Apply for a Paycheck Protection Program Loan

Our primary goal is to see you get the capital you need to get through this crisis. We recommend ACAP or BlueVine as alternate lender options for obtaining a PPP loan if you choose to apply immediately. Many other banks are also continuing to process PPP loans; we encourage you to select a lender that is the best fit for your business.

*Live Oak Bank does not earn a referral fee should you use any of these options for your PPP loan needs.

Second PPP Loan Requirements

Eligibility

  • 300 employees or less
  • Experienced a 25% reduction in gross receipts in any quarter of 2020, compared to the same quarter in 2019
  • Exhausted first PPP loan funds
  • Entities must be businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors and small agricultural co-operatives

Terms

  • Maximum loan amount of $2 million
  • Loan amounts up to 2.5X the average monthly payroll costs in the one year prior to the loan or the calendar year
  • For customers in industries assigned to NAICS code 72 (including food service or accommodations), borrowers may receive loans of up to 3.5X average monthly payroll costs

FIRST PPP LOAN REQUIREMENTS

Eligibility

  • 500 employees or less
  • Entities must be businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors and small agricultural co-operatives
  • First PPP loans made to eligible borrowers qualify for full loan forgiveness if all three of these criteria are met during the 8- to 24-week period following loan disbursement:
    • Employee and compensation levels are maintained
    • The loan proceeds are spent on payroll costs and other eligible expenses
    • At least 60 percent of the proceeds are spent on payroll costs

Terms

  • Maximum loan amount of $10 million
  • Loan amounts up to 2.5X the average monthly payroll costs in the one year prior to the loan or the calendar year
  • Funds can be used to: help with payroll costs, including benefits; pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations

Reapply or Request an Increase to Your PPP Loan

According to guidance from the SBA, the following borrowers can reapply or request an increase to their PPP loan amount:

  • If a borrower returned all of a PPP loan, the borrower may reapply for a PPP loan in an amount the borrower is eligible for under current PPP rules
  • If a borrower returned part of a PPP loan, the borrower may reapply for an amount equal to the difference between the amount retained and the amount previously approved
  • If a borrower did not accept the full amount of a PPP loan for which it was approved, the borrower may request an increase in the amount of the PPP loan up to the amount previously approved
  • Seasonal employees and partnerships are also eligible for additional loan amounts

If you are a Live Oak customer and have questions about a PPP loan application or forgiveness, you may contact us online or call us at 866-276-0154.

PPP Support Specialists are available Monday through Friday from 8:00 a.m. – 5:00 p.m. EST.

From our Business Resilience Resource Center

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