Guidance for frequently asked questions regarding the SBA Paycheck Protection Program:
General
What does the PPP loan process look like right now?
There are two different processes the PPP team is working right now:
- first round of funding = 1st draw and forgiveness of 1st draw
- second round of funding = 2nd draw (or first draw, if eligible)
What do I do if I can’t find my loan number?
Your original loan number is on the original loan paperwork. You can also call a banker for help accessing your loan number. Loan number and lender number is the same.
If I receive a loan when do I need to spend it by?
Borrowers may set their PPP loan’s covered period to be any length between 8 and 24 weeks.
What do the PPP loans cover?
PPP loans will cover additional expenses, including operations, certain property damages, supplier, software and worker protection expenses.
I think I qualify, should I apply?
Each business situation is unique and there are many additional parameters which should be considered before applying. We will update our website with additional information as it is released.
First round funding
How can I apply for funding?
To apply for the first round of funding and forgiveness you need to fill out the corresponding paperwork. There are no online applications.
Second round funding
How can I apply for funding?
To apply for the second/most recent round of funding you need to apply online. There are no paper applications. Get started now!
How can I access the online application?
You can access the online application by signing up for the new portal which the application is hosted on. This portal login is not the same as the current Core Bank login. Get started now!
I uploaded all required documents in the last round of funding. Can I skip the document section in this round’s application?
All required documents need to be uploaded into the new portal, even if they were submitted before.
Note: Quarterly sales tax reports will be required, if applicable to the business.
How do I know if I qualify for more funding?
In order to qualify for a second draw, businesses must demonstrate a reduction of gross receipts of at least 25% between comparable quarters from 2019 to 2020, must have used the full amount of their first PPP loan and employ 300 or fewer employees.
How much does my business qualify for in this new round?
Second draw PPP loan amounts will be calculated at 2.5x average monthly payroll, with a maximum loan amount of $2 million.
Businesses with NAICS codes beginning with “72” will calculate their loan amounts at 3.5x average monthly payroll, with a maximum loan amount of $2 million.
Depending on specific circumstances of the business, 2019 or 2020 payroll numbers may be used to calculate loan amounts.
Who can apply for a Second Draw Loan?
Certain businesses that have previously received a PPP loan may apply. The program has also expanded to include 501(c)(6) non-profit organizations, in addition to 501(c)(3) non-profit organizations, along with housing cooperative, direct marketing and other types of organizations.
How will this round of applications be processed?
Applications for this round of funding will be processed via online portal on Core Bank’s website. Get started now!
How do I login to the application portal?
Login process:
- Please note, this is separate from any log in you may currently have set up with Core Bank. You will have to create a new login for this application.
- Visit https://corebank.com/ppp
- Once you are on the Core Bank main page, you will hit “Apply Now” on the home page where it says PPP Loans Now Accepting Applications.
- After you agree to enter the site, you will be taken to the application portal.
- You will click the green start your application button.
- Once you have clicked that you will enter an email address and password (twice) and hit sign up.
- After you have started the application process and need to sign back in at a later time, you will sign in on the right hand side of that screen where it says “pick up where you left off”.