Paycheck Protection Program (PPP) Round 2 FAQs

Texas Trust Credit Union will be participating in the 2nd round of the Paycheck Protection Program (PPP). Please email with any questions or requests you may have for PPP funding.

Here are your most frequently asked questions:

What do I do to apply for the PPP Loan?
• Email us at and request information about PPP funding.
• You will need to be a current member of Texas Trust Credit Union.

Do I have to be a member?
•Yes, you have to be a member.

How do I get the link?
• Once your membership has been confirmed you can request more information and a link at

Is there a person or central location for all communications related to PPP.
• Yes, all communications related to PPP should go to the SBA PPP Business Services email box at
• Someone from the PPP Team will get in touch with you.

I did not receive funds for the first round of PPP. Can I apply this time?
• Eligible applicants that did not receive a PPP loan prior to August 8, 2020, will now have the ability to apply for a First time PPP Loan on or before May 28, 2021.

Who can apply for first time PPP loans?
• Business entities (e.g., partnerships, corporations, LLCs)
• Sole proprietors, independent contractors, self-employed individuals501(c)(3)
• 501(c)(6)
• 501(c)(19) Veterans organization
• Tribal business, and
• Housing cooperatives, destination marketing organizations, and eligible news organizations.
Must comply with size standards, eligibility criteria, and certain limitations.

What if I do not have a computer?
• You will need to find someone who will let you use their computer or if available you could use one at your local library.

What is the turn-around time to get a response to something I emailed?
• The turn-around time to receive a response to a call or email inquiry is currently 1-3 business days.

What is the turnaround time from application to funding a PPP Loan?
• This is highly dependent on you providing the documents necessary to support the loan request and the volume that the SBA is currently experiencing. If we receive a complete, supported application, we have been experiencing approximately a 10 business day turn around with the SBA.

How do I see where my application is in the process?
• You can use the Application Number you received when you applied. Simply go back into the portal, enter your application # and see where you are in the process.

Can I print and fill out an application and drop it off for Texas Trust to put into the system?
• Our current application process is done electronically only. You will need to use the application link to complete an application.

I understand that there are other eligible expenses that have been added into this round. What are they?
• Covered eligible expenses expanded and now includes the following: payroll costs, rent, mortgage interest, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

What has changed for those who applied and received funds in the first round of PPP funding?
• Eligible borrowers that previously received a PPP First Draw Loan may apply for a PPP Second Draw Loan of up to $2 million with the same general loan terms as their PPP First Draw Loan.
• For most borrowers, the maximum loan amount of a PPP Second Draw Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.
• For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a PPP Second Draw Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
• PPP Second Draw Loan applicants must use the new SBA Form 2483-SD Borrower Application.

Who can apply for additional PPP funds this time around?
• A borrower is generally eligible for a PPP Second Draw Loan if the borrower:
o Was eligible for and previously received a PPP First Draw Loan;
o Has or will use the full loan amount only for eligible expenses before the PPP Second Draw Loan is disbursed;
o Has no more than 300 employees; and
o Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
For example, a borrower with gross receipts of $50,000 in the second quarter of 2019 and gross receipts of $30,000 in the second quarter of 2020 has experienced a revenue reduction of 40 percent between the quarters, and is therefore eligible for a Second Draw PPP loan (assuming all other eligibility criteria are met).

What will change for forgiveness in the Second Draw of PPP funding?
• Borrower now has the option to select a covered period during which they can use PPP loan proceeds anytime between 8 and 24 weeks after disbursement.
• SBA will no longer deduct EIDL advances from forgiveness payment.
• If lender has already received a forgiveness payment net of an EIDL Advance, SBA will provide a reconciliation payment to lender to be applied to the outstanding loan balance.

What is the last day to apply for PPP 2021?
• The last day to apply through Texas Trust is end of day Thursday, May 28th.


Is my application guaranteed if I get it in by May 28?
• We cannot guarantee the loan will close before SBA discontinues funding.

Current as of 2/3/2021 –Visit for the most up-to-date information.