A second PPP loan may be available for existing borrowers. Loan qualifiers are as follows:
- PPP proceeds from earlier round must have been (or will be) fully utilized for authorized purposes only
- Borrower must show at least a 25% reduction in gross revenue between comparable quarters in 2019 and 2020
- Borrower’s company can have no more than 300 employees
Please contact the banking representative that assisted you in obtaining your first PPP loan for more information — they will be able to provide updates as additional details about the program are released.
First-Time PPP Borrowers
Please complete the form below if you are a first-time PPP borrower (and an existing business member) and would like to learn more once information has been shared. Desert Financial will accommodate new requests as quickly as possible. Please note this is not an application — the loan application process will begin once the Small Business Administration releases more information.
LOAN INQUIRY FORM - FOR FIRST TIME BORROWERS ONLY
PPP Loan Details
Designed to help companies with 300 or fewer employees, the Paycheck Protection loan1 was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Program benefits include:
- Low interest rate
- Borrow up to $2 million
- 100% federally guaranteed
- No collateral or personal guarantees required
- No payments due for at least 6 months
- Opportunities for partial or full forgiveness of the loan principal
Eligibility requirements include:
- You must have an existing Desert Financial business account.
- You must confirm that your business needs financial relief due to COVID-19-related events and use the funds to maintain your workforce and operational needs.
- Available to companies with 300 employees or less, sole proprietorships, 501 (c)(3) nonprofit organizations, 501 (c)(19) veterans’ organizations, and eligible Tribal businesses.
What to prepare
Here are some of the items that you’ll need to complete your Paycheck Protection Program loan application:
- Business mailing address
- The date you started your business
- Average monthly payroll costs
- Copies of payroll tax reports filed with the IRS
- Documentation of annual revenue, retirement plan funding and
health insurance premiums paid for your employees
How to earn loan forgiveness
The Paycheck Protection Program was designed to help small businesses and their employees. You may be eligible to have some or all of your loan principal forgiven if the funds are used for qualifying costs such as payroll, rent, utilities and mortgage interest. You’ll also need to maintain your workforce and/or restore it within a certain time frame.
1All loans subject to credit approval and program eligibility under the SBA. Restrictions may apply.