Protecting your employees

The Small Business Administration has received funding from the federal government to provide eligible small businesses with loans to cover their employees' paychecks during this difficult time.


What the Payment Protection Program means for you

The SBA has provided information on the new Paycheck Protection Program. The First Draw Loan with a limit to lend of $10 million for a 60-month term and there will also be a Second Draw Loan with a limit to lend of $2 million for a 60-month term. The rate on both Loans will be set at 1% A.P.R.


Important information on eligibility and applications

Before submitting your application, please note the following:

  • All applications and approvals will be administered by the SBA. Visions will submit the appropriate applications and notify our members of the SBA's lending decision
  • These loans are available to all Visions business and organizational members in good account standing and in business as of January 15, 2021 or earlier
  • You may apply for either the First Draw PPP Loan, if you have not received a prior SBA-PPP Loan, or you can apply for the Second Draw PPP Loan if you have used all funds from the original PPP Loan on eligible expenses.

First Draw PPP Requirements

Businesses that did not receive a PPP Loan in 2020

  • Who is eligible?
    • Businesses with 500 or fewer employees
    • Sole proprietors, independent contractors and eligible self-employed individuals
    • Not-for-profits, including churches and 501(c)(3) membership organizations
    • 501(c)(6) organizations with fewer than 300 employees
    • Foods service and Accommodation (NAICS codes starting with 72) with fewer than 500 employees
    • Business was in operation prior to February 15, 2020
  • What documentation is required?

    Businesses need to provide documentation based on business type.

    Self-employed with NO employees

    • 2019 or 2020 IRS Form 1040 Schedule C or Schedule F
    • 2019 or 2020 IRS Form 1099-MISC –or- invoice, bank statement or book of record that established self-employment
    Self-employed with employees
    • 2019 or 2020 IRS Form 1040 Schedule C or Schedule F
    • 2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter -or- 3rd-Party Payroll Tax reports for each quarter -or- IRS Form W-2 -or- IRS Form W-3
    Partnerships with NO non-owner employees
    • 2019 or 2020 Schedule K-1 (IRS Form 1065)
    Corporations (C & S)
    • 2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter –or- 3rd-Party Payroll Tax reports for each quarter  -or- IRS Form W-2 -or- IRS Form W-3
    Nonprofit organizations
    • 2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter  -or- 3rd-Party Payroll Tax reports for each quarter -or- IRS Form W-2 -or- IRS Form W-3
    LLC
    • Will be determined by the LLC tax filing situation – could be sole proprietor, partnership or corporation tax status. See above requirements to determine documentation.

*By going to the application page, you are certifying that you are a current Visions member as of January 15, 2021 and have not received a prior SBA PPP Loan in 2020. Please read all information above before proceeding.

First Draw: Apply now


Second Draw PPP Requirements

Businesses that did receive a PPP Loan in 2020

  • Who is eligible?
    • Businesses with 300 or fewer employees
    • Business used or will use full amount of first PPP Loan by disbursement of Second Draw
    • Business must show a 25% gross revenue decline in 2020 compared with 2019 (Quarter or Annual)
  • What amounts are they eligible for?
    • 2.5x average monthly payroll
    • Annual cash compensation per employee is capped at $100,000
    • Maximum loan amounts of $2,000,000
    • 3.5x average monthly payroll for Food Service & Accommodation (NAICS code starting with 72)

    The legislation allows for the following expenses to be forgivable:

    • 60% for payroll.
    • The remaining 40% can be used for non-payroll expenses as indicated in the first round of PPP; and new non-payroll expenses including: software, purchases of PPE for workers, Human Resources and more.
  • What documentation is required?

    Businesses need to provide documentation based on business type.

    • Borrowers that received their original PPP loan with Visions are not required to, but still may submit documentation if using 2019 payroll.
    • Borrowers that did not receive their original PPP loan with Visions are required to submit documentation as outlined under First Draw PPP

By going to the application page, you are certifying that you are a current Visions member as of January 15, 2021 or have received a prior SBA PPP Loan from Visions in 2020. Please read all information above before proceeding.

Second Draw: Apply now


Online Application Instructions

  1. Click the appropriate link above to apply. You will be taken to DocuSign, a secure platform for you to enter your information and process your application
  2. Upon clicking the link, you will be prompted to enter your name and email address to initiate your claim
  3. For your security, you will be asked to input your address, date of birth, and the last four digits of your Social Security number
  4. On the next screen, you will be asked ID verification questions. Select the appropriate responses and hit "next"
  5. Once verified, the next screen is the application form. You must fill in all required fields (indicated by the red outlines)
  6. If you know the optional information, please feel free to input it
  7. Digitally initial and sign in the indicated areas
  8. Upload any applicable attachments (see above)

Then, simply hit "Finish" to submit your request. A member of our team will reach out to you for further questions.


Additional information for personal accountholders

More relief programs for individuals available here. And, to view the steps we're taking with the COVID-19 pandemic – and for branch closures and updates – click here.