Paycheck Protection Program To apply for Round 2 of the Paycheck Protection Program (PPP), please click here to fill out a form.

Arbor Financial is participating in the new Paycheck Protection Program that the U.S. government signed into law on December 27, 2020 to help businesses that have been hit hard by COVID-19 related closures and restrictions. Applications will begin being accepted on Tuesday, January 19 and will be accepted through March 31, 2021.

Details of the second round of funding have been published, and continue to be updated, by the Small Business Administration (SBA). In the meantime, here is an overview of the new PPP loan program based on what we know today.

First Draw PPP - Eligibility

Businesses that did not receive the first round of PPP loan funding may apply for this second round subject to these eligibility requirements provided by the SBA:

> Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans.
> Sole proprietors, independent contractors, and eligible self-employed individuals.
> Not-for-profits, including churches.
> Accommodation and food services operations (those with North American Industry Classification System (NAICS) codes starting with 72) with fewer than 500 employees per physical location.
> Sec. 501(c)(6) business leagues, such as chambers of commerce, visitors’ bureaus, etc., and “destination marketing organizations” that have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization’s total activities and have cost no more than $1 million during the most recent tax year that ended prior to Feb. 15, 2020. Sports leagues are not eligible.
> News organizations that are majority-owned or controlled by an NAICS code 511110 or 5151 business or not-for-profit public broadcasting entities with a trade or business under NAICS code 511110 or 5151. The size limit for this category is no more than 500 employees per location.

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Second Draw PPP - Eligibility

Businesses that received and have or will fully use their initial PPP loan can apply for a new PPP loan, subject to these eligibility requirements provided by the SBA:

> Businesses with fewer than 300 employees​.
> Demonstrate a decline in gross receipts of at least 25% in any quarter of 2020 as compared to the same quarter in 2019.
> Maximum loan amount is $2 million, or 2.5 times your average monthly payroll in either the calendar year or the 12-month period prior to the loan being made, whichever is lesser.
> For restaurants, hotels, and others in the "Accommodations and Food Services" industry category, the multiple is increased to 3.5 times.

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Expanded Loan Uses for Forgiveness

In addition to the payroll expenses and covered utilities and rent permitted under the CARES Act, this new round of funding has expanded uses to include, among other things, the purchase of essential goods from suppliers, covered operations expenditures, as well as covered personal protection expenditures (needed to help comply with the federal health and safety guidelines related to COVID). 

Please note: The information regarding the new PPP loan is subject to change based on the SBA's final rules and guidance.

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Existing Loan Forgiveness

If you have already received PPP funds, please note that you have not missed a deadline on applying for forgiveness. Arbor Financial has not yet opened the window to accept forgiveness applications, as we are waiting on updated guidance to include a simplified process for everyone. The new streamlined forgiveness application is expected on or before the 20th of January 2021, as well as updated guidance for borrowers.

Stay up to date with the most recent changes by visiting the SBA website.

At this time, the application window for forgiveness has not opened, so the most important step you can be working on is the collection and retention of documentation in support of the forgiveness. 

Documentation will be needed for each category:

  • Payroll (including FTE retention calculation)
  • Utilities
  • Rent
  • Interest paid

Below is a link to a PPP Loan Forgiveness Calculator for your convenience and direction.

PPP Forgiveness Calculator

We're Here For Your Business

Thank you for allowing us to stand by you and your business during this pandemic. We're here for you. To learn more about additional measures we are taking to help members during COVID-19, please visit our Coronavirus Update page.

Paycheck Protection Program Form

Please fill the contact form out, and a member from our Commercial Team will contact you.

*Any loan made under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program must be submitted to and approved by the SBA. There is limited funding available and so all applications submitted will not be approved and funded by the SBA. Arbor Financial anticipates high volume and there may be processing delays and system failures along with other issues that interfere with us taking your application or submission of any application to SBA. Arbor Financial does not represent or guarantee that it will take your application or submit any applications taken before SBA funding is no longer available or at all. By using Arbor Financial to seek a Paycheck Protection Program loan, you agree that Arbor Financial is not responsible or liable to you (i) if your application is not taken by Arbor Financial or any application is not submitted to the SBA until after SBA stops approving applications, for any reason or (ii) if your inquiry or any application is not processed. You also forever release and waive any claims against Arbor Financial concerning failure to obtain a loan. This release and waiver applies to but is not limited to any claims concerning Arbor Financial's (i) pace, manner or systems for processing or prioritizing your inquiry or any resulting applications, or (ii) representations by Arbor Financial regarding the application process, the Paycheck Protection Program, or availability of funding. Your business must be a member of and in good standing with Arbor Financial Credit Union. If you are not a current member, you can apply for membership by calling 269.544.3106 to schedule an appointment with an Arbor Financial representative.
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