Valliance is working to provide assistance during the COVID-19 crisis
Valliance is working to provide assistance during the COVID-19 crisis

PPP ROUND TWO – APPLICATIONS ARE NOW BEING ACCEPTED!

The information below is based on information obtained from the recently passed Economic Aid Act and detailed in the Small Business Administration’s IFRs. Additional guidance is possible from the government and may change some of the information below. Please discuss any borrowing with your accountant, lawyer, and financial advisor.

- There are two programs available at this time: “FDL” (First Draw Loans) and “SDL” (Second Draw Loans)

- “FDL” (First Draw Loans) will mirror the same process and requirements seen with PPP Round 1 for applicants that have not previously received a PPP loan . The required documentation for processing the loan is as follows:

  1. SBA Loan Application
  2. 2019 or 2020 total payroll calculation
  3. 2019 or 2020 federal payroll tax filings (form 941)
  4. 2019 or 2020 Profit and Loss and Balance Sheet
  5. Organization Documents for each Borrower
  6. Additional information needed for application can be found Here

Save each document separately and name it as “Borrower Name – Document”; i.e. “Valliance Manufacturing – Application”

Once you complete the application and have the necessary information Click Here to upload files. Files will be securely sent to Valliance Bank’s central underwriting for processing. Within 24 hours you will receive a response that the application has been received. If you have any questions, please reach out to our lending team or email us at covidrelief@v.bank.

- “SDL” (Second Draw Loans); A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  1. Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  2. Has no more than 300 employees; and
  3. Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

*Please reference the Second Draw PPP Loan Info Sheet for full details and program information.

Once you complete the application and have the necessary information Click Here to upload files. Files will be securely sent to Valliance Bank’s central underwriting for processing. Within 24 hours you will receive a response that the application has been received. If you have any questions, please reach out to our lending team or email us at covidrelief@v.bank.

We look forward to serving you during these difficult times.

Documentation

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