Pioneer is accepting online PPP2 applications from businesses who bank here and businesses who don’t.

You can apply for a PPP2 loan even if you got a PPP loan last year.

While PPP2 loans are similar to PPP1 loans available in 2020, there are some differences.  The SBA will issue guidance explaining many of these details along the way.  We will continue to update our website as we learn more.

Pioneer is committed to helping our current business customers apply for a PPP2 loan.  We are equally committed to helping businesses new to Pioneer located in the communities we serve.

As with PPP1, we expect demand for PPP2 loans to be strong and PPP2 funding might run out quickly.  That’s why Pioneer Bank has invested in a streamlined, online application process that lets you start your PPP2 loan application quickly and add necessary documents easily.


First-time PPP borrowers

What is PPP2?

  • PPP2 is the second Paycheck Protection Program to be signed into law.  Like the original PPP1 program, PPP2 provides low-interest, government-guaranteed SBA loans to help eligible small businesses pay employees during the coronavirus pandemic.  These loans are designed to be completely or partially forgivable requiring little to no payments. 

Who is eligible for FIRST-TIME PPP2 loans at Pioneer?

  • Customers and non-customers located in Pioneer Bank markets.
  • Businesses that did not receive a PPP1 loan in 2020.
  • Businesses with 500 or fewer employees.
  • Businesses that complete the required SBA application and certify adherence to the SBA requirements.
  • Businesses that upload all required documentation that supports their claims.

What is the maximum size of a FIRST-TIME PPP2 loan?

  • Loan amounts are limited to 2.5 times your average monthly payroll up to a maximum loan amount of $10 million.

What are the terms of an SBA PPP2 loan?

  • Loans are a five-year term with a 1.00% interest rate.
  • Borrowers may request their loans be forgiven by completing an SBA forgiveness application within 10 months of the covered period. Our experience in PPP1 indicates that most borrowers receive complete (or nearly complete) forgiveness if they follow the guidance and satisfy the requirements of the SBA.  For businesses with PPP2 loans under $150,000, the forgiveness process is streamlined and easy to complete.

How do I apply?

  • Pioneer Bank provides an online application process that guides you through everything.  You can start and stop as needed before you submit your loan application to us.
  • Our Pioneer Bankers will review your application quickly and notify you of any additional items needed.
  • To ensure a smooth application process:
    • Hint #1.  Use Google Chrome as your browser rather than Microsoft Internet Explorer (IE).  Microsoft announced in late 2020 that they are no longer supporting IE and will let it die in August 2021.  Our new PPP system works best using Google Chrome since that is a current, updated browser.
    • Hint #2.  You must click SUBMIT after you complete the PPP2 application so we can see it.
    • Hint #3.  After you upload the required documents, scroll to the bottom and click SUBMIT.  If you upload but don’t click SUBMIT, we cannot see your documents and will think you are not done.

APPLY NOW


Repeat PPP borrowers

Can businesses apply for a second PPP loan?

  • PPP2 allows qualified businesses that received first-time PPP loans in 2020, to apply for a second PPP loan.  This is called a SECOND DRAW PPP loan.

Who is eligible for SECOND DRAW PPP2 loans at Pioneer?

  • Customers and non-customers located in Pioneer Bank markets that received a PPP1 loan in 2020.
  • Businesses with 300 or fewer employees.
  • Businesses that have used (or will use) the full amount of their first PPP loan.
  • Businesses that suffered a 25% or greater reduction in gross receipts for at least one quarter in 2020 vs. 2019.
  • Businesses that complete the required SBA application and certify adherence to the SBA requirements.
  • Businesses that upload all required documentation that supports their claims.

What is the maximum size of a SECOND DRAW PPP2 loan?

  • Loan amounts are limited to 2.5 times your average monthly payroll up to a maximum loan amount of $2 million.
  • For businesses categorized as Lodging or Food (a NAICS code beginning with 72), loan amounts may be 3.5 times average monthly payroll.

What are the terms of an SBA PPP2 loan?

  • Loans are a five-year term with a 1.00% interest rate.
  • Borrowers may request their loans be forgiven by completing an SBA forgiveness application within 10 months of the covered period. Our experience in PPP1 indicates that most borrowers receive complete (or nearly complete) forgiveness if they follow the guidance and satisfy the requirements of the SBA.  For businesses with PPP2 loans under $150,000, the forgiveness process is streamlined and easy to complete.

How do I apply?

  • Pioneer Bank provides an online application process that guides you through everything.  You can start and stop as needed before you submit your loan application to us.
  • Pioneer’s PPP1 clients will enjoy an even quicker process since much of your information already is saved in our system.
  • Our Pioneer Bankers will review your application quickly and notify you of any additional items needed.
  • To ensure a smooth application process:
    • Hint #1.  Use Google Chrome as your browser rather than Microsoft Internet Explorer (IE).  Microsoft announced in late 2020 that they are no longer supporting IE and will let it die in August 2021.  Our new PPP system works best using Google Chrome since that is a current, updated browser.
    • Hint #2.  You must click SUBMIT after you complete the PPP2 application so we can see it.
    • Hint #3.  After you upload the required documents, scroll to the bottom and click SUBMIT.  If you upload but don’t click SUBMIT, we cannot see your documents and will think you are not done.

APPLY NOW