A New Round of Paycheck Protection Program (PPP) Lending is Available. We will begin accepting and processing applications beginning Tuesday, January 19, 2021.
On December 27, 2020, new federal legislation was signed to supply the latest round of COVID-19 relief, authorizing more than $900 billion in economic aid to small businesses and consumers.
This new legislation authorizes the Small Business Association (SBA) to approve additional PPP loans. Click here for application requirements.
If you have questions regarding the forgiveness process and/or application, please contact your Business Banker and they will answer any questions you may have.
Loan Terms for Second Draw PPP Loans:
- PPP borrowers may receive a loan amount up to 2.5 (3.5 times for industries assigned a NAICS code starting with 72) times their average monthly payroll costs in the one year prior to the loan or calendar year.
- No loan can be greater than $2 million
Eligibility: A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in a gross receipts between comparable quarters in 2019 and 2020
Expanded Eligible Entities:
The SBA has expanded their eligible entities. To see if you are eligible, and to access the most updated information regarding the PPP, please visit the Small Business Administration’s (SBA) website.
PPP Forgiveness Submission Portal
For electronic copies of the Form 3508, 3508 S, and 3508 EZ forgiveness application, as well as the related instructions on completion of these forms, https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
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