icon alert

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

All of our locations are open except for Alexis, Belt Line, Hwy 26 Motor Bank and SMU branch. 

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