COVID-19 Update: Compeer Financial Offices are open for business, with safety measures in place. We are committed to serving you and offer several options for connecting with us.
Paycheck Protection Program (PPP) Information and Resources
SBA’s Paycheck Protection Program closes on May 31, or sooner if funding runs out. Compeer Financial cannot guarantee PPP applications received after 5 p.m. on May 21 will be processed before program close and will stop accepting applications at 5 p.m. on May 26. Please provide any additional documentation requested as soon as possible to give your application the best chance of being processed before the program ends.
These SBA forgivable loan programs were created to assist small businesses in meeting payroll and other critical expense needs. PPP loans require a certification that current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.
First Draw PPP Loans: The “First Draw” PPP program is reopened with additional funding. This is only open to borrowers that did not receive an initial PPP loan. Under certain circumstances, a client may apply for an increase in their original “First Draw PPP” loan amount.
Second Draw PPP Loans: A “Second Draw” PPP program is created and opened. This program has slightly different rules than “First Draw” PPP loans and is targeted to borrowers that had a revenue reduction of 25% or greater in any quarter of 2020 versus the same quarter of 2019.
How to Calculate Loan Amounts (Detailed SBA Guidance)
Before you begin, please carefully review the below SBA guidance on how to calculate and properly document PPP loan amounts:
1. Choose the proper application. IMPORTANT: Download the PDF file before filling anything in.
SBA First Draw Borrower Application (SBA 2483) (First Draw or Recalculation)
SBA First Draw Borrower Application for Schedule C Filers Using Gross Income (SBA 2483-C) (First Draw)
SBA Second Draw Borrower Application (SBA 2483-SD)
SBA Second Draw Borrower Application for Schedule C Filers Using Gross Income (SBA 2483-SD-C)
2. Provide all relevant applications and supporting documentation (application scanned as a single PDF document and supporting documentation scanned as a single PDF document).
Provide all documentation that verifies numbers used in your calculations. Below is a list of common documentation:
4. Please submit only one application and supporting documentation
5. If using a PDF application, submit to the portal.
If your application for business credit is denied, you have the right to a written statement of the specific reasons for that denial. To obtain that statement, please contact us within 60 days from the date that you were notified of our decision. We will send you a written statement of the statement. NOTICE: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with this law is the Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090.