Skip to main content
Skip to main content
Financial Assistance for Businesses

Our Most Common Paycheck Protection Program Round Two Origination FAQs

Will Dollar Bank be participating in round two of PPP originations?
Yes, Dollar Bank will be helping customers with round two PPP Loan Originations. Business owners interested in a loan should visit: https://www.dollar.bank/covid19financialassistanceforbusinesses and register. By registering, the business will be added to Dollar Bank’s e-mail list. This registration form is not a PPP loan application, nor is completion of this form a commitment to lend. Once round two originations open for Dollar Bank, we will e-mail registered businesses a link to our PPP Origination Portal.
 
When can I apply for a round two PPP Loan?
We are currently accepting applications from customers for first and second draw PPP loans. Get started by completing our PPP Registration Form. This will make it easier for our team to communicate with you and provide application instructions.
 
Does my Round One PPP Loan need to be forgiven prior to requesting a loan in round two?
No, the new legislation does not require round one loans to be forgiven prior to round two. However, Dollar Bank has resources in place today to quickly and efficiently process round one Forgiveness Applications. By applying for forgiveness for round one loans now, you will help Dollar Bank in allowing us to shift our resources to processing round two originations.
 
Are PPP loan eligibility requirements changing for round two?
Yes, eligibility has been altered for round two. One of the most significant changes is the addition of a “revenue test”. Dollar Bank would like to remind potential borrowers that eligibility within the Paycheck Protection Program is the responsibility of the borrower and Dollar Bank cannot provide advice to whether a business is eligible or ineligible.
 
May I get a PPP loan in round two if I did not get a PPP loan in round one.
Yes, businesses may apply for their first PPP loan during this second phase of stimulus.
 
If I received my first PPP loan from a financial institution other than Dollar Bank, can I apply through Dollar Bank for a round two PPP loan?
PPP borrowers who received their first PPP loan from a financial institution other than Dollar Bank may apply at Dollar Bank during round two. However, given the previous financial institution already has the borrower’s information and payroll documentation on file, we recommend those borrowers apply through that institution.
 
Will “Eligible Uses” of PPP funds change in round two?
Yes, in addition to payroll, rent, mortgage interest and utilities, borrowers will be eligible to utilize PPP funds for “covered operations expenditures”, “covered property damage costs”, “covered supplier costs” and “covered worker protection expenditure”. We recommend potential PPP borrowers contact their CPA or tax consultants to determine what business expenses fall into these categories. 
 
If I receive a second PPP loan, will I still need to allocate funds towards payroll?
For second round PPP loans, businesses will still need to spend 60% of the funds on payroll expense to be eligible for full forgiveness.
 
Is the “Covered Period” changing for round two PPP loans?
The “Covered Period” for use of PPP loans will now mean the period ending at the point of the borrower’s choosing between 8 and 24 weeks after loan origination.
 
What is the maximum loan amount in round two?
First time borrowers. In general, borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.

Second-time borrowers. In general, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum. Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum. Businesses can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019. Businesses can apply for a second loan whether or not they have requested Forgiveness.

Refer to SBA.gov and/or Treasury.gov for full program details.
 
Is the calculation for the loan amounts changing in round two?
Yes, but only for those businesses operating under NAICS code 72. Loan amounts will still be based upon 2.5x the average monthly payroll of the applying business. However, if the business operates under the NAICS code of 72, those businesses could be eligible for a loan equal to 3.5x average monthly payroll.

Need Help?

Need Help?

Contact Us:
Paycheck Protection Program Team
888-601-2062
pppforgive@dollarbank.com
Dollar Bank representatives are available Monday through Friday from 8:30 AM to 5:00 PM.