Legislation was signed December 27, 2020 that provides additional funding for the Paycheck Protection Program.
We will continue to support our communities by offering PPP loans under this expanded program.
We are currently accepting applications.
Update January 14, 2021
The SBA has begun accepting applications from our institution. Please see information below to see if you're eligible, what documentation will be needed, and how the loan amount will be calculated. We are able to accept applications electronically and to use electronic signatures from borrowers.
Who May Apply?
- Businesses Applying For Their First PPP Loan (First-Draw):
- 500 or fewer employees that are eligible for other SBA 7(a) loans
- Sole proprietors, independent contractors and eligible self-employed individuals
- Non-profits (including places of worship)
- Accommodation and food services operations (those starting with NAICS code 72) with fewer than 300 employees per physical location
- Businesses Applying For Their Second PPP Loan (Second-Draw):
- Employ 300 or fewer employees
- Have used or will use the full amount of their first PPP loan (according to program requirements)
- Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.*
- Businesses will be required to provide documentation corroborating a sustained 25% reduction in gross receipts (quarterly financial statements, quarterly or monthly bank statements, or annual IRS income tax filings). Applications submitted after January 1, 2021, are eligible to utilize the gross receipts from the 4th quarter of 2020.
- If using financial statements to show the 25% reduction, they must be signed and dated on the first page and then initialed on all other pages. For more information, please visit the SBA.
What Documentation Will Be Needed To Apply?For purposes of calculating “Average Monthly Payroll,” most Applicants will use the average monthly payroll for 2019 or 2020, excluding costs over $100,000 on an annualized basis, as prorated for the period during which the payments are made or the obligation to make the payments is incurred, for each employee.
- For seasonal businesses, the Applicant may elect to instead use average total monthly payroll for any twelve-week period selected by the Applicant between February 15, 2019 and February 15, 2020, excluding costs over $100,000 on an annualized basis, as prorated for the period during which the payments are made or the obligation to make the payments is incurred, for each employee.
- For new businesses without 12 months of payroll costs but that were in operation on February 15, 2020, average monthly payroll may be calculated based on the number of months in which payroll costs were incurred, excluding costs over $100,000 on an annualized basis for each employee, as prorated for the period during which the payments are made or the obligation to make the payments is incurred, for each employee.
- For farmers and ranchers that operate as a sole proprietorship or as an independent contractor, or who are eligible self-employed individuals and report farm income or expenses on a Schedule F (or any equivalent successor IRS form), payroll costs are computed using eligible payroll costs for employees, if any, plus the lesser of $100,000 and the difference between gross income and any eligible payroll costs for employees, as reported on a Schedule F.
- For Applicants that file IRS Form 1040, Schedule C, payroll costs are computed using line 31 net profit amount, limited to $100,000, plus any eligible payroll costs for employees.
- For Applicants that are partnerships, payroll costs are computed using net earnings from self-employment of individual general partners, as reported on IRS Form 1065 K 1, reduced by section 179 expense deduction claimed, unreimbursed partnership expenses claimed, and depletion claimed on oil and gas properties, multiplied by 0.9235, that is not more than $100,000, plus any eligible payroll costs for employees.
How Will The Loan Amount Be Calculated? Click Here for Guidance From the SBA.
The Small Business Administration is a good resource for more detailed information if you still have questions: Paycheck Protection Program Information
*For businesses applying for their Second-Draw PPP (loans under $150,000), you will not need to provide proof of this loss up front, that will be expected when you apply for forgiveness.