Paycheck Protection Program (PPP)

 

As a Paycheck Protection Program Lender you can count on us to provide you with the most recent up-to-date information of the Paycheck Protection Program (PPP). While we work closely with the Small Business Administration (SBA), we are here for you during these unprecedented times. As always, please contact your local Loan Officer for questions.  

 

 

First Draw

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 Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • 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

  Updated First Draw Form

  Guidance & Resources

 

Second Draw

  • 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 gross receipts between comparable quarters in 2019 and 2020.

  Maximum loan amount and increased assistance for accommodation and food services businesses

  • For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

  Second Draw Form

  Guidance & Resources 

 Information reprinted directly from the SBA website. For more information and updates, visit SBA.gov/PPP or contact your local Loan Officer. 

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