Answers to Your Frequently Asked Questions About PPP Loans

Before you apply for a Paycheck Protection Program loan, get answers to questions about eligibility, forgiveness and technical troubleshooting.

Zions Bank Jan 28, 2021

The COVID-19 pandemic has dealt a tough blow to many small businesses and nonprofits, but Zions Bank is committed to helping them recover through the U.S. Small Business Administration’s Paycheck Protection Program (PPP)*.

The PPP loan program was recently reopened to eligible first-time and second-time borrowers thanks to the emergency COVID-19 relief package signed into law at the end of 2020.

As an SBA preferred lender, and one of the nation’s leading PPP lenders, Zions Bank is well-positioned to help you efficiently navigate the PPP loan application process.

We know you may have questions about the program, our PPP application form, loan eligibility, PPP loan forgiveness and a PPP loan calculator. Zions Bank has provided a PPP update and answers to some of the most frequently asked questions about PPP round 2.

PPP Application

Q: Can I make an appointment and apply at a branch?
Currently, you can only access the PPP application online at

Q: Can I save my application and come back to it?
Yes, you can. Your application automatically saves each time you advance to the next screen. If you need to gather additional information or need more time, you can save your application in-process and return to complete the application at any time.

Q: What do I need to do if I am applying on behalf of multiple businesses?
You can use the same login to the loan portal but you will need to apply separately for each business entity.

Q: How do I know if my application has been successfully submitted?
Once your application has been submitted, you will see a confirmation screen that acknowledges successful submission of your application.

Q: How do I know if the SBA approved my PPP application?
: You will receive a confirmation letter from Zions Bank via email with your SBA loan number, approved loan amount and other loan details. Your Zions Bank relationship manager will also receive a copy of this letter.

Q: How long will it take to fund my PPP loan?
Because the SBA is no longer automatically approving applications, approval could take from a couple days to several weeks. Your banker will share updates as available.

PPP Eligibility

Q: Does the bank have to confirm my eligibility?
  It is your responsibility to determine PPP eligibility. For more information regarding eligibility, please visit the U.S. Treasury PPP program website regarding First Draw Loans and Second Draw Loans. Please note other eligibility rules apply and the rules described in these links are subject to amendment by the SBA.

Q: Are 501(c)(6) organizations eligible to apply for a PPP loan?
Yes. The program’s eligibility has expanded to include 501(c)(6)s, housing cooperatives and destination marketing organizations.

Q: If I received my first PPP loan from another financial institution, can I apply for a second-draw loan through Zions Bank?
Yes. You will be required to provide the SBA loan number from your original PPP loan.

PPP Requirements and Documentation

Q: How do I attach the required documents?
To attach a document, click the “files” tab and select “upload files.” Click “open” and the file will be uploaded. Only 10 files can be added to the digital application. Additional files may be emailed directly to your banker.

Q: What is the most efficient way for businesses with a large number of employees to provide acceptable payroll details?
Submit the required tax documents outlined below:

  • IRS payroll tax reports (941, 944, or W3)
  • State quarterly wage unemployment forms
  • Business tax return
  • Documentation showing amounts paid to employees in excess of $100,000

General PPP Loan Questions

Q: Do I need to be an existing client of Zions Bank to apply for a PPP loan?
: No. You can apply through Zions Bank regardless of whether you have an existing relationship.

Q: Can I have the loan funded to a deposit account that resides at another bank?
: No, the loan proceeds must be deposited into an account at Zions Bank.

Q: Why do I need a deposit account with Zions Bank?
Loan proceeds must be deposited into an account with the same Account Ownership/Titling and TIN as the SBA PPP loan. We are unable to verify ownership/titling and TIN on accounts at the other banks.

Q: How do I open a deposit account with Zions Bank?
As part of the loan process for the Paycheck Protection Program, a banker will reach out to you to open a deposit account.

Q: Will Zions Bank reimburse agents?
While we respect the role of accountants or other professionals known as “agents” in assisting our customers in preparing their SBA PPP applications, we compensate them only if there is a written contract between Zions Bank and the agent. We are not presently in a position to receive applications from agents for noncustomers. As we work to refine our fulfillment process, that guidance may change.

Technical Troubleshooting

Q: How do I reset my password?
Click the "forgot password" button and input your username, which is the email address you used to sign up. You will receive a notification email from us prompting you to create a new password.

Q: Is the information on this application safe and secure?
As a financial institution, we take data privacy and the security of your personal and business information very seriously. We utilize security measures that comply with federal law, including technology safeguards, and secured files and buildings. We also internally restrict access to nonpublic personal information about you to only employees who need to know such data.

For additional information and the latest PPP news, to calculate your qualified loan amount, or to start your application, visit

*PPP loans are subject to SBA approval. Restrictions may apply. See banker for details.

Share This Article With Your Community