SBA PPP Loans

SBA PPP Applications now available through CoVantage for business members.

SBA Paycheck Protection Program

CoVantage has begun accepting applications for our business member-owners for the additional funding, totaling $285 billion, that has been made available through the SBA Paycheck Protection Program. It is critical that we receive complete and clear supporting documentation to receive approval. Certain requirements have changed since the initial PPP loan offering:

  • First draw borrowers. In general, borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
  • Second draw borrowers. Businesses can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan.  In general, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
    • All businesses applying for a second draw must have had revenue decline by at least 25% in any quarter in 2020 vs the same quarter in 2019; or the whole year 2020 vs the whole year 2019.
    • Businesses can apply for a second loan even if they have not requested Forgiveness.
    • Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs.
  • These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit www.sba.gov.

Even with additional funding, please understand that demand will be extremely high, and the supply of funds will be limited. This means it’s very likely that many applications will not get a funded loan. We will try to help as many business members as we can and put forth our best effort to secure financing from the PPP program. However, know that as hard as we try, we simply cannot guarantee that your application will receive SBA funding.

Please know that we have staff working diligently to help as many CoVantage member-owners as we can. We know how important these Paycheck Protection loans are for you and your business during this very challenging time.

To apply for a Paycheck Protection Loan: 

  • Missing or incorrect information will delay processing.
  • We are only accepting applications from CoVantage business member-owners who had a business account relationship with CoVantage as of December 1, 2020. If you were not a CoVantage business member-owner on December 1, we encourage you to visit www.sba.gov to find another lender.
  • Due to the nature of this loan program, we will not have a projected timeline for turn-around and we will be reliant upon working with the Federal government to finalize your application.
  • CoVantage is not responsible for applications that are not approved for SBA PPP funding.
  • You must use Edge, Chrome, or Firefox to apply.

Information related to the SBA PPP loan may change as updates are provided by the Federal government. Last updated 4/7/2021, 8:00 am CST.

Previous Applicants:  Loan Forgiveness

A benefit of the SBA Paycheck Protection Program loan is that your loan may be forgiven if your funds are used for payroll costs, mortgage interest, rent, and utilities, and you have documentation that can substantiate it. At least 60% of the loan must be used for payroll costs. Forgiveness is based on your business maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

READ MORE AND APPLY FOR LOAN FORGIVENESS