1st State Bank is Now Accepting

Round 2 PPP Loan Applications

 

Paycheck Protection Program Application Forms

 

1st time PPP Application (1st Draw)

 

2nd time PPP Application (2nd Draw)

 

 

How to submit your application: If you have a current banking relationship with a Business Lender at 1st State Bank, you may submit your application directly to your lender. (Business Lender Contact Information) If not, please submit your application to Todd Gregory, EVP & Chief Lending Officer, by clicking the following link.  E-Mail

 

 

Below is a summary of the eligibility details for businesses that wish to apply for a second PPP loan.  To be eligible for a second PPP loan, you must meet the following qualifications:

 

  • –  300 employees or less
  •  
  • –  Experienced a 25% or more reduction in company revenues in any one quarter in 2020, compared to the same quarter in 2019 -OR- a 25% or more reduction in annual revenues for 2020 compared to 2019
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  • –  Certify that the original PPP loan was spent, or will be spent before distribution of the second PPP loan

 

If you meet the aforementioned qualification, below is a summary of the loan terms:

 

  • –  Lesser of 2.5 times borrower’s average monthly payroll or $2 million  -OR-
  •  
  • –  Lesser of 3.5 times borrower’s average monthly payroll or $2 million if borrower has a NAICS code beginning with a 72 (hospitality & restaurants)
  •  
  • –  Borrower can use average monthly payroll for 2019 or 2020

 

In order to apply for a second PPP loan, please provide the following:

 

  • –  Completed form 2483-SD
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  • –  2020 quarterly financials (and same quarter period for 2019) for quarter that experienced a 25% or more revenue reduction -OR-
  •  
  • –  2020 and 2019 federal tax return filing if choosing annual revenue reduction option
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  • –  Copy of 941’s for all four quarters and the annual 940 for the year chosen for payroll costs (2019 or 2020)
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  • –  Copy of state quarterly wage unemployment form UIA1028 for all four quarters (2019 or 2020)

 

Please contact any of our 6 Business Lenders at 1st State Bank if you are a first time applicant or interested in applying for a second draw PPP loan.  If you already work with a 1st State Bank Business Lender, please contact them at your convenience.