PPP Round 2

As of May 4, 2021, PPP funding has been depleted.  If you have questions about an outstanding application, please contact your banker.

Continue to visit this page for the latest information and guidance provided by the Small Business Administration (SBA).

 

 

PPP 2.0 Loan Applications Details

First Draw Borrowers

This PPP 2.0 loan option is for eligible businesses who have not previously obtained a PPP loan through the CARES Act.

Second Draw Borrowers

This PPP 2.0 loan option has been authorized by the SBA and permits eligible borrowers who have already obtained a first draw PPP loan through the CARES Act to apply for a second draw loan through the new Economic Aid Act.  If you obtained your first PPP loan through Wheatland Bank, please email the Wheatland CARES Team and we will send you a direct link to the application for your business.

 
Don't have a Wheatland Bank deposit account?

New PPP borrowers that apply through Wheatland Bank are required to establish a business deposit account for their loan proceeds to be deposited into.  We invite you to talk with a member of our commercial banking team today to get started.

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Who is eligible for a PPP 2.0 loan?

Only certain businesses are eligible to receive a PPP loan, and these eligibility requirements are different for first-time loan recipients and second draw recipients.

To be eligible for a first-time PPP loan:

  • Your business has less than 500 full-time, part-time or seasonal employees.
  • Your business was operational before February 15, 2020 and remains operational.

 

To be eligible for a second draw PPP loan:

  • Your business has less than 300 full-time, part-time or seasonal employees.  If you have multiple locations, you may not have more than 300 employees per location.
  • You are able to demonstrate a revenue reduction of at least 25% in the first, second or third quarter of 2020 (when compared with the same quarter in 2019).
  • You have used or will use the full amount of your initial PPP loan.
  • Your business was operational before February 15, 2020 and remains operational.

 

Businesses eligible for PPP 2.0 loans include:

  • Sole proprietors 
  • Independent contractors
  • Self-employed individuals
  • Certain non-profit organizations; including 501(c)(6) non-profit organizations
  • Seasonal employers
  • Faith-based organization with less than 150 employees
  • Housing cooperatives that employ less than 300 people

 

What are the PPP loan maximums and limitations?

The maximum second draw loan under the Act is the lesser of $2,000,000 or:

  • For non-seasonal employers, the average total monthly payment for payroll costs for either, as determined by the borrower, (i) the one year period before the date of the loan or (ii) calendar year 2019, multiplied by 2.5.
  • For seasonal employers, the average total monthly payment for payroll costs incurred or paid by the borrower for any 12-week period between February 15, 2019 and February 15, 2020 as chosen by the borrower, multiplied by 2.5.
  • For an entity that is assigned a NAICS code beginning with 72 (accommodation and food services), the average total monthly payment for payroll costs for either, as determined by the borrower, (i) the one year period before the date of the loan or (ii) calendar year 2019, multiplied by 3.5.

TREASURY DEPARTMENT AND SBA RESOURCES


Q:  How do I contact someone to assist me with questions I have? 

If you have an existing loan officer or other contact at your local Wheatland Branch, please contact them.  If not, please complete the short form below and a local human banker, who lives in your community, will contact you to assist you.

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