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.
The SBA has not announced when they will begin accepting applications from banks, but you can now begin the application process with Vast Bank.
How to Apply for the Second Draw PPP Loan & What to Expect
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 let you know once the program is open and we are able to begin submitting applications.
- 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.
When to Apply for the Second Draw PPP Loan
Vast Bank will process Second Draw Applications in two phases. Phase One will be open to Vast Bank Customers and Phase Two will be open to Non-Vast Bank customers. Take a look at the details below to determine which category you belong to.
Phase One: Open to Vast Bank Customers
- We will accept applications from Vast Bank customers only for the first 5 business days after the program opens.
- An existing customer is defined as an entity or individual who had a lending or deposit relationship with Vast Bank prior to their PPP loan, or who has established a relationship with us since. PPP borrowers who opened Vast Bank accounts that have gone dormant will be serviced in Phase 2.
Phase Two: Open to Non-Vast Bank Customers
- Applicant must have submitted their PPP Forgiveness Application for Round 1 in order to be eligible for Round 2. You can submit your PPP Forgiveness Application using this link.
- Borrower must have obtained their Round 1 PPP from Vast Bank.
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.
