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Paycheck Protection Program Continues

Mission Bank is participating in the Second Draw of the SBA Paycheck Protection Program ("PPP"). 

The SBA is offering PPP loans until May 31, 2021. We realize the importance of this program to your business and we are ready to walk you through the process.

Attached is a letter to customers from A.J. Antongiovanni, President and CEO of Mission Bank, regarding the Second Draw loan program. 

Second Draw Program FAQs

What loan amount is available?

For most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5 times the average monthly 2019 or 2020 payroll costs, up to $2 million.

For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a Second Draw PPP loan is 3.5 times the average monthly 2019 or 2020 payroll costs, up to $2 million.

Is my business eligible?

A borrower is generally eligible for a Second Draw PPP loan if the borrower: 

• Was eligible for, and previously received, a First Draw PPP loan
• Has or will use the full loan amount only for authorized uses before the Second Draw PPP loan is disbursed
• Has no more than 300 employees
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Can my business get a First Draw PPP loan now?

Yes. Businesses that did not get a PPP loan when they were originally offered in 2020 can obtain one now. Contact your Relationship Manager or local business banking center for further information.

When does the program end?

The Second Draw PPP loan applications are being accepted until May 31, 2021.

Will the SBA run out of funds for the Second Draw PPP loans?

The Second Draw funding is enough to cover the demand. 

How can my business apply for a Second Draw PPP loan?

Applications can be submitted by going to the Apply Here button from this screen or the home page of missionbank.com. Please contact your Relationship Manager or local business banking center for more details and look to missionbank.com for the latest news.
 

Previous communications:
PPP Loan Forgiveness Update August 3, 2020
SBA Paycheck Protection Program Update April 3, 2020
CARES Act Update March 31, 2020
Press Release dated March 21, 2020
Letter dated March 16, 2020
Letter dated March 12, 2020
Letter dated Januiary 14, 2021

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