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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)

* The PPP application deadline has been extended until May 31st, 2021. The Small Business Administration will have until June 30th, 2021 to consider applications.

If you plan to apply, contact your lender or local branch as soon as possible to start the application process.

The $900 billion COVID-19 relief package signed into law late last year allocated $284 billion in additional funding for the Paycheck Protection Program. We’ve created this webpage to help you navigate the second round of this program.

Summary of Key Program Details:

  • 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.
    • First Time PPP Borrowers:
      • Must have fewer than 500 employees (excluding NAICS code 72 businesses).
    • Second Time PPP Borrowers:
      • Must have fewer than 300 employees (excluding NAICS code 72 businesses).
      • Must show a decline in revenue of 25% or more during any quarter in 2020 relative to the same quarter inn 2019.
      • Must have used or will use the full amount of their first PPP loan.
  • Borrowers can select anywhere between eight and 24 weeks for their Covered Period.
  • 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.
  • Allowable covered expenses have been expanded.
  • 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.

We encourage you to review the following documents to determine your eligibility and prepare yourself for the application process.

First Time PPP Borrowers:

Second Time PPP Borrowers:

Helpful links from the SBA:

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