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Paycheck Protection Program

On May 4, the SBA announced that the funding for the latest round of PPP has been exhausted. Wintrust is no longer accepting new applications. We are working hard to process the loan applications we received prior to the SBA’s announcement in a timely fashion. We appreciate your loyalty and thank you for your patience.


On December 27, the Consolidated Appropriations Act (click here) was signed into law, allocating $284 billion in new funds to the Paycheck Protection Program (PPP). Wintrust plans to fully participate again in this new round of PPP loans, bringing the same commitment, innovation and sense of urgency to bear for our clients. 

The SBA began accepting applications from lenders for this next round of loans on January 19. We began accepting loan applications from qualifying organizations and self-employed individuals on January 11. It is our intention to continue opening our PPP processing platform periodically for additional applications. Please visit this website for up-to-date information. Also, please note that we continue to await further details from the SBA and may need to contact you to complete your application.

We are currently working diligently to process loan inquires for the significant number of customers that we have received thus far. Please note the U.S. Small Business Administration (SBA) has instituted stricter processes during this latest round of the Paycheck Protection Program (PPP). As a result, the approval and funding process that Wintrust and all other lenders must work within has been slowed for certain applicants versus what those borrowers might have experienced if they received a previous PPP loan. In some instances, borrowers will notice no difference and we hope that percentage will continue to increase as the SBA works through its new procedures.

To better serve clients who have yet to submit their application in this round, we have created a video with important information on the application process including borrower qualification standards, loan application necessities and documentation details. For those who want to view the presentation in the video, please click here.



Clients may wonder why we are opening the platform for certain periods of time each day as opposed to keeping it open continually. The reason is to serve you better. While the client-facing portion of this platform is automated and operating as expected, there is a human element to the back-end processing of the application for the SBA. We have decided to administer the applications in batches to ensure accuracy and efficiency, which we hope will lead to more timely approvals by the SBA. As we move forward through this process, we hope to continue streamlining the procedures where we can, which will enable us to be more efficient advocates for you and make the funds you need for your business a reality.

To ensure you are prepared to participate in this coming round, we urge you to complete the following items in the coming days:

  • Please review the PPP guidelines and relevant forms from Department of the Treasury and SBA issued on January 6. They can be found here
  • Please confirm your organization meets the SBA’s requirements for either the first draw (first-time PPP borrowers) or second draw (existing PPP borrowers wanting a second PPP loan). In making your decision to apply for this latest round of PPP, please consult with your legal, tax, accounting, or financial advisors, as necessary. 
  • If you qualify for either of the two draws, you will need to compile the following information to make loan submission to the SBA:

First-time PPP loans:

  • Updated PPP loan application for First draw PPP loans (click here).
  • Payroll information or tax information depending on your entity type.
  • Payroll statement from either 2019 or 2020. If a 2020 statement given is provided, it must include February 15, 2020 to establish that your organization was open on that date.

Second draw PPP loans:

  • New PPP loan application for second-time borrowers (click here).
  • Otherwise, same as described above for first-time borrowers plus evidence of revenue reduction per the PPP rules for requests greater than $150,000.00.

To access the portal, commercial clients will need their organization’s Tax ID number, the Social Security Number of the authorized signer, and the account number of a corresponding business deposit/checking account or business loan at Wintrust. Likewise, Individual clients will need a Tax ID number or their Social Security Number and an account number for either a personal checking or savings account in their name at Wintrust.  

In the meantime, if your organization received a PPP loan through a Wintrust Community Bank in one of the first two rounds of the PPP program, you may be eligible to apply for full or partial loan forgiveness from the SBA. We know forgiveness is a critical priority for many of you and we have launched an online portal to allow your organization to prepare and submit your application and necessary documentation. We have sent an email with the unique credential information for the portal to each borrower. Please contact your Relationship Manager with any questions. We also encourage you to visit the SBA’s website for current information (click here) on forgiveness and repayment provisions.

We would like to remind you that some people are using times like this as an opportunity to take advantage. Please remember that we will never contact you to ask for sensitive information, like online banking IDs, passwords, one-time verification codes, account numbers, or Social Security numbers. Please be on the lookout for scams that are designed to trick you into giving your personal information.

Thank you for placing your trust in Wintrust as your community bank. Our customers are at the center of everything we do. We know that many of you are navigating unprecedented challenges and we are committed to helping you get through this.


About the Paycheck Protection Program

Congress recently enacted amendments to the Paycheck Protection Program (PPP) and the Small Business Administration (SBA) may implement new rules, guidance, or forms affecting the PPP at any time.

A brief summary of key PPP terms—and changes based on the new round of amendments—is provided below, but these terms are subject to change beyond our control. For the most recent official PPP terms and information, please visit the SBA’s PPP website and consult your legal, tax, accounting, or financial advisors, as necessary, to determine how program requirements apply to your business.

  • The Small Business Administration (SBA) Paycheck Protection Program (PPP) is a federal relief program designed to help small businesses keep their workforce employed during the COVID-19 crisis.

  • In the original round of PPP lending, loans could be used for payroll costs, certain interest payments on mortgages, rent payments, and certain utility payments. Additional eligible expenses—including certain business software and cloud computing expenses, uninsured property damage costs from damage in 2020 due to vandalism, essential supply costs, and worker protection expenditures were added by the recent amendments. For more information about these eligible expenses please click here to visit the PPP loan page of the SBA’s website.

  • To qualify for an initial PPP loan, companies and nonprofits must have fewer than 500 total employees, including all affiliates, subsidiaries and companies under common ownership or otherwise be considered a small business concern under the CARES Act and corresponding SBA regulations. Certain exceptions apply for small businesses in the accommodation and food service sector, religious organizations, franchises and SBIC-financed businesses; and certain other SBA exclusions apply.

  • The maximum loan amount of an initial PPP loan is 2.5 times your average monthly payroll, plus the amount of certain refinanced Economic Injury Disaster Loans (EIDLs), up to $10 million.

  • Congress and the SBA recently added a “second draw” loan that will be available to certain eligible borrowers that previously received an initial PPP loan and have used all of their PPP funds. Eligibility criteria are not exactly the same across the initial PPP loan and second draw PPP loan requirements, including that second draw loans are limited, in most cases, to eligible entities with fewer than 300 total employees (subject to similar affiliation requirements and exceptions as initial PPP loans) that experienced revenue reductions of 25% or more for any quarter in 2020 as compared with the same quarter in 2019.

  • The maximum amount for a “second draw” loan will be 2.5 times your average monthly payroll (3.5 times for eligible accommodation and food service companies), up to $2 million.

  • All borrowers are required to make several good faith certifications, including that current economic uncertainty makes their PPP loan request necessary to support ongoing business operations.

  • All or a portion of any PPP loan may be eligible for forgiveness. Subject to certain restrictions, the portion of the loan eligible for forgiveness may consist of payments for eligible expenses made during certain periods following your loan funding.  For additional information about forgiveness please visit the SBA website referenced above.

  • You can apply for both an Economic Injury Disaster Loan (through the SBA) and a Paycheck Protection Program Loan, but there may be no duplication in the use of funds.

  • These will be unsecured loans that do not require personal guarantees.

  • You may defer payments as provided for in the CARES Act, Paycheck Protection Program Flexibility Act and corresponding SBA regulations.

Updated 1/20/2021