PPP Apply Now

Paycheck Protection Program (PPP) loans have been a welcome relief for small businesses across the country, and Frost was proud to do everything we could to help secure approximately $3.3 billion in loan approvals for more than 25,000 Texas businesses. Since the Federal Government recently extended the deadline to submit new PPP loan applications, Frost Bank has resumed accepting PPP loan applications. It is possible that funding for PPP may soon be exhausted, so if you are planning to apply for a PPP loan, please do so as soon as possible.

The Federal Government has extended the deadline to apply for a PPP loan until May 31. We are committed to helping your business secure funds before the May 31 deadline. We will generally aim to handle applications on a first-come, first-served basis.

Please note you must have an active Frost business checking account for your business (same tax ID number), or establish one prior to submitting your application, in order to fund the loan. Visit one of our nearby financial centers to open your account. We encourage you to also sign up for Frost Online Banking before submitting your application, so you can apply online for the most efficient experience.

The SBA has released two applications that can only be used by Schedule C filers (form 2483 – C and 2483 – CSD). If you plan to use one of these applications, you will need to complete a paper application and drop it off along with your supporting documents at the nearest Frost financial center.

Apply Now

  • If you received a PPP loan from Frost and are applying for a Second Draw PPP loan the PPP Loan Portal can only be accessed from the most current version of Google Chrome
    APPLY NOW
  • If you are a first-time borrower or received your first PPP loan from another financial institution, and are a Frost Online Banking customer
    APPLY NOW
  • Otherwise, simply complete a paper application and drop it off at the nearest Frost financial center
  • The SBA has also released two applications (Form 2483 – C and 2483 – C SD) that can only be used by Schedule C filers and allow borrowers the ability to calculate the owner compensation portion of their requested loan differently. If you plan to use one of these applications, you will need to complete a paper application and drop it off along with your supporting documents at the nearest Frost financial center. Links to these applications are available below

Highlights:
First Draw PPP Loan
Second Draw PPP Loan
  • Choose your Covered Period anywhere between eight and 24 weeks, when applying for loan forgiveness
  • Types of eligible businesses have been expanded
  • Allowable expenses have been expanded
  • Borrowers can request 2.5 times their average monthly payroll costs
  • Maximum loan amount is $10 million
  • Existing PPP loan borrowers may be eligible for a second draw PPP loan
  • Borrowers must have
    • Fewer than 300 employees (subject to certain conditions)
    • At least a 25% decrease in revenue
    • Used or will use the full amount of the first PPP loan
  • Choose your Covered Period anywhere between eight and 24 weeks, when applying for loan forgiveness
  • Allowable expenses have been expanded
  • Borrowers can request 2.5 times their average monthly payroll costs or 3.5 times average monthly payroll costs for entities in industries assigned to NAICS code 72 (Accommodation and Food Services).
  • Maximum loan amount is $2 million
  • Application must be signed by a signer on the first loan

PPP Loan Rates and Terms
  • All PPP loans have a fixed interest rate of 1%. The new bill has clarified that the interest rate is non-compounding and non-adjustable for first- and second-draw loans.
  • The maturity of a PPP loan is five years.
  • The payment deferral period generally lasts until loan forgiveness is determined. Borrowers who fail to apply for loan forgiveness must start making payments within ten months of the last day of the Covered Period.

Key things to consider as you apply

Determine if your business is eligible


  • Businesses that were in operation on February 15, 2020 will be eligible for an initial PPP loan or a Second Draw PPP loan. Second Draw PPP loans are also subject to other eligibility conditions.
  • Sole proprietors
  • Independent contractors
  • Self-employed individuals
  • Certain non-profits (the new bill has expanded eligible businesses to include certain 501(c)(6) non-profit organizations)
  • Seasonal employers; the new bill has clarified the definition of these to be businesses that operate no more than seven months within a year or earn no more than a third of gross receipts within a six-month period
  • Faith-based organizations that have less than 150 employees
  • Housing cooperatives that employ less than 300 people
  • Tribal Businesses

As proof of eligibility, you will need to provide the following:

  • NAICS code that matches the business activity code provided on your IRS income tax filings. To find or confirm your NAICS code, click here.
  • SBA Franchise Identifier Code, if your franchise is listed in the SBA’s Franchise Directory. To find or confirm your SBA Franchise Identifier Code, click here.

  • Businesses that were not in operation on February 15, 2020 will not be eligible for an initial PPP loan or a second draw loan.
  • Lobbying organizations
  • Organizations involved in political activities or public policy
  • Lenders or financial services businesses
  • Cannabis businesses (or any other businesses that deal with products that are illegal at the federal level)
  • Household employers (such as those who employ housekeepers or nannies)
  • Businesses that have defaulted on SBA or federal loans
  • Any business that is at least 20% owned by someone who is currently incarcerated, on probation, on parole, or subject to an indictment
  • Any business that is at least 20% owned by someone who has been convicted of a felony within the last five years
  • Entities affiliated with the People’s Republic of China or Hong Kong or that have a member on their board of directors that is a resident of the People’s Republic of China
  • Registrants under the Foreign Agents Registration Act
  • Entities that have received or will receive a grant under the Shuttered Venue Operator Grant program

Become familiar with the application

We strongly recommend that you begin reviewing the version of the application and instructions that you are eligible to use and become familiar with them.

PPP Borrower Application Form

PPP Borrower Application Form

PPP Second Draw Loan Application

PPP Second Draw Loan Application

If applying for a Second Draw PPP loan, you will need your First Draw SBA PPP loan number (See this example to locate your SBA loan number) and a valid USPS address, including zip +4.

PPP First Draw Borrower Application Form - Schedule C Filers Using Gross Income (IRS Tax Form, Schedule C)

PPP First Draw Borrower Application Form - Schedule C Filers Using Gross Income (IRS Tax Form, Schedule C)
 

PPP Second Draw Borrower Application Form - Schedule C Filers Using Gross Income (IRS Tax Form, Schedule C)

PPP Second Draw Borrower Application Form - Schedule C Filers Using Gross Income (IRS Tax Form, Schedule C)

If you are applying for either a PPP First or Second Draw loan and you would like to use SBA loan application Form 2483—C or 2483—C SD, you will need to complete a paper application and drop it off along with your supporting documents at the nearest Frost financial center.

Gather required documents

All documents must be from the same year


C-Corporations or S-Corporations – with Employees

  1. Payroll Expense (Wages, Salaries, Tips)
    • 2019 or 2020 IRS Form 941 payroll tax reports for all four quarters;
      OR
    • equivalent payroll processor records;
      OR
    • IRS Form 944;
      OR
    • IRS Form 940;
      OR
    • IRS Form W-2 for each employee;
      OR
    • IRS Form W-3
  2. Retirement or Health Insurance Contributions (if including in Average Monthly Payroll Calculation)
    • 2019 or 2020 IRS Form 1120 or 1120S;
      OR
    • other documentation for any retirement or health insurance contributions included in your requested loan amount
  3. State Wage Unemployment Insurance Tax (if including in Average Monthly Payroll Calculation)
    • 2019 or 2020 State Quarterly Wage Unemployment Insurance Tax Reporting Forms for all four quarters;
      OR
    • equivalent payroll processor records (including quarterly and annual tax reports)
  4. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the business was in operation and had employees on that date.

S-Corporations – without Employees

If the owner takes a draw or disbursement, they must select the entity type of Self-Employed Individual, Independent Contractor or Farmer/Rancher on their application and supply the following:

  1. Form 1040 Schedule C or Schedule F for self-employed farmers filed or unfiled for 2019 or 2020
  2. Form 1099-MISC detailing nonemployee compensation received (box 7) for 2019 or 2020
  3. Invoice or bank statement establishing the customer is self-employed
  4. An invoice, bank statement or book of record establishing the customer was in operation by February 15, 2020

Follow the instructions that apply to your tax filing situations—for example, whether you file as a sole proprietor, partnership or corporation


Partnerships – without employees

  1. Form 1065, including Schedule K-1s, for 2019 or 2020
  2. Form 1065 for 2019 or 2020 or other documentation for any retirement or health insurance contributions included in your requested loan amount
  3. An invoice, business account bank statement or book of record establishing customer was in operation by February 15, 2020

Partnerships – with employees

  1. Form 1065, including Schedule K-1s, for 2019 or 2020
  2. Payroll reports for all four quarters of 2019 or 2020
    • Form 941
      OR
    • Third-party payroll report, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944
  3. Wage unemployment reports for all four quarters of 2019 or 2020
    • Unemployment insurance tax reports
      OR
    • Third-party payroll reports, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944 
  4. A payroll statement establishing the customer was in operation and had employees by February 15, 2020

Sole Proprietors, Independent Contractors, Farmers/Ranchers and Self-Employed Individuals – without employees

  1. Form 1040 Schedule C or Schedule F for self-employed farmers filed or unfiled for 2019 or 2020
  2. Form 1099-MISC detailing nonemployee compensation received (box 7) for 2019 or 2020
  3. Invoice or bank statement establishing the customer is self-employed
  4. An invoice, bank statement or book of record establishing the customer was in operation by February 15, 2020

Sole Proprietors, Independent Contractors, Farmers/Ranchers and Self-Employed Individuals – with employees

  1. Form 1040 Schedule C or Schedule F for self-employed farmers filed or unfiled for 2019 or 2020
  2. Payroll reports for all four quarters of 2019 or 2020
    • Form 941
      OR
    • Third-party payroll report, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944
  3. Wage unemployment reports for all four quarters of 2019 or 2020
    • Unemployment insurance tax reports
      OR
    • Third-party payroll reports, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944 
  4. A payroll statement establishing the customer was in operation and had employees by February 15, 2020

  1. Payroll reports for all four quarters of 2019 or 2020
    • Form 941
      OR
    • Third-party payroll report, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944
  2. Wage unemployment reports for all four quarters of 2019 or 2020
    • Unemployment insurance tax reports
      OR
    • Third-party payroll reports, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944 
  3. Form 990 Part IX for 2019 or 2020
    OR
    Other documentation for any retirement or health insurance contributions included in your requested loan amount
  4. A payroll statement establishing the customer was in operation and had employees by February 15, 2020

  1. Payroll reports for all four quarters of 2019 or 2020
    • Form 941
      OR
    • Third-party payroll report, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944
  2. Wage unemployment reports for all four quarters of 2019 or 2020
    • Unemployment insurance tax reports
      OR
    • Third-party payroll reports, including annual tax reports
      OR
    • Form W-2 for each employee, Form W-3 or Form 944
  3. A payroll statement establishing the customer was in operation and had employees by February 15, 2020

Apply Now

  • If you received a PPP loan from Frost and are applying for a Second Draw PPP loan the PPP Loan Portal can only be accessed from the most current version of Google Chrome
    APPLY NOW
  • If you are a first-time borrower or received your first PPP loan from another financial institution, and are a Frost Online Banking customer
    APPLY NOW
  • Otherwise, simply complete a paper application and drop it off at the nearest Frost financial center.

Please note, you must have an active Frost business checking account for your business (same tax ID number), or establish one prior to submitting your application, in order to fund the loan. Visit one of our nearby financial centers to open your account. We encourage you to also sign up for Frost Online Banking before submitting your application, so you can apply online for the most efficient experience.

Frequently Asked Questions

Yes, as long as you have used or will use all of your First Draw PPP loan funds for authorized purposes on or before the expected date of disbursment of your Second Draw PPP loan, you generally have no more than 300 employees, and you have experienced the requisite 25% revenue reduction. See frostbank.com, sba.gov or treasury.gov for more important details.


Any one of the signers on the initial PPP loan, that still have borrowring authority, can apply for a Second Draw PPP loan. The signer who submits the Second Draw application will be the main contact for any questions or issues related to the loan application as well as the one who will be asked to sign the loan application.


Borrowers can request 2.5 times their average monthly payroll costs. Second Draw PPP loan borrowers with a NAICS code of 72 (Accomodation and Food Services) can request 3.5 times their average monthly payroll costs.


This will depend on a number of factors, including how quickly we receive your completed and electronically signed Second Draw PPP loan application and supporting documentation. Once Frost has completed the review and submitted the loan request to the SBA, the SBA could take up to 48 hours to issue an approval. For more details, please consult the SBA or U.S. Treasury websites concerning the Paycheck Protection Program.  


If you received a PPP loan from Frost and are applying for a Second Draw PPP loan, you will apply through our PPP online loan portal. If you are a first-time borrower or received your first PPP loan from a different financial institution and are a Frost Online Banking customer, you will apply through Frost Online Banking. Otherwise, simply complete a paper application and drop it off at the nearest Frost financial center. Please note, you must have an active Frost checking account for your business (same tax ID number), or establish one prior to submitting your application, in order to fund the loan. Visit one of our nearby financial centers to open your account. We encourage you to also sign up for Frost Online Banking before submitting your application, so you can apply online for the most efficient experience.


The SBA requires a valid USPS address, including Zip +4.


The types of documents vary by entity type. Please refer to a comprehensive list above.


The SBA Franchise Directory is a list, created by the SBA, of all franchise and other brands that are eligible for SBA financial assistance. The directory will only include business models that the SBA determines are eligible under the SBA's affiliation rules and other eligibility criteria. If the applicant's brand meets the FTC definition of a franchise, it must be on the directory in order to obtain SBA financing. To find or confirm your SBA Franchise Identifier Code, click here.


The SVOG program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act that includes over $16 billion in grants to shuttered venues. These grants are administered and provided directly by the SBA, and not through Frost Bank. Please consult the SBA website for more details:


We're here to help.

Have questions on applying for your Second Draw PPP loan?

Call us 24/7 at (800) 513-7678.