The SBA requires lenders to submit a customer’s “PPP First Draw SBA Loan Number” from their previous First Draw PPP Loan when they apply for a Second Draw PPP Loan. Here are a few tips to help gather this number depending on your situation. If you are a:
Wells Fargo customer who had a First Draw PPP Loan with us, and you would like to apply for a Second Draw PPP Loan with Wells Fargo – You do not need to obtain or provide a PPP First Draw SBA Loan Number. We will provide this number for you during your application process.
Wells Fargo customer who had a First Draw PPP Loan with us, and you would like to apply with a different lender for a Second Draw PPP Loan – You will need to contact us at (844) 304-8911 to request your PPP First Draw SBA Loan Number.
- Wells Fargo customer who had a First Draw PPP Loan with a different lender, and you would like to apply with Wells Fargo for a Second Draw PPP Loan – Please contact your First Draw PPP Loan lender to request your “PPP First Draw SBA Loan Number.” This number will be required on your Second Draw PPP Loan application.
The SBA provides requirements for how to calculate your maximum loan amount. These requirements are comprehensive. Applicants are responsible for understanding how to calculate their maximum loan amounts and for providing accurate information on the PPP loan application. For more information about how to calculate your maximum loan amount, please view the SBA guidance documents for First Draw PPP Loans, or Second Draw PPP Loans.
It is important that you supply all necessary documentation and that your documentation supports your requested loan amount to help prevent your application from being declined
- Borrowers can request a loan amount that is based on up to 2.5 times their average monthly payroll costs for the relevant time period.