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PPP Funding Approved for Small Businesses

Congress approved an additional $285 billion for Paycheck Protection Program (PPP) loans for small businesses. First-time borrowers: borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum. Second-time borrowers: businesses can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.

There are some exceptions to the loan amount calculation for certain businesses:

  • Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
  • Seasonal businesses satisfying specified requirements are eligible for loans equal to 2.5 times their average monthly payroll cost.
  • Sole proprietors and independent contractors are eligible for loans equal to 2.5 times their average monthly net income from 2019 or 2020, and partnerships are eligible for loans equal to 2.5 times their average monthly distributions.
  • All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019.
  • Businesses can apply for a second loan whether or not they have requested Forgiveness.
  • These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov.

At this moment, eligible participants who plan to apply for the Paycheck Protection Program at Banesco USA must have a pre-existing business deposit or business lending relationship with Banesco USA. To begin the application process, contact your Business or Corporate Banker.

Eligible Participants

  • Sole-proprietors, independent contractors, and other self-employed individuals
  • Companies with less than 500 employees or the applicable SBA size standard for the industry per the NAICS
  • Non-profits and Veterans Organization

Use of funds

  • Payroll support
  • Employee Salaries
  • Mortgage, lease and utilities payments
  • Interest payments on any other debt obligations incurred before February 15th, 2020.
  • Refinancing of an SBA EIDL loan made between 01/01/20 and 04/03/20
  • Covered operating expenses and costs and damage costs related to public disturbances in 2020

Documentation needed

  • 2019 Business Tax Return or Financial Statements as of 12/31/2019
  • 2019 or 2020 Payroll Cost Support (IRS 941 for each quarter; payroll service reports; payroll account bank statements)
  • Business Certificate / License
  • Business Lease if applicable

*Loans are subject to approval and contingent on, among other items, Banesco USA’s satisfaction with the result of its prior due diligence review concerning the Applicant/Borrower and the documentation requested and received, to enable Banesco USA to comply with the Bank Secrecy Act, Anti-money laundering laws, the US Patriot Act, and related statutes and regulations.

To contact a Banesco USA Client Care Specialist, call toll-free 1-888-228-1597,
Monday to Friday from 8:30 AM – 5:00 PM

Terms and conditions are subject to change. This information is accurate as of 02.26.2021.

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