Paycheck Protection Program 2021
FAB&T is now accepting applications for the new round of funding of the Paycheck Protection Program (PPP).
Loans will be available for existing PPP borrowers as well as other bank customers that did not receive money in 2020 or received their PPP loan with another institution. In order to better serve our existing customers the bank will not accept applications from non-customers. All applications will be taken through our electronic application process and a link will be posted here when we begin accepting applications.
Quick overview of what we know so far from the legislation:
Customers who previously obtained a PPP loan must use the entire amount of their first PPP loan before applying for additional PPP loan.
Customers who previously obtained PPP funds DO NOT need to apply for forgiveness before applying for a second loan.
Maximum loan amount of $2 million.
Loan amount based on 2.5x payroll up to the maximum of $2 million for most businesses.
Accommodation and Food Services (Hospitality Industry) entities are eligible for 3.5x payroll up to the maximum. These businesses will have Industry Codes that begin with 72.
Eligibility for a 2nd PPP loan requires that businesses:
1. Have 300 employees or less.
2. Have had a reduction of 25% or more in gross receipts in any quarter of 2020 when compared with the same quarter of 2019.
3. Have been in operation on February 20, 2020.
For more details, please view:
- PPP 2021 General Guidance
- SBA PPP Second Draw Loan Interim Final Rule
- PPP Guidance Updated Jan 19, 2021: How to Calculate and Required Documentation
The Small Business Administration will be issuing clarifications and guidance soon. We will post additional updates on our bank’s website as soon as information becomes available.
You can also visit the U.S. Small Business Administration (SBA) website for more information.
To get started on your 2021 PPP Application click the link: Start your 2021 PPP Application
If you have any questions, please contact us at email@example.com, or contact the loan officer that assisted with your original PPP application directly.