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Payroll Protection Plan Update; we are committed to supporting your business. Click here for updates.

Call us at 833-837-4839 ABA Notice

Payroll Protection Plan (PPP)

Second Draw PPP Loan 

 

Dear Veritex Customers,
Thank you for allowing Veritex Community Bank to provide your first PPP loan. As a current PPP customer, we now have the ability to fund a second PPP loan quickly and easily if you choose to apply.  

A new $900 billion coronavirus relief and stimulus bill was signed on December 27, 2020, further detailing new criteria for PPP loans second draw. We are working towards preparing you for Round 2 of PPP and the new criteria needed to qualify for these loans. 

What you can expect:
As a customer and existing PPP loan recipient, you should have received a personalized invitation to apply in the event you qualify for a Second Draw PPP loan. If you have not received a link to apply, please contact your relationship banker and we will send one to you!

Important Second Draw PPP loan information:

  • Maximum loan of $2.0 million
  • Loan amount equals 2.5 times average monthly payroll
  • For Accommodation and Food Services businesses (that have NAICS starting with 72) loan will be calculated based on 3.5 times the average monthly payroll
  • Maximum of 300 employees
  • Must use or commit to using all of the first PPP loan received
  • Demonstrate a 25% reduction in gross receipts in any quarter of 2020 compared to that same quarter in 2019.

Additional information will be provided by SBA/Treasury as it becomes available – please check our website for up to date information here.
 
We hope you found this information helpful with your decision to apply for a Second Draw PPP loan. We look forward to supporting you in this process.

If you have ay questions, please reach out to your Veritex Banker. 

 

Sincerely, 

Veritex Community Bank