Paycheck Protection Program

PPP Round 2

Access The Secure Portal For PPP 2 Loan Applications

We are pleased to announce that we are now accepting Payroll Protection Program 2 loan applications through our new partnership with ACAP/The Loan Source (TLS). You may now access the ACAP/TLS secure portal to fill out and submit your PPP 2 loan application.

February 22 Notice: The Biden-Harris Administration announced amendments to the current round of PPP to increase equal access to the relief program. While we encourage you to read the full White House briefing, key reforms are outlined below.

  • 14 Day Exclusivity Period – Through March 10th, we can only submit applications to the SBA for businesses with fewer than 20 employees.
  • Support for Sole Proprietors, Independent Contractors, and Self-Employed Individuals – The loan calculation for sole proprietors, independent contractors, and self-employed individuals will be revised to provide more financial support. Further, a $1 billion carve out will be established for some of these businesses.
  • Removal of Restriction on Eligibility
    • Businesses with at least 20% owned by individuals who have non-fraud felony convictions within the last year are now eligible unless the applicant or owner is incarcerated at the time of application.
    • Businesses with at least 20% owned by individuals with delinquent federal student debt loans are also now eligible.
  • Clarification on Non-Citizen Applicants – The SBA will issue guidance for holders of Individual Taxpayer Identification Numbers to facilitate access to PPP for those who are eligible.

Similar to previous SBA-driven amendments, the platform will be updated to reflect these revisions. To abide with the new guidelines, we intend to adjust operations as follows:

  • Over the 14-day exclusivity period, we will only submit applications with fewer than 20 employees to the SBA. We will continue to accept, review, and underwrite applications for businesses with more than 20 employees over this period. We will submit these applications to the SBA after the exclusivity period ends.
  • As soon as a revised loan calculation is released for sole proprietors, independent contractors, and self-employed individuals, the new calculation will be integrated into the portal and the formula will be applied to applications in-progress.
  • All borrowers with applications in-progress will be notified of the 14-day exclusivity period and how this amendment may impact their application process.

This new announcement allows us to help more small businesses, particularly those owned by women and minorities and are excited to increase our support for a larger segment of borrowers.

More Important Information 

About ACAP/The Loan Source
ACAP/TLC is one of the nation’s leading and most reputable PPP loan experts. We have fully vetted this partner and believe they will provide our customers with not only a professional experience, but an accelerated one based on their vast knowledge and experience in processing PPP loan applications. We understand how important the timeliness of receiving your PPP funds is; partnering with ACAP/TLC helps us ensure our valued customers will be served as quickly as possible if you are eligible to receive funds.

As we approach the later stages of this round, we are encountering a decreased frequency of loan approvals, especially among first draw loans. As a result, we will cease accepting first draw loan applications from non-vetted borrowers as of midnight on Saturday, February 27th. By providing first draw access to only vetted borrowers, we aim to eliminate invalid applications that slow the review process for eligible businesses who are in critical need of funding.

Contact The State Bank for Questions and Assistance
If you have any questions before you begin your PPP 2 Application via the ACAP/TLC secure portal, we are here to help:

Additional Resources

Further guidance, if needed, can be found here on the US Department of the Treasury website.

The PPP allows a portion, or all, of your loan and accrued interest to be forgiven if the proceeds were used for eligible payroll and non-payroll costs. Follow the link for more information.

The State Bank is proud to be a Preferred Small Business Administration (SBA) lender. Our small business experts can provide customized lending solutions to fit your business needs.


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