COVID-19 and payment relief
The Paycheck Protection Program is here to help.
More financial support is available to help small businesses through the COVID-19 pandemic. We’re now accepting applications from eligible clients for First and Second Draw PPP Loans in our PPP Client Portal.
To apply, you'll need to first enroll in PPP alerts, below.
If your PPP application was withdrawn or declined and you believe the recent eligibility changes apply to that previous application, contact the PPP Loan Call Center at 844-230-7771, Monday through Friday, from 8 am to 6 pm ET.
Changes to PPP Loan forgiveness
If your PPP Loan was $150,000 or less, your loan forgiveness is now even easier. The new forgiveness process for these loans doesn’t require you to submit documentation at the time of your application—and only requires you to complete a 1-page form.
Eligible BB&T and SunTrust, now Truist, clients can apply for funding through the PPP. You may enroll in PPP alerts now to receive an invitation to apply. Two kinds of loans are available:
First Draw PPP Loan – For business clients who haven’t received any PPP funding so far
Second Draw PPP Loan – For the hardest-hit small business clients who have already spent their first PPP loan and still need more help
First and Second Draw PPP Loan applications are open to existing clients with a BB&T or SunTrust, now Truist, business loan or business deposit account as of January 1, 2021. See eligibility requirements for more information.
The first step to applying for a First or Second Draw PPP Loan is to enroll in our PPP alerts using the form below.
Thank you for your interest in a PPP Loan. We’re currently only accepting applications from BB&T and SunTrust, now Truist, clients who have an existing business deposit or business loan account as of January 1, 2021.
We apologize for this inconvenience. Please consider consulting your current business banking partner or CPA—or take a look at programs the SBA has expanded, including the Economic Injury Disaster Loan program. You can apply online directly with the SBA or call the SBA Customer Service Center at (800) 659-2955 to begin the application process.
Below are some of the eligibility requirements for both First Draw and Second Draw PPP Loans. Please consult the SBA rules and regulations for a full list of those eligible to apply and other eligibility requirements.
You’re eligible for a First Draw PPP Loan if you, together with your affiliates (where applicable) are:
You’re eligible for a Second Draw PPP Loan if you can demonstrate at least a 25% revenue reduction in gross receipts in any quarter of 2020 as compared to the same quarter in 2019 and you, together with your affiliates (where applicable), meet all other eligibility requirements, and are:
You are not eligible for a PPP Loan if you:
And please remember, to be eligible, you must be an existing business loan or deposit client with BB&T or SunTrust, now Truist, as of January 1, 2021.
When applying for a First Draw or Second Draw PPP Loan, clients without a BB&T or SunTrust, now Truist, business account will need to provide proof their BB&T or SunTrust, now Truist, personal account is used for trade or business purposes. Independent contractors and self-employed clients applying for a PPP Loan will need to provide documentation necessary to establish their eligibility, such as payroll processor records, payroll tax filings, 1099-MISC forms, income and expenses from a sole proprietorship or other supporting documentation sufficient to demonstrate their qualifying payroll amount. Other business types such as ranchers, housing cooperatives or certain news/broadcasting companies may need to produce unique documentation.
For a new First Draw PPP Loan, you can borrow up to 2.5 times your average monthly payroll, excluding individual employee costs or computed income above $100,000 per year, but the maximum loan amount is capped at $10 million per borrower. Businesses that are part of a single corporate group are limited to PPP Loans not exceeding $20 million in the aggregate.
For a Second Draw PPP Loan, you may borrower up to 2.5 times your average monthly payroll, excluding any individual compensation or self-employment income above $100,000, but the maximum loan amount is capped at $2 million per borrower. If you are an accommodation and food service business and have a NAICS Code starting with 72, you may borrow up to 3.5 times your average monthly payroll costs, but you remain subject to the $2 million cap. Businesses that are part of a single corporate group are limited to Second Draw PPP Loans not exceeding $4 million in the aggregate.
The following are eligible and forgivable uses for proceeds of a PPP Loan:
PPP Loan proceeds should only be used for permissible purposes as set forth in the Act and SBA guidance and not for prohibited or unauthorized purposes including for lobbying activities and expenditures. If the applicant is a news organization eligible for a PPP loan under Section 317 of the new Act, the loan should be used to support only expenses at the component of the business that produces or distributes locally focused or emergency information.
As part of the application process, be prepared to provide documentation of your payroll costs or income and documentation supporting that your business was in operation on February 15, 2020. You should also be prepared to submit documentation supporting a 25% or greater revenue reduction if you are applying for a Second Draw Loan. For more detailed information and guidance on what is included in payroll costs or how income is computed for purposes of the PPP, please reference our PPP Origination Document Requirements or this information from the SBA.
If you’ve submitted a completed PPP application and all required documents, there’s nothing more for you to do. You’ll be able to use our PPP Client Portal to review the status of your application and funding.
Part of the funding approval process rests with the SBA. Timing for this is difficult to forecast as it is not in our direct control, and it could affect if and how quickly you receive your funds.
The SBA has outlined strict requirements for documentation. As applications go through the review process, any issues with the application, including inaccurate information or incomplete documentation, could delay your ability to get through the approval process, and you may lose your place in the queue. In the event we contact you for additional information, it is extremely important that you respond immediately in order to keep your loan application on track for a final funding decision. We encourage you to check the PPP Client Portal regularly for updates.
As a reminder, it is the borrower’s sole responsibility to determine and certify their eligibility to receive a loan under PPP. In addition to reviewing the affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP Loan under the standard established by the CARES Act and the PPP regulations.
On April 23, 2020, the U.S. Government issued regulatory guidance making clear that a PPP Loan applicant must review carefully the applicant’s required certification that “current economic uncertainty make this loan request necessary to support the ongoing operations of the Applicant.” This guidance:
Additionally, to further ensure PPP Loans are limited to eligible borrowers in need, the SBA has decided—in consultation with the Department of the Treasury—that it will review all loans in excess of $2 million, in addition to other loans as appropriate (see SBA’s Frequently Asked Question 39, which was issued on April 29, 2020). The SBA will perform this review following the lender’s submission of the borrower’s loan forgiveness application.
In reviewing borrowers’ required good-faith certification concerning the necessity of their PPP Loan request, the SBA—in consultation with the Department of the Treasury—has determined that the following safe harbor will apply: Any borrower that, together with its affiliates, received PPP Loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith (see SBA’s Frequently Asked Question 46, which was issued on May 13, 2020). Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. As noted above, the SBA has previously stated that all PPP Loans in excess of $2 million, and other PPP Loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP Loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request.
All loans are provided by Truist Bank and are subject to credit approval and program guidelines. Loans by the SBA or guaranteed by the SBA are subject to SBA eligibility guidelines. Certain restrictions and exclusions apply to refinancing options for SBA loans and are subject to program terms. Truist Bank does not provide tax advice and recommends that you consult an advisor regarding your particular financial situation.
This information does not constitute advice and does not cover all aspects of the law, including provisions that may be relevant to, or apply differently to, your business, your employees and/or your shareholders. For any specific questions about the CARES Act and how it may impact your business, we strongly encourage that you contact your legal counsel and your business contacts at Truist.
Nothing prevents a borrower from retaining professionals to assist in preparing the information we need to process your loan. As is customary in lending transactions, Truist, as lender, will not pay the costs of professionals that our borrowing clients choose to retain.
Truist Bank, Member FDIC and Equal Housing Lender. Only deposit products are FDIC insured. Loans are subject to business type and credit approval. © 2021 Truist Financial Corporation. All rights reserved.