The SBA's Second PPP loan Draw Application is available now. Here is what you need to know.
Updated: January 22, 2021
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.
Vast Bank began processing applications on January 15th, 2021 for existing customers. Existing customers are 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.
We are now accepting applications for non-clients as of Friday, January 22, 2021. Non-clients are defined as an entity or individual who obtained their Round 1 PPP from Vast Bank. To apply for a Second Draw, non-clients 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.
How to Apply for the Second Draw PPP Loan
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/
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.
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.
What to Expect After You Apply
Page 4 of the PPP loan 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.
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.
