IMPORTANT ALERT: The PPP program ends on March 31, 2021. Completed applications for PPP Loans will not be accepted after 5 PM CT on March 15, 2021.
IMPORTANT ALERT for sole proprietors, independent contractors, self-employed persons, and other Schedule C filers.
On March 3, 2021, the SBA announced new eligibility rules and issued a new PPP application for these businesses. Our bank is evaluating the requirements for adding this new application to our online portal. At this time, we are not able to accept this new application.
Please check back for updates.
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The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5, 2020 have a maturity of two years. Loans issued after June 5, 2020 have a maturity of five years.
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
PPP Loan Eligibility
The following entities affected by Coronavirus (COVID-19) may be eligible:
- Sole proprietors, independent contractors, and self-employed persons
- Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees or that meets the SBA industry size standard if more than 500 employees.
- Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Paycheck Protection Program Helpful Links
Revisions to Loan Amount Calculation and Eligibility Interim Final Rule (SBA Released 03-03-21)
Updated SBA PPP FAQs (SBA Released 03-03-21)
PPP First Draw Loan Application Revised – For Reference Only (SBA Released 03-03-21)
PPP First Draw Loan Application for Schedule C Filers Using Gross Income – For Reference Only (SBA Released 03-03-21)
SBA Application for PPP First Draw Loans – For Reference Only (Form 2483 SBA Released 01-08-21)
Overview of First Draw Loans (SBA Released 12-09-20)
Frequently Asked Questions (SBA Released (12-09-20)
How to Calculate First Draw PPP Loan Amounts and What Documents to Provide – by Business Type (SBA Released 01-17-2021)
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