If you would like to apply, please contact your local WaFd Banker. Find a Branch

Start a WaFd Bank SBA Paycheck Protection Program loan request

On March 27, 2020, the president signed the "Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act". The Cares Act is estimated to provide over $2 trillion dollars of aid and stimulus for both individuals and businesses.

Included in the CARES Act is the Paycheck Protection Program (“PPP”). The PPP is designed to provide eligible businesses impacted by the COVID-19 outbreak with funding for certain payroll and other qualified expenses to prevent layoffs and economic distress. The program will be administered by the Small Business Administration (“SBA”) and provided to businesses through loans from qualified banks.

WaFd Bank is working quickly to implement the program and underwriting guidelines recently finalized by the Small Business Administration (SBA) and is approved to offer loans through the PPP. We understand the urgency to get these relief funds into your hands to keep your business running and your people employed.

We are working through applications as they are received. Please submit your contact information below and we will notify you by email with next steps.

Headshot of Ro Health CES Jeff Widmyer

Jeff Widmyer, JD, MBA

Chief Executive Officer

My morning started at 4:00 am with an email from my big bank stating their CEO decided not to support businesses of our size. My day ended at 1:30 am the following day with an email from WaFd Bank’s CEO, Brent Beardall, confirming receipt of our preliminary loan documents.

WaFd Bank's entire team worked around the clock to support community businesses during their greatest time of need. Not only did they work to support our business; they worked to provide regular communication throughout the process.

WaFd got it done. I am incredibly grateful for their hard work. They have a leader that leads from the front, and I look forward to working with them for many years to come.

Jeff Widmyer — CEO, Ro Health, Inc.

Ro Health company logo

Getting Ready to Apply

The Small Business Administration (SBA), has provided new guidance to assist businesses in calculating their payroll costs for the purpose of calculating the maximum loan amount by your business type. When submitting your information to WaFd Bank, please attach the appropriate loan calculation document below:

General terms of the PPP Program

Business Eligibility Businesses (including sole proprietorships, independent contractors and the self-employed), private nonprofit organizations, or public nonprofit organizations which employ not more than 500 employees may be eligible to receive a loan under the PPP.*
Maximum Loan Amount The lesser of the average monthly payroll** for the preceding twelve months multiplied by 2.5; or $10 million.
Allowable Uses Of the PPP Loan

A recipient of a loan made under the PPP may, in addition to the allowable uses of such a loan, use the proceeds of the loan for eligible expenses which include:

  • Payroll support and costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave;
  • Employee salaries;
  • Mortgage payments;
  • Rent (including rent under a lease agreement);
  • Utilities; and
  • Interest on any other debt obligations that were incurred before the covered period of February 15, 2020 to June 30, 2020.
Potential Forgiveness Borrowers of a PPP loan may request loan forgiveness in an amount not to exceed the sum of payroll costs, interest on mortgages (excluding prepayments and payments of principal), rents and utilities paid during the eight weeks beginning on the date when the loan was originated, provided that payments for mortgages, rents and utilities must arise from obligations incurred prior to February 15, 2020 to be eligible for forgiveness.
If an eligible recipient reduces the number of employees during the eight week period following the origination of the PPP loan, the amount of forgiveness will be reduced.
Interest Rate Shall not exceed 1.00%.
Windows to Apply PPP loans will be available until June 30, 2020, up to an aggregate amount of $349 billion.
Borrower Certification

Borrowers must certify that the following are true:

  • The loan is needed to support ongoing operations due to the uncertainty of current economic conditions;
  • The loan will be used to retain workers and maintain payroll or make mortgage, lease and utility payments;
  • The borrower does not have an application for a duplicative SBA loan or received such a loan between February 15, 2020 and December 31, 2020.
Other terms The Secretary of the Treasury, in consultation with the SBA, shall issue regulations and guidance in order to direct additional lenders and establish additional terms that set out compensation, underwriting standards, interest rates, maturity, and other relevant terms and conditions.

* Certain restrictions apply. Exceptions may apply to certain businesses with more than one physical location.

** For companies that were not in business before the period of February 15, 2019 – June 30, 2019, the loan balance is calculated as: The average monthly payroll for the period January 1, 2020 through February 29, 2020 multiplied by 2.5. Separate rules apply to applicants that are seasonal employers.

SBA financing, including loans offered under the PPP, is subject to availability, SBA approval, requirements and guidelines. PPP funds are limited and WaFd Bank makes no representation or guarantee that your loan application will be processed, submitted to the SBA or accepted before available funds under the PPP are exhausted. Borrowers are solely responsible for understanding and certifying in their application that they meet the eligibility requirements for PPP loan. Additional loan terms, documentation requirements and restrictions may apply.

The U.S. Department of Treasury updated their website on 4/4/2020 with additional clarifying documents pertaining to the Interim Final Rule on Affiliation and Applicable Affiliation Rules. Should you have questions related to eligibility for PPP as it relates to Affiliation, we recommend you consult with your advisers and review this additional information.

The information on this webpage is meant to be general in nature, for informational purposes only and should not be used in place of personalized advice from a tax or legal advisor. WaFd Bank makes no representations, express or implied, regarding the information contained on this webpage.