Union Bank® COVID-19 Relief for Businesses

PPP Loan Increase Eligibility Guidelines

The following criteria will assist in determining your potential eligibility for PPP loan increases or reapplication per the updated Economic Aid Act (Pub. L. 116-260). Eligibility, based on these guidelines, does not convey Union Bank® approval of a loan. The requested increase or reapplication must still be reviewed and approved by Union Bank through our underwriting processes.

 

Based on the provisions and requirements provided in the program rules, your business is eligible for an increase to an existing or repaid PPP loan if:

ALL the following apply:

  • Your original First Draw PPP loan was approved on or before August 8, 2020; and
  • Your original First Draw PPP loan was initiated and approved through Union Bank; and
  • You have not received a forgiveness payment on your original First Draw PPP loan

And, if ANY of the following apply:

  • Your business legal entity type is a Partnership and the original First Draw loan did not include any amount for partner compensation
  • You are a Seasonal Employer and by recalculating your eligible loan amount, per Section 336 of the Economic Aid Act, you are eligible for a loan amount higher than the original First Draw amount
  • You are a Farmer or Rancher and by using the revised calculation methodology described in subsection B.4.d. of the Consolidated IFR9 you are eligible for a loan amount higher than the original First Draw amount
  • You partially or fully repaid your original First Draw PPP Loan before December 27, 2020

Please note, applying for a PPP loan through Union Bank requires an active Union Bank business checking account. If you need to open a new business checking account, we encourage you to learn more

After reviewing the criteria above if you believe you are eligible, please click the “Contact me” button below and provide your information.

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