Post Office Delays

The United States Postal Service is experiencing delays in mail delivery. As a result, your ConnectOne Mail including statements & loan notices may be delayed. You can always access your accounts online or through our mobile apps where you can download statements, send payments and manage your funds.

Post Office Delays

The United States Postal Service is experiencing delays in mail delivery. As a result, your ConnectOne Mail including statements & loan notices may be delayed. You can always access your accounts online or through our mobile apps where you can download statements, send payments and manage your funds.

PPP Second Draw

New Stimulus Bill Approved

On Sunday, December 27, 2020, the President signed the Bill that contains the Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act. This Act contains additional availability of new PPP loans and Second Draw PPP Loans. The Act also contains certain measures that facilitate the forgiveness of existing PPP loans under $150K, and speaks to the forgiveness of the EIDL Advance.

PPP Loan Forgiveness

The bill establishes a streamlined PPP forgiveness form for loans under $150,000. We don't expect the new process to be available for a few weeks and will communicate any updates to our clients.

PPP Second Draw Loans

On Thursday, January 7, 2021, the US Small Business Administration (SBA) released initial guidance on Second Draw PPP. While we are still waiting on the Second Draw PPP Application Form 2483-SD, below you will find FAQs and tips on how you can best prepare for your Second Draw PPP loan application.

The SBA is expected to open their portal for applications on Tuesday, January 19th, at which point ConnectOne will submit your application to the SBA portal.

Who is Eligible for a Second Draw PPP Loan?

  • Borrowers that received a First Draw PPP loan and;
  • that have used, or will use, the full amount of their First Draw PPP loan on authorized uses on or before the expected date on which the Second Draw PPP loan will be disbursed, and;
  • that employs not more than 300 employees, unless it satisfies the alternative criteria for business with a NAICS code beginning with 72, and;
  • that experienced a reduction in revenue in the calendar year 2020. The reduction in revenue may be measured in several ways but the primary measurements include:
    • the applicant had gross receipts during the first, second, third or fourth quarter in 2020 that demonstrate at least a 25 percent reduction from the applicant's gross receipts during the same quarter in 2019, or;
    • the applicant experienced a reduction in annual receipts of 25 percent or greater in FYE 2020 compared to FYE 2019.

What's Next?

Once the SBA publishes the Second Draw PPP application form, ConnectOne Bank (CNOB) will make an equivalent version available to you. When the application goes live, all existing borrowers will receive an email from ppp@cnob.com with instructions to login and complete the application.

Once the SBA publishes the Second Draw PPP application form, ConnectOne Bank will share an equivalent version. All existing borrowers will receive an email from ppp@cnob.com with instructions to login and complete the application.

March 31, 2021 however, applications must be received by the lender no later than March 29, 2021.

  • Borrowers that received a First Draw PPP loan and;
  • that have used, or will use, the full amount of their First Draw PPP Loan on authorized uses on or before the expected date on which the Second Draw PPP Loan will be disbursed, and;
  • that employ not more than 300 employees, unless it satisfies the alternative criteria for businesses with a NAICS code beginning with 72, and;
  • that experienced a reduction in revenue in calendar year 2020. The reduction in revenue may be measured in several way but the primary measurements include:
    • the applicant had gross receipts during the first, second, third, or fourth quarter in 2020 that demonstrate at least a 25 percent reduction from the applicant’s gross receipts during the same quarter in 2019, or;
    • the applicant experienced a reduction in annual receipts of 25 percent or greater in Financial Year Ending (FYE) 2020 compared to FYE 2019.

Start Preparing to Apply!

Gather the following information to document your reduction in revenue:

  • For comparative quarter to quarter (i.e. – Q2 2019 to Q2 2020) measurements:
    • Quarterly tax filings to a federal or state entity, or;
    • Quarterly income statements, or;
    • Bank statements
  • For annual comparison (2019 to 2020)
    • Annual Tax Forms, or;
    • Quarterly income statements, or;
    • Bank statements
  • In general, the maximum loan amount for a Second Draw PPP Loan is equal to the lesser of 2.5x the borrower’s average monthly payroll costs or $2 million (note exception for borrowers assigned a NAICS code beginning in 72 below). A borrower’s average monthly payroll costs may be based on calendar year 2020, calendar year 2019, or as otherwise specified for certain groups below.

Tip: Payroll costs are calculated in the same way as your First Draw PPP loan calculation.

Tip: If you used FYE 2019 data to calculate your First Draw PPP loan (and submitted the correct information), we will already have this information in your Portal. If you do not have access to the ConnectOne Portal, we will send out instructions with the application.

  • Borrowers assigned a NAICS code category beginning in 72 are eligible for the lesser of 3.5x average monthly payroll costs or $2 million.
  • Borrowers must access and complete the ConnectOne Bank PPP Second Draw Application ( which is the equivalent of SBA Form 2483-SD (Paycheck Protection Program Second Draw Borrower Application Form). We will share access to this application once it is made available. 
  • In most cases, if the applicant used calendar year 2019 figures to determine both its First Draw PPP Loan amount and its Second Draw PPP Loan amount, no additional documentation will be required to evidence payroll.
  • Documentation sufficient to establish that the applicant experienced a 25% reduction in revenue, must be provided at the time of application, which may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, a copy of the applicant’s quarterly income statements or bank statements.
  • An authorized representative of the applicant must make the certifications on the application.

For additional FAQs about the PPP Second Draw, please click here.

How can we help you?

Contact a ConnectOne Bank representative to learn more.

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