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Business Loans

Whether it’s an unexpected expense or you need a loan for a long-term project, we’re here with the money and support you need to be successful.

Updates to the Paycheck Protection Program (PPP)

1.11.2021 - We have received guidance from the Small Business Administration (SBA) regarding the second round of Paycheck Protection Program (PPP) loans. Currently, Pinnacle Bank is unable to accept PPP Round 1 and Round 2 applications.

The SBA announced that they will begin accepting applications the week of January 11, 2021, from a select group of small lenders, before opening up the application process to other banks, including Pinnacle Bank. We will update this page when the SBA notifies us that we can begin accepting applications.

We understand your anticipation to apply for this next round of loans. Please review the following documents as we await the opening of the application process.

First Time PPP Borrowers:

Second Time PPP Borrowers:

01.04.2021 - The $900 billion COVID-19 relief package recently signed into law set forth some important provisions that impact PPP, please review the key details below.

  • $284 billion in additional funding has been allocated for the Paycheck Protection Program.
  • This new round of PPP loans is available to both new applicants and those who previously received a PPP loan that meet more stringent eligibility requirements.
    • Applicants must have fewer than 300 employees (excluding NAICS code 72 businesses).
    • Applicants must show a decline in revenue of 25% or more during any quarter in 2020.
  • Loans are now capped at $2M. For those who have already received a PPP loan, the total of the two loans cannot exceed the initial $10M cap.
  • NAICS code 72 (Accommodation and Food Service) businesses’ loan amounts will be based on 3.5 times average monthly payroll costs.
  • 501 (c)(6) organizations, that are not lobbying organizations, such as chamber of commerce and trade organizations are now eligible if they have fewer than 150 employees.
  • Expenses paid for with PPP loans will now be considered tax-deductible.
  • PPP loans under $150,000 will have a one-page forgiveness application.
  • Economic Injury Disaster Loan (EIDL) advances will no longer be deducted from PPP forgiveness requests. The SBA will be establishing procedures to return EIDL advance amounts already deducted from loan forgiveness.

At this time, we are waiting to receive guidance from the Small Business Administration before we can start accepting applications. We will keep this page updated as more information becomes available.

Helpful links from the SBA:

For more information and updates, visit  Treasury.gov/CARES