|First Draw PPP Loan Information|
|Who Qualifies as a First Draw Applicant?||First Draw Applicants are individuals who did not receive funds in the initial PPP Loan Program available in 2020.|
|What Are Qualified Uses for PPP Funds?||PPP funds can be used for a variety of business-related expenses including, but not limited to, payroll expenses, mortgage interest, utilities, and more. For a full comprehensive list of qualified expenses, please visit the SBA's website by clicking here.|
|When Can I Apply?||Applications for First Draw PPP Loans are available January 11, 2021 through March 31, 2021.|
|Second Draw PPP Loan Information|
Who Qualifies as a Second Draw Applicant?
Second Draw Applicants are individuals who were eligible for, and received, funds from the initial PPP program in 2020.
General requirements are as follows:
- Applicants must have applied for and received PPP funding in 2020 and have used or will use those funding prior to
disbursements from the Second Draw loan
- Fewer than 300 employees
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
|When Can I Apply?||Applications for Second Draw PPP Loans are available January 11, 2021 through March 31, 2021.|
- via email to your UBU loan officer
- dropped off at any UBU branch location and addressed to a loan officer or to Tracy Ward, Coordinator of UBU's PPP Loan Program
United Bank of Union is now accepting forgiveness applications for the Paycheck Protection Program (PPP) loans. At this time, the Small Business Administration has issued two different application options for forgiveness. Businesses will need to review these two forms and their instructions, listed below, to determine which application applies to them. Additionally, businesses will also need to decide whether they will elect for the 8-week forgiveness period or the 24-week forgiveness period. With both of these elections, businesses will submit the forgiveness application documents once all PPP loan proceeds have been used on eligible expenses, as outlined in the instructions below.
- PPP Forgiveness Application 3508 Instructions(Opens in a new Window)
- PPP Forgiveness Application 3508(Opens in a new Window)
- PPP Forgiveness Application 3508-EZ Instructions(Opens in a new Window)
- PPP Forgiveness Application 3508-EZ(Opens in a new Window)