This number is not listed on loan documentation provided for your First Draw PPP Loan

This number is not listed on loan documentation provided for your First Draw PPP Loan

The SBA requires lenders to submit a customer’s “PPP First Draw SBA Loan Number” from their previous First Draw PPP Loan when they apply for a Second Draw PPP Loan. Here are a few tips to help gather this number depending on your situation. If you are a:

Wells Fargo customer who had a First Draw PPP Loan with us, and you would like to apply for a Second Draw PPP Loan with Wells Fargo – You do not need to obtain or provide a PPP First Draw SBA Loan Number. We will provide this number for you during your application process.

Wells Fargo customer who had a First Draw PPP Loan with us, and you would like to apply with a different lender for a Second Draw PPP Loan – You will need to contact us at (844) 304-8911 to request your PPP First Draw SBA Loan Number.

  • Wells Fargo customer who had a First Draw PPP Loan with a different lender, and you would like to apply with Wells Fargo for a Second Draw PPP Loan – Please contact your First Draw PPP Loan lender to request your “PPP First Draw SBA Loan Number.” This number will be required on your Second Draw PPP Loan application.

The SBA provides requirements for how to calculate your maximum loan amount. These requirements are https://paydayloanstennessee.com/cities/somerville/ comprehensive. Applicants are responsible for understanding how to calculate their maximum loan amounts and for providing accurate information on the PPP loan application. For more information about how to calculate your maximum loan amount, please view the SBA guidance documents for First Draw PPP Loans, or Second Draw PPP Loans.

It is important that you supply all necessary documentation and that your documentation supports your requested loan amount to help prevent your application from being declined

  • Borrowers can request a loan amount that is based on up to 2.5 times their average monthly payroll costs for the relevant time period.
  • The calculation for payroll costs varies based on your eligible time period.
  • The maximum loan amount is $10 million, or $20 million in the aggregate for a single corporate group (as defined by SBA PPP requirements).

It is important that you supply all necessary documentation and that your documentation supports your requested loan amount to help prevent your application from being declined

  • Borrowers can request a loan amount that is based on up to 2.5 times their average monthly payroll costs for the relevant time period (or 3.5 times the monthly payroll costs for borrowers with a NAICS code beginning with 72 for the accommodations and food services sector).
  • The calculation for payroll costs varies based on your eligible time period.
  • The maximum loan amount is $2 million, or $4 million in the aggregate for a single corporate group (as defined by SBA PPP requirements).

When you apply you will need to provide a requested loan amount. The SBA provides guides on calculating maximum loan amounts by business type.

It is important that you supply all necessary documentation and that your documentation supports your requested loan amount to help prevent your application from being declined

  • These SBA guidance documents for First Draw PPP Loans and Second Draw PPP Loans are designed to assist businesses in calculating their payroll costs for purposes of determining the amount you can request for a PPP loan business.
  • Additional SBA guidance on First and Second Draw PPP Loans can be found here:

Please be sure to submit necessary documents shown in the chart below, listed by entity type. This will help ensure that you include documents that support the loan amount you are requesting and to demonstrate that you meet eligibility requirements. The documents you submit must correspond to the time period you use to calculate your maximum loan amount.

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