WE ARE OPEN FOR PPP APPLICATIONS
Please read further on for important updates on eligibility requirements.
The Payment Protection Program (PPP) has reopened for small businesses seeking financial aid. The $900 billion COVID-19 stimulus package includes a $284 billion allocation for first and second-time borrowers. We are ready to help your small business gain access to critical funds and have already helped over 6500 companies in the first round of PPP.
The SBA has indicated that banks the size of WaFd (> $10 billion in assets) are now able to accept applications. We are ready to assist and have opened our PPP portal so you can start the application process.
Our first priority will be supporting existing WaFd PPP clients that need a second round of financial aid.
In contrast to the initial rollout of PPP, the SBA and U.S. Department of Treasury have expressed confidence that there is ample funding available for all qualified borrowers. This means that a much more orderly application process will occur for the second round of PPP disbursement.
SBA & WaFd Bank requirements for second-time PPP borrowers include:
- Existing client that had their initial PPP loan with WaFd.
- Second PPP loan value cannot exceed $2 million.
- Fewer than 300 employees per physical location.
- Demonstrated 25% or greater decrease in revenue in any quarter in 2020 relative to the same quarter in 2019.
- Used or will use the full amount of the borrower’s first PPP loan on eligible expenses prior to the expected date of disbursement of the second-draw PPP loan.
Please review additional requirements as noted on the SBA website. We work closely with many groups that are monitoring information from the SBA and will diligently communicate timely updates.
Thank you for continuing to place your trust in us as we navigate through this extended financial disruption together.