Paycheck Protection Program

Disclaimer: The information below is subject to forthcoming SBA regulations. We will continue to monitor those developments, and will update this page as additional guidance becomes available. This information is a summary only meant to give PPP borrowers a general understanding of the PPP program and could change at any time. The SBA and the Treasury have continued to post guidance and explain regulations on a regular basis.  We strongly encourage all borrowers to read and review the Interim Final Rules for more specifics

On December 27, 2020, the US Government passed the Economic Aid Act, which authorizes an additional $900B stimulus in emergency coronavirus relief.  One key aspect of the stimulus is that the SBA has reopened the Paycheck Protection Program. 

The SBA has notified us that we will be allowed to begin processing applications on Tuesday January 19, 2021.

If you are a first time PPP borrower, please contact one of our commercial bankers, so we can guide you through how to apply.  If you are a second time borrower, here are some key aspects to the 2nd Draw:

  • PPP 2nd Draw funds are only eligible for businesses with:
    • 300 or fewer employees, 
    • That have experienced a revenue reduction in at least one quarter 2020 relative to 2019, (or if you were not operating at all in 2019, but were in operating before February 15, 2020 and had gross receipts during the second, third, or fourth quarter of 2020 that demonstrate a 25 percent reduction from the first quarter) and
    • Has used or will use the full amount of First Draw PPP loan on or before the expected date which the Second Draw is disbursed.
  • The maximum loan amount is 2.5 times the average monthly payroll based on the 2019 or 2020 calendar year.  NAICS 72 Businesses (Accommodations & food services) can receive 3.5 times the average monthly payroll, capped at $2 million. 

Please read through this FAQ on Revenue Reduction and Maximum Second Draw PPP Loan Amounts: https://www.sba.gov/document/support-second-draw-ppp-loans-how-calculate-revenue-reduction-maximum-loan-amounts-including-what

Loan Terms

  • The last day to apply for and receive a PPP Loan is March 31, 2021
  • Interest rate will still be 1% and will mature in 5 years.

You must read through the PPP 2nd Draw interim final rule here to determine if you are eligible.  The 2nd Draw application can be found here.

It is your responsibility to read through the interim final rule and instructions before submitting your application to us.  Please note the required documentation that you must submit to us along with the application. 

For applicants with loans of $150,000 or less, while you may leave blank the fields that show "Reduction in Gross Receipts of at Least 25%", we recommend at the time of your application that you submit this information to us.  The purpose of this is so that you understand if you are eligible for not.  In case you are not, your loan will not be forgivable and you will owe the loan.  As our lobby remains closed, please drop off your application to us in the drive-through or email your application and all supporting documents to us.

For information on PPP forgiveness, click here.