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SBA Paycheck Protection Program

Updated February 25, 2021

Federal Changes to the PPP Application Process

The Biden-Harris administration has implemented several PPP reforms to bring additional relief to the smallest businesses and those that have been left behind in previous relief efforts. While they are still working on passage of additional stimulus relief with the American Rescue Plan, these changes extend more resources to help small businesses survive, reopen and rebuild.

Specifically, the changes are:

  • Institute a 14-day period, starting February 24, during which only businesses with fewer than 20 employees can apply for relief through the program.
  • Help sole proprietors, independent contractors and self-employed individuals receive more financial support by revising the loan calculation formula for these applicants to provide more relief.
  • Eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through PPP.
  • Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through PPP.
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief and ensure they cannot be denied access to the PPP because they use ITINs to pay their taxes.

Applying Online

We are currently accepting new applications under the new federal rules from existing customers who have their primary deposit relationship with us. You have until March 31 to apply as a new or returning borrower.

Getting Ready

I Am A New Borrower (First Draw)

If you are a first-time PPP borrower, your relationship manager will instruct you on how to apply. Here’s what you need to know:

You are eligible for a first draw PPP loan if your business:

  • Was in operation on February 15, 2020
  • Did not previously received a PPP Loan (from us or any other institution)
  • Has no more than 500 employees
  • Max loan amount 2.5X average monthly payroll, up to $10 million
  • 5-year term

You can use your PPP loan on the following eligible expenses:

  • Payroll
  • Business rent & lease agreements
  • Business mortgage interest
  • Business utility payments
  • Covered operational expenditures
  • Covered personal protective equipment (PPE) expenses
  • Covered property damage expenses
  • Covered supplier expenditures

Your PPP loan may be eligible for forgiveness if:

  • Proceeds are used on eligible expenses, with a minimum of 60% toward payroll costs
  • Employee and compensation levels are maintained

Before you apply, please review our application tips document with guidance to make the process as smooth as possible:

For detail on eligibility from the SBA, please see their overview:

I Am A Repeat Borrower (Second Draw)

If you previously participated in our PPP process, we will email you as soon as our online application portal opens. You can also reach out to your relationship manager with questions. Here’s what you need to know:

Borrowers can apply if their first PPP loan has not yet been forgiven, but will need to certify they have used all the funds from the first draw. Borrowers can also apply if their first PPP loan has already been forgiven. You are generally eligible for a Second Draw PPP Loan if your business:

  • Was in operation on February 15, 2020
  • Previously received a PPP Loan and will or has used the full amount only for authorized uses by the date of disbursement of the Second PPP Loan
  • Has no more than 300 employees combined with affiliates (unless NACIS 72, 511110 or 5151 then 300 per location)
  • Can demonstrate at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020 (or if in operations for all of 2019, you may use annual gross receipts)
  • Has not nor plans to receive a Shuttered Venue grant
  • Max loan amount 2.5X average monthly payroll, up to $10 million ($4 million corporate group cap)
  • 3.5X average monthly payroll for Accommodations & Food Services loans (NAICS code 72), up to $2 million
  • 5-year term

You can use your PPP loan on the following eligible expenses:

  • Payroll
  • Business rent & lease agreements
  • Business mortgage interest
  • Business utility payments
  • Covered operational expenditures
  • Covered personal protective equipment (PPE) expenses
  • Covered property damage expenses
  • Covered supplier expenditures

Your PPP loan may be eligible for forgiveness if:

  • Proceeds are used on eligible expenses, with a minimum of 60% toward payroll costs
  • Employee and compensation levels are maintained

Before you apply, please review our application tips document with guidance to make the process as smooth as possible:

For detail on eligibility from the SBA, please see their overview:

PPP Forgiveness

Visit our PPP Forgiveness page to learn more about the forgiveness process, and the program status.

Additional Questions

If you have additional questions, please contact your relationship manager.