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
- – 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
- – 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
- – Copy of 941’s for all four quarters and the annual 940 for the year chosen for payroll costs (2019 or 2020)
- – 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.
