Arvest gained approval for more than 15,000 Paycheck Protection Program (PPP) loans in 2020 and we have a digital process for the new round of U.S. Small Business Administration (SBA) funding that will be available beginning Tuesday, Jan. 19.
All Arvest PPP applications must be submitted via a link that will be added to this page, which we will update as soon as we are able to accept applications. Additionally, borrowers will have access to status updates through this application portal and a dedicated phone line for PPP applicants to speak to an Arvest associate.
Please know, per current SBA guidance, the last day to apply for a PPP loan is March 31. If available funds are exhausted before that date, we will update this page.
What Funding is Available?
Once we are allowed to begin processing applications on Jan. 19, Arvest will accept both first-draw and second-draw PPP loan applications. Here are the types of loans that will be available:
- First-time PPP loans for businesses who qualified under the CARES Act, but did not get a loan during last year’s round of funding
- Additional funding for businesses that returned their first PPP loan or did not get the full amount for which they qualified during the first round
- Second-draw PPP loans for certain businesses that obtained a PPP loan, but need additional funding
Who is eligible?
Qualifications for receiving first-draw or second-draw PPP loan applications have been determined by the SBA. They are as follows:
- Sole proprietors, independent contractors, and self-employed persons
- Any small business concern that meets the SBA’s size standards (either the industry size standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
- Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Reapplying and loan increases
Existing PPP borrowers that did not receive loan forgiveness by Dec. 27 may:
- Reapply for a first-draw PPP Loan if they previously returned some or all of their first-draw PPP loan funds, or
- Under certain circumstances, request to modify their first-draw PPP loan amount if they previously did not accept the full amount for which they are eligible
A borrower is generally eligible for a second-draw PPP loan if the borrower:
- Previously received a first-draw PPP loan and will or has used the full amount only for authorized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020
Below is information – as provided by the SBA – related to the documentation Arvest will need to accept and process PPP applications:
What documents will be required for my first-draw PPP loan?
- Documents to substantiate the applicant’s payroll costs
- Payroll docs accepted by the SBA
What documents will be required for my second-draw PPP loan?
- Documents to substantiate the applicant’s payroll costs*
- Payroll docs accepted by the SBA
- Adequate documentation to verify revenue reduction of 25 percent or more in 2020 relative to 2019 – only for loans greater than $150,000
- Loans of $150,000 or less will need to provide this documentation either at loan application or with forgiveness application
*No additional documentation to verify payroll costs if:
- Borrower uses 2019 figures to determine average monthly payroll
- Arvest is the lender for applicant’s first and second PPP loans
- Arvest already has the relevant documentation
As an SBA Preferred Lender, Arvest is eager to help small businesses. Again, we will provide an update as soon as we are able to accept applications. Full program details are available here on the SBA website.