Paycheck Protection Program

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 10^th, 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.