PPP second draw borrowers

We’re open! The SBA Paycheck Protection Program has been extended through May 31, 2021, and Synovus is once again accepting PPP loan applications through our online portal. Use the links below to get started. A little more than a year has passed since PPP began, and we’re still here and ready to support you. Thank you for allowing us to help secure much-needed financial assistance for your business.

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Understanding eligibility and documentation requirements

Where can I find the most up-to-date policies and guidelines surrounding the Paycheck Protection Program?
The latest guidance from the Small Business Administration (SBA) can be found on the SBA website.

Which businesses are eligible to apply for a PPP “second draw” loan?
You may be eligible for a PPP loan if your business:

  • Does not employ more than 300 employees,
  • has used the full amount of the first PPP loan; and
  • can demonstrate at least a 25 percent reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019 (subject to special provisions for seasonal businesses and businesses not in operation in 2019), or, can demonstrate at least a 25 percent reduction in annual gross receipts using your 2020 tax return compared to your 2019 tax return. You will need to provide these tax returns as supporting documentation in this case. If your Second Draw loan amount is less than $150,000 and you would prefer to provide this documentation at the time of Forgiveness, you may do so, although we encourage you to provide this now..

The maximum loan amount is the lesser of $2 million or two and a half times the average monthly payroll costs (or three and a half times the average monthly payroll costs for a borrower with an NAICS code beginning with 72).

What documentation will I need to submit?
Information and documentation needed to apply for a PPP loan with Synovus can be found here.

How do I calculate the maximum loan amount for my second draw PPP loan?
The SBA has published information here on how to calculate maximum loan amounts for first draw PPP loans.

In addition, for borrowers applying for more than $150,000, documentation must be provided that shows the borrower experienced a 25% reduction in revenue from any one quarter in 2019 as compared to the same quarter in 2020.

What documentation do I need to provide to corroborate that my entity sustained at least a 25 percent reduction in gross receipts?
In order to qualify for a Second Draw PPP loan, you must demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 (subject to special provisions for businesses not in operation in 2019). In addition to providing documentation substantiating the decline in receipts, you are required by the SBA to provide a notation attesting to the accuracy of each document, in certain circumstances. More specifically, the SBA requires borrowers to provide one of the following sets of documents:

  • Quarterly financial statements
    • If your financial statements are not audited, please sign and date the first page and initial all other pages, attesting to their accuracy.
    • If your financial statements do not specifically identify which line item(s) constitute gross receipts, please include a summary description and annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements showing deposits
    • Please include a summary description and annotate which line items are included in gross receipts.
  • Annual IRS income tax filings
    • If the 2020 return has not been filed, please sign and date your tax documents, attesting that the values that enter into the gross receipts calculation are the same values that will be filed on your tax return.
A detailed guide from the SBA defining “gross receipts” and providing guidance to assist in the calculation of revenue reduction, as well as much more detailed documentation requirements can be found here.

Getting started with your PPP Second Draw loan application

How will the PPP process or application work?
If you meet the eligibility requirements set forth by the SBA to receive a “PPP Second Draw” loan, and you received your initial PPP loan from Synovus, you’ll be able to apply within the same online portal we use for forgiveness applications today, using your same password. Please be aware, information on every individual or business entity with 20% or more equity interest in the applying entity will be required for the application.

For security reasons, if you haven’t logged in to our portal and activated your account for your forgiveness application, your password is currently expired. You can reset your password here by clicking “Forgot Password.”

If you did not receive your initial PPP loan from Synovus, please see the answer to the following question on how your process will work. Please also note, all PPP applicants must have an established Synovus checking account for a minimum of 5 business days before applying for a PPP loan. Borrowers can begin the day following the 5th business day (the 6th day).

It’s important to note the SBA, and not Synovus, sets the eligibility criteria for a loan and the parameters that determine the loan amount.

When I log in, the system automatically takes me to my forgiveness application. How do I get to the second draw application?

  • Save the forgiveness application.
  • Click on the “Dashboard.”
  • Select “Marketplace.”
  • Select the appropriate PPP product to apply.

What if I want another authorized signer or employee who did not submit my PPP loan original application to sign, fill out and submit my PPP second draw loan application?
Business owners who own more than 20% of the business, and/or employees who have received documented permission from the principal are eligible to fill out and submit the PPP second draw loan application.

Synovus will not pay fees to or otherwise compensate anyone acting as an agent of the applicant for advising on or assisting in the preparation of the PPP application or otherwise.

I completed a paper application, what should I do?
If you’ve already completed a paper application, you’re well positioned to enter the information into our online application.

Using our online portal

Do I have to complete all of my application at once?
No. You can click on the “Save and come back later” button at the bottom of the page within the application, and your progress will be saved up until that point. Once you click the button, you will also receive an email reminder with a link to return and complete your application.

Can I change my loan application after I’ve started the process?
Yes. Once you’ve logged into the portal, you will see a ribbon on the left side of the screen showing where you are in each stage of your application. You can click on any stages and make changes as appropriate.

I’ve locked myself out of my account, what should I do?
Call us at 1-888-SYNOVUS (796-6887) for assistance in unlocking your account. Say “SBA” when prompted on the menu.

How do I move between screens in the application?
Within the application, you can track your progress by viewing the sections in the column on the left-hand side of the screen. The section names will be highlighted blue once they’re completed. You won’t be able to skip ahead if you haven’t completed the prior screen. Also, you can always click the “Save and come back later” button if you need to finish completing your application at a later time.

I have submitted my PPP second draw loan application, what happens now?
Once you have uploaded all the required documents and submitted your completed application, your loan application will be sent for review. During this time, if one of our processors needs documentation or anything else from you, they will use the Message Center in the customer portal to reach you. If you are sent a message via the Message Center, you will receive an email letting you know there is a message waiting.

I have submitted my application, but I have a question about what documents I still need to upload. How can I get help?
You can use the Message Center in the customer portal to contact your processor for assistance.

Am I able to withdraw my PPP loan application once I have submitted it?
Yes. You can call us at 1-888-SYNOVUS (796-6887) for assistance with the withdrawal process. Please note, however, once the loan has been submitted to the SBA, Synovus only has the ability to withdraw the application while the loan is pending validation with the SBA (typically 24 hours).

Important disclosure information

Your application to participate in the SBA Paycheck Protection Program, including any second draw loans, is subject to review of information and documents the SBA or we may require you to provide. Loan approval is not guaranteed. Synovus will not pay fees to or otherwise compensate anyone acting as an agent of the applicant for advising on or assisting in the preparation of the Paycheck Protection Program application or otherwise.

Synovus will process your application for loan forgiveness as the originating lender for your PPP loan based on the guidance and parameters established by the SBA, which may be subject to change. The SBA, and not Synovus, sets the criteria for loan forgiveness, including the eligibility criteria and the parameters that determine how much of your loan may be forgiven. The SBA may instruct us to hold your loan forgiveness application if it decides to conduct a review of your application, or it may instruct us to deny your loan forgiveness application. In its guidance, the SBA has indicated the reasons why it may decide to review an application for loan forgiveness.