Paycheck Protection Program (PPP)

Small Business Loan Assistance to help businesses impacted by COVID-19.

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Updated April 1, 2021

We are only accepting Second Draw applications from business members who received their First Draw loan from BECU in 2021.

Congress has extended the SBA Paycheck Protection Program (PPP) through May 31. The SBA has announced they estimate the program funds will be depleted shortly if application approvals continue at their current rate. We are working quickly to process our completed applications but can make no assurances that applications will be submitted to the SBA before the program funds have been exhausted.

  • Our application portal will be available through May 15

  • However, we may stop accepting applications at any time to ensure the applications we receive are reviewed and submitted by the new program deadline

  • We encourage business members who are interested in applying for a PPP loan to do so as early as possible

IMPORTANT INFORMATION: Borrowers who use their First Draw PPP loan proceeds solely on payroll expenses and intend to apply for a Second Draw loan when we begin accepting application again should be advised that the loan amount is calculated based on 10 weeks of payroll expenses (2.5x average monthly payroll expense). If your First Draw PPP loan proceeds are used solely for payroll expenses and you select an 8-week Covered Period during your Forgiveness application, you may not qualify for full forgiveness. Your assigned underwriter will contact you to capture your requested submission timeframe.

First Draw PPP Loans

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We are not accepting First Draw Applications at this time.

If you did not take advantage of the Paycheck Protection program in 2020, you may have the opportunity to request a first draw loan. Also, some businesses who received a PPP loan in 2020 may be eligible for an increase or to reapply for a First Draw PPP Loan. Please see the SBA's Top-Line Overview First Draw PPP (PDF) for more information.

Visit the Paycheck Protection Program website for more information.

PPP Second Draw Loans

Existing PPP Loan borrowers may be eligible for a second draw loan. Please see the SBA's Top-Line Overview Second Draw PPP (PDF) for more information.

Visit the Paycheck Protection Program website for more information.

Application Deadline

Congress has recently extended the program deadline through May 31. We will begin accepting applications again shortly through May 15 in order to review and submit our received applications by the new program deadline.

What to Expect After Submission

  • After you submit your signed application and supporting documents through our application portal, you will be assigned an application number and your application will move into processing.
  • You may receive requests for addition information and documentation from your assigned underwriter. Please respond quickly to any requests received to ensure your application is processed as quickly as possible.
  • You will receive an email once a final decision is made.
  • If approved, a loan contract will be sent to you to e-sign.
  • Upon receiving your signed loan contract, funds will be deposited directly into your BECU Business Checking account, and no further action is needed

Documentation You'll Need Before Applying

Frequently Asked Questions

General PPP Questions | BECU Submissions FAQs

General Questions about PPP

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About BECU PPP Submissions