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.
Veritex Community Bank