• Business Banking

SBA Paycheck Protection Program (PPP)

As part of the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, there are additional funding programs available under the SBA Paycheck Protection Program (PPP) to help businesses who have experienced financial hardship due to the pandemic.

First Time SBA Paycheck Protection Program (PPP) Loans

To apply for the SBA Paycheck Protection Program Loan for the first time, please download and complete this application. Once completed, please submit along with the required documentation here.

  • Businesses that have not received a previous PPP loan can apply through March 31, 2021, or until program funds are depleted. Eligible types of businesses have been expanded to include 501(c)(6) non-profit business as well as several other types of businesses excluded from the prior round of PPP loans. Other eligibility and terms will remain unchanged from the original program.
  • The loan size will be limited to 2.5 times the average monthly payroll in 2019 or 2020, with a maximum of $10,000,000. Other calculation options will be available for businesses that cannot use the standard calculations, such as seasonal businesses, sole proprietors, and independent contractors. Refer to this How to Calculate the Loan Amount guide.
  • Loan Terms:
    • Loan maturity is five years
    • Interest rate is one percent.
    • No payments for approximately 15 months (10 months following the covered period of up to 24 weeks).
    • No collateral will be required.
    • No personal guarantees will be required.
    • SBA guarantees the loan 100 percent, which means the full loan amount may qualify for loan forgiveness.

Apply Now

Second SBA Paycheck Protection Program (PPP) Loans

If you already have an SBA PPP loan and want to apply for a second time, please download and complete this application. Here is a guide on how to calculate revenue reduction and maximum loan amount. Once completed, please submit along with the required documentation here. 

  • Open to businesses who received a prior PPP loan with 300 or fewer employees, spent their loan funds, and have experienced a decrease in revenue of 25% or more. A reduction in revenue is calculated by comparing the borrower's quarterly gross receipts for one quarter in 2020 with the borrower's gross receipts for the corresponding quarter of 2019. For example, a borrower with gross receipts of $50,000 in the second quarter of 2019 and gross receipts of $30,000 in the second quarter of 2020 has experienced a revenue reduction of 40 percent between the quarters and is therefore eligible for a Second Draw PPP loan (assuming all other eligibility criteria are met).See the program rules for specific rules on how to calculate the 25% reduction for seasonal businesses and those not open for the full 2019 calendar year.
    • Any forgiveness amount received by the borrower in 2020 is excluded from the borrower's gross receipts.
  • Businesses can apply through March 31, 2021, or until program funds are depleted.
  • Loan size is limited to 2.5 times the average monthly payroll during any of the following, with a maximum of $2,000,000:
    • 12 months immediately prior to the PPP application
    • Calendar year 2019 or 2020
  • Maximum loan size is increased to 3.5 times the average monthly payroll for all businesses assigned a NAICS code that begins with 72. This generally includes hotels, restaurants, caterers, RV parks, and recreational campgrounds. 
  • Businesses in bankruptcy or permanently closed may not apply for a PPP loan.
  • Any business that receives a Shuttered Venue Grant may not apply for a PPP loan.
    • The Shuttered Venue Grant is a separate program run directly by the SBA, similar to the EIDL loan program. Businesses that are live venue operators or promoters, theatrical producers, live performing arts organization operators, relevant museum operators, motion picture theatre operators, or talent representatives should check SBA.gov for more information as this program may provide more benefits than the PPP program. 
  • Loan Terms:
    • Loan maturity is five years
    • Interest rate is one percent.
    • No payments for approximately 15 months (10 months following the covered period of 24 weeks).
    • No collateral will be required.
    • No personal guarantees will be required.
    • SBA guarantees the loan 100 percent, which means the full loan amount may qualify for loan forgiveness.

Apply Now

SBA PPP Loan Forgiveness

If you have already received a PPP loan and have not yet applied for forgiveness, you can learn more here.

Schedule Time with One of Our Business Bankers

Do you need help understanding all COVID-19 relief options available for your business? If so, we invite you to schedule a business financial review with one of our Business Bankers to discuss the best options for your business.