Apply now for your Paycheck Protection Program loan
The application process for the newly reauthorized Paycheck Protection Program is now open for eligible first- and second-time borrowers. As an SBA preferred lender and one of the nation’s leading providers of SBA loans, Vectra Bank is committed to making the application process simple, easy and fast.
We invite you to complete our simple 10- to 15-minute online application. And, through our new streamlined single-sign loan process, your loan application also becomes your final loan documentation (subject to loan approval evidenced by a confirmation letter from Vectra Bank.)
PLEASE NOTE: You will be required to have a current transactional (e.g., checking) account with us bearing the same legal name under which your business applies for your PPP loan, in order for us to deposit the loan proceeds.
Watch Video: How to Apply for a PPP Loan
PAYCHECK PROTECTION PROGRAM UPDATE
February 24, 2021
In an effort to ensure our communities’ smallest businesses have access to PPP loans, between February 24 and March 9, the U.S. Small Business Administration (SBA) is accepting PPP applications exclusively from businesses with fewer than 20 employees. Additionally, the White House has introduced other measures aimed at further targeting the PPP to the smallest and traditionally underserved businesses. Click here for additional details.
Businesses with more than 20 employees may continue to submit their applications to Vectra Bank, and these applications will be submitted to the SBA for review and approval AFTER March 9. While there is no guarantee of adequate program funding, the SBA has expressed confidence that the amount of funding provided for first draw and second draw PPP loans will meet all borrower demand, and expects all loan applications will be processed in an orderly manner
Additional Details
Determine your Paycheck Protection Program loan amount and Needed Documentation
Vectra Bank has prepared a worksheet and checklist that can help you determine the qualified loan amount and the associated documentation required as part of the loan process.
If I received my first PPP loan from another financial institution, can I apply for a second-draw loan through Vectra Bank?
Yes. As part of the application process you will need to provide the SBA loan number from your original PPP loan.
What if I don’t qualify for a PPP loan?
As an SBA Preferred Lender, we can help with other SBA loan options that fit your business needs.
What did Vectra Bank do for businesses in 2020?
The effects of COVID-19 haven’t been easy for businesses and nonprofits, but Vectra Bank is committed to helping them recover. Here’s how our efforts have impacted our community during the first round of the Paycheck Protection Program.*
Successfully processed
3,841 loans
TOTALING
$490MM
Approximately 84% of the loans
approved were for less than
$150,000
More than 90% of loans
were made to businesses with
fewer than 50 employees.
*Stats available as of December 31, 2020.
A Paycheck Protection Program story behind the numbers.
Mile High United Way
To continue to fight for their community, they first needed to fight through a pandemic. Fortunately, their local bank was there to help.
Numbers referenced are from Zions Bancorporation as of June 25, 2020
Big Enough To Count / Small Enough To CareTM
We’re passionate about helping clients who are passionate about achieving their goals.
"When the world gets scary, you want to work with people you trust. Vectra was exactly what we needed . They don’t just show up with services, they show up with their hearts."
Christine Benero, President & CEO, Mile High United Way
Paycheck Protection Program Details
Updated February 18, 2021
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law on December 27, 2020. As part of this end-of-year emergency COVID-19 relief package, additional funding has been allocated to the Small Business Administration (SBA) for the reopening of the Paycheck Protection Program (PPP) for eligible first-time and second-time borrowers.
The Paycheck Protection Program is intended to provide economic relief to small businesses adversely impacted by the COVID-19 pandemic. The Economic Aid Act extends the authority of the SBA to make PPP loans through March 31, 2021 (or until the allocation of funds in the program has been reached) and revises certain PPP requirements.
Please access the following links for guidance on the new round of PPP loans as authorized by the recently passed stimulus bill, including updates regarding borrower eligibility and general rules relating to loan increases and loan forgiveness.
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (released January 6, 2021)
- Interim Final Rule on Second Draw Loans (released January 6, 2021)
- Top-Line Overview of First Draw PPP
- Top-Line Overview of Second Draw PPP
- Watch Video: How to Apply for a PPP Loan
The SBA requires you to upload an addendum to the PPP Application if the Applicant or any owner of the Applicant is an owner of any other business or has common management (including a management agreement) with any other business. If applicable, please complete the Addendum A form to meet the SBA’s requirements
The Small Business Administration (SBA) has stated that there will be a time lapse between when a lender submits a PPP application to the SBA and when the SBA provides an SBA loan number to the lender. The delay is due to additional checks the SBA intends to conduct on borrowers to ensure the integrity of the PPP program. While there is no guarantee of adequate program funding, the SBA has expressed confidence that the amount of funding provided for first draw and second draw PPP loans will meet all borrower demand, and expects all loan applications will be processed in an orderly manner.
For additional PPP information and updates on the Paycheck Protection Program, visit the U.S. Department of the Treasury CARES Act website or the SBA’s PPP website.
The information contained on this webpage is for informational purposes only. Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney or other advisor on any complicated PPP eligibility and/or loan forgiveness questions.
PPP loans subject to SBA approval. Restrictions may apply. See banker for details.
Get To Know Vectra
Business Banking With A Soul
We practice “proactive relationship banking,” which means we get to know our clients well. We use that knowledge to vigorously discover opportunities to grow their business. We’re passionate about helping clients who are passionate about achieving their goals.
