.
For the first time, a new COVID-19 relief bill allows for second draw loans to current PPP borrowers who qualify. The latest bill allocates $284 billion in PPP loans.
Application Processing & Tips to Successfully Apply
Vast Bank began processing applications on January 15th, 2021 for existing customers. We’ll begin accepting applications for non-clients Friday, January 22, 2021.
IMPORTANT NOTE: PLEASE DO NOT SKIP QUESTIONS ON THE APPLICATION. IF IT IS NOT FULLY COMPLETE, WE CANNOT PROCESS IT, AS EVERYTHING THAT IS REQUESTED ON THE APPLICATION HAS TO BE SUBMITTED TO SBA.
A few tips to successfully submit your application:
- Please be sure to initial all questions of the application, including questions 4 & 5, and sign the application before submitting.
- If you’ve submitted your application using our secure portal, your application is in the queue to be processed, and there is no need to follow-up with us.
- Please be sure to complete the NAICS code on the application. We cannot process your application without this. Our portal includes a link where you can look up your NAICS industry code.
- If you have not submitted your forgiveness application, please do so using this link. If you do not have an established relationship with Vast Bank, outside of your PPP loan, we cannot process a second PPP loan for you until you’ve submitted for forgiveness on the first.
- If the borrowing entity is inactive with Oklahoma Secretary of State, please pay your renewal immediately, as we cannot proceed with an inactive entity. Oklahoma Secretary of State website: https://www.sos.ok.gov/
How to Submit Your Second Draw PPP Loan Application
Page 4 of the application contains detailed instructions for completing the form. You can also refer to the SBA’s guidelines here. Once we receive your completed and signed application along with supporting documents, you can expect the following:
- You will receive a confirmation when you securely submit your application and supporting documentation. This means that we did receive your application and there is no need to follow-up.
- We will contact you by email if we need any additional information in order to process your application.
- Banks do not receive immediate approval as we did with the last round; therefore, the process may take longer. We thank you in advance for your patience.
- We will send your loan documents via DocuSign when ready.
You can submit your completed and signed application along with applicable supporting documentation using our secure portal. Applications will be processed in the order they are received
Helpful Tech Tools & Resources
Not super tech-savvy? Don't have a dedicated scanner or printer? No worries. We've gathered a few resources to help use the tools you already have to successfully compile and complete your application.