Skip to main content Go to Online Banking

PPP Informaton

You may be eligible for a SBA Paycheck Protection Program loan under the new federal law designed to provide small businesses quick access to capital for payroll and other overhead costs. 

 

There has been an expansion of eligible entities in the 2nd round including some 501( C )3 & 501( C )6 organizations and FARMERS may be eligible!

 

Here’s what you need to know about the program. (Other eligibility requirements may apply.) 

First Time PPP Borrowers

Max Loan Amount & Term

 

  • Up to $10,000,000
  • Max 5-year term

Loan amount is based on payroll expenses

 

Loan Uses

 

  • Payroll costs
  • Mortgage interest / lease payments
  • Utilities
  • Interest on other pre-existing debt
  • Additional categories-covered operating expenditures, property damage, supplier costs, worker protective equipment

 

Forgiveness Available

Yes, if borrower completes any applicable forgiveness application and retains/ provides any required documentation.

  • At least 60% of funds must be used for payroll costs.

 

Borrower Application

 

Existing PPP Borrowers

Max Loan Amount & Term

 

  • Up to $2,000,000
  • Max 5-year term

Loan amount is based on payroll expenses

 

Loan Uses

 

  • Payroll costs
  • Mortgage interest / lease payments
  • Utilities
  • Interest on other pre-existing debt
  • Additional categories-covered operating expenditures, property damage, supplier costs, worker protective equipment

 

Forgiveness Available

Yes, if borrower completes any applicable forgiveness application and retains/ provides any required documentation.

  • At least 60% of funds must be used for payroll costs.

 

Additional Requirements
  • 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

 

Borrower Application

 

In order to apply, you will need the following information:

  • Number of employees.
  • Business mailing address.
  • Email addresses for the primary signer and / or owners that make up 20% ownership of the organization.
  • Financial records for your business to calculate the average monthly payroll for 2019, 2020 or the 12-month period prior to application, such as payroll processor records, payroll tax filings, IRS Schedules C or F, bank records, or income and expenses from a sole proprietorship.  If the borrower does not have such records, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
  • If the borrower is applying for a second draw PPP loan, documentation to support at least a 25% reduction in gross receipts in any quarter of 2020 as compared to the same quarter of 2019 (certain exceptions apply).

Loan forgiveness eligibility

If funds are used for certain qualifying costs, such as payroll, rent and utilities,  mortgage interest, and other eligible expenses up to 24 weeks following the date the loan is made, the borrower may be eligible to have all or a portion the loan principal forgiven.

The SBA has issued guidance regarding the necessary applications and documentation for loan forgiveness, and we anticipate the SBA will issue additional guidance on these topics. 

Additional information and updates can also be found by visiting SBA.gov/PPP or Treasury.gov/CARES

Should you have any questions, please contact your banker or call 608.325.7766.

 

 

  • The information provided here was obtained from sources believed to be reliable and current at the time of publication. This information is not intended to be specific legal, tax, or investment advice.

Some content requires Adobe Acrobat Reader to view.