Important Information if Applying for a Paycheck Protection Program Loan from HBC
The SBA has opened the application process for the latest round of PPP loans. If you are planning on applying, or are in the process of applying, please make sure to review the application tips below. Following these tips can save you substantial time and effort.
Tip 1: Borrower Info Tab
- Make sure to accurately complete your Industry Code for the applicant business. The industry code you select can affect your eligible loan amount.
Tip 2: Borrower Info Tab
- The application requires you to complete the Beneficial Ownership section for all those who own over 20%.
- If you are a non-profit, you must include the name of your executive director, president or person who equates to that role.
Tip 3: Loan Information Tab
- For the question “Has this applicant previously received a First Draw PPP Loan?” Enter a No if you received no prior PPP loans. Enter a Yes if you have received a prior PPP loan. This would include a PPP loan from HBC or any other financial institutions.
Tip 4: Loan Information Tab
- For applicants interested in a second draw – in the section Second Draw Information you are asked for a SBA loan number. Your SBA loan number is not the same as your Heritage Bank of Commerce loan number. Your SBA loan number is the unique ID assigned by the SBA. It will be used to match the second draw request to your original PPP loan.
- The SBA loan number can be found on your PPP loan documents or forgiveness application (Form 3508) from your original PPP loan. The SBA loan number is 10 digits long and may or may not contain a hyphen.
Tip 5: Additional Info Tab
- This page is optional. If you click into a box on this page, you must complete it. Do not click on this page unless you wish to provide any additional contacts. If you do not wish to provide any contact, please leave the Contact Information (Optional) section blank and continue the application by agreeing to the terms and conditions below.
Tip 6: Revenue Reduction Documentation
- Revenue reduction documentation includes documentation adequate to establish that the applicant experienced a revenue reduction of 25% or greater in 2020 relative to 2019. Such documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements. Per updated guidance from the SBA, if the financial statements are not audited, you must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy.
Tip 7: Completion Labels
- After completion of the tabs "Business Info", "Personal Info", "Loan Info" and "Additional Info", click on the "Documents" tab. If you receive a red pop up message “Please fill in all required fields”, the status bar will show under each section identifying the section requiring additional information.
- Brown status bars indicate sections are complete while red status bars indicate that information is lacking.