Round 2 of PPP Loans now Open
If you had a Small Business Administration PPP Loan prior please reach out to your lender from Round 1 to have them send you an application. As a reminder, please review the eligibility items below prior to applying.
If you are a first-time PPP Loan borrower please email the following information to email@example.com(Opens in a new Window) and we will get you assigned to a lender as soon as possible.
- Business Name
- Primary Contact
- Primary Contact Cell
- Have I used the full amount of my Round 1 PPP Loan for authorized uses?
- Do I have 300 or fewer employees? (full-time, part-time, and seasonal)
- Was my company in business on February 15, 2020, and remains so today?
- Am I able to prove a 25% reduction in gross quarterly sales for comparable quarters in 2019/2020 or an annual reduction in gross annual sales between 2019/2020?
If you answer "No" to any of these questions you will not meet the eligibility standards for Round 2 per the SBA Interim Final Rulings
While we are waiting on some final items from SBA, the current documents that will be needed along with your application (which will be provided to you) are as follows:
- Proof of 25% reduction in revenues. Acceptable forms for verification of revenue loss per SBA Interim Final Ruling are quarterly or annual tax filings, internal quarterly/annual financial statements, or bank statements with acceptable detail.
- If you are using 2020 payroll numbers for your new loan, we will need your annual payroll summary and 941s/940s, 2020 Schedule C or F (if applicable), or other applicable and approved payroll statements.
- These items will all be attached to your application via DocuSign and returned to your lender.
First Security Bank is busy working with borrowers to complete the initial SBA PPP Loan forgiveness.
- As a reminder you will need to show proof of spent funds on Payroll, Utilities, Rent, and Mortgage Interest with a minimum of 60% of the use being for payroll.
- All borrowers are also eligible for the 24 week (168 days) spend period from the time they received the money in their accounts vs the original 8-week approval to allow more time to utilize these funds.
- If you have not received your application to apply for forgiveness please contact your originating loan officer to request this to get started on this process.
On December 27, 2020 the new federal Economic Relief Bill was signed into law and is expected to be rolled out as a whole over the coming weeks. A portion of this bill is the forgiveness of Economic Injury Disaster Loan (EILD) Advances received from SBA up to $10,000 that were initially not forgiven and taken out of your SBA PPP Loan Forgiveness.
These loans that are remaining with a balance due and payments starting have been automatically extended by six months for a payment start date to allow SBA time to process these and have the money to the bank to pay these off. You will be receiving a letter with more detail in the coming weeks from Bank of the San Juans.
If you have already started making payments or have paid off your EIDL advance at the time forgiveness was issued the bank will provide this credit back to your business account at the time we receive the funds from the SBA but not prior.
We have not been given a timeframe for these payments to be issued to the banks and borrower but will update this page once we have more information. Please contact your lender with any questions.