2021 SBA Paycheck Protection Program (PPP)

STAGE 1
Application
STAGE 2
Loan Documentation
STAGE 3
Funds Disbursement

This round of PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. 

For more information and the Interim Final Rules and Guidance for PPP (as of January 6, 2021) please read the following PDFs:

• Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
• PPP -- IFR -- Paycheck Protection Program as Amended by Economic Aid Act (1.6.2021)-508
• PPP -- IFR -- Second Draw Loans (1.6.2021)-508


• Click here to read the Key PPP Updates


ELIGIBILTY

• You can apply through Village Bank if you are not a current customer or if you received your first PPP loan from another bank.
• Please only apply at one bank
• We cannot accept applications from Money Service Businesses or Marijuana Related Businesses
• All loans must be deposited into a Village Bank deposit account

 

First Draw PPP Loans
• PPP loans will be available to first-time qualified borrowers (“First-Draw”).
• Please read the Top-line-Overview-of-First-Draw-PPP from the Treasury for details.

 

Second Draw PPP Loans
Businesses that previously received a PPP loan will be eligible for a (“Second Draw”) and may apply for another loan of up to $2 million, provided they:
• Have 300 or fewer employees (compared to 500 for First-Draw borrowers).
• Have used or will use the full amount of their first PPP loan.
• Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.
• Additional criteria regarding eligibility by business type and activities can be found in the Interim Final Rule.
• Accommodation and food services operations (those with North American Industry Classification System (NAICS) codes starting with 72) with fewer than 300 employees per physical location may receive up to 3.5X average monthly payroll costs, as opposed to 2.5X for other eligible borrowers (similar to PPP1).
• Please read the Top-line-Overview-of-Second-Draw-PPP from the Treasury for details. 

STAGE 1 - APPLICATION

January 11 through March 31, 2021

APPLY NOW

WHAT TO EXPECT 
The application portal is easy to use and dynamic. You will need to create a username and password to start your application. You can save your application and return to finalize it as needed. Depending on what type of business you are and which loan you are applying for you will have different fields to complete. Make sure to select the right application and type of business to start.

There will be prompts in the application fields if you have questions about what to put in the field. The portal will also have a tutorial and a guide if you need additional information. It is as easy as filling out the paper application and will help guide you through the process.

Watch this informative video from Lenders Cooperative to see how the portal works.
PPP Lenders Co Vid Pic

 

HOW TO APPLY

• USE EITHER GOOGLE CHROME OR MICROSOFT EDGE WEB BROWSER WHEN SUBMITTING AN APPLICATION
• We are now accepting applications at https://villagebank.lenderscooperative.com

• Click here to learn how to calculate maximum loan amounts for first draw PPP loans and what documentation to provide – by business type. Provided by the SBA.
• Click here to learn how to calculate revenue reduction and maximum loan amounts including what documentation to provide for second draw PPP loans. Provided by the SBA.

• This portal is not for Round 1 PPP forgiveness applications.

• When the portal opens and you start your application you will need to upload the following documents depending on your type of business:

o Articles of Incorporation/Organization/Proof of Good Standing (Accessible via the Minnesota Secretary of State website)

Instructions to order Articles:
- Type in Business Name and select Search.
- Once you hit enter – you now should see Search Results.
- Under Search Results, to the right in bold is Details– select Details.
- The business record will come up - if you scroll down you will see Filing History.
- You can click the box that says: Original Filing (Limited Liability Company, Corporation, etc)
   -- if there are amendments, also click on those.
- You can then select: Order Selected Copies.
- This will bring you to a US Bank payment website. 
- Articles will be emailed to you once payment is submitted.

o Business license
o Tax return
o Payroll documentation
o Driver’s License, State ID or Passport
o Please make sure to read the SBA guidance for more detailed information on documentation and consult with your CPA or financial advisor on the financial information required in the application.


You will need to upload this information even if the bank already has this information. The system will not let you submit an application without providing the documentation. Unfortunately, the Bank cannot upload this information for you. 

• If this is a Second Draw, you will need your first PPP loan number. If your PPP loan was through Village Bank you can find your loan number on your PPP loan documents.

PPP loan snip forgiveness

 

SUBMITTING THE APPLICATION
The application portal will not let you submit an incomplete application. It will let you know what information is still missing if any. Once you submit your application you will be able to monitor the status of your application in the portal. A Village Bank Banker will review the application and once approved will request a signature through the portal from you. Once we have that it will be submitted to the SBA.

The SBA has advised it could take up to 48-hours to receive a loan number for all applications. Please be patient during this time and do not apply at another bank. After we receive a loan number, we will provide loan documents to be signed.

 

 

STAGE 2 - LOAN DOCUMENTATION

2021 PPP DocuSign PicOnce your loan has been approved by the SBA, Village Bank will provide loan documents to sign via DocuSign as shown in the image.

 

STAGE 3 - FUNDS DISBURSEMENT

All funds will be disbursed to a Village Bank deposit account. If you do not have a deposit account with Village Bank you will be contacted to open an account.

 Thank you for your patience as we continue to receive guidance from the SBA.

 

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