SBA Paycheck Protection Program (PPP) Loans

The SBA Paycheck Protection Program general fund has now been exhausted. We will not be able to accept any new PPP applications. If there are any changes to the SBA PPP program, we will provide updates here and on our Facebook page. 

We are offering small businesses the opportunity to apply for SBA Paycheck Protection Program (PPP) Loans. These loans were implemented by the recently enacted CARES Act in response to the COVID-19 pandemic, and further implemented by the Economic Aid Act. These loans are meant to help small businesses continue to pay employees and cover other eligible expenses during business downturn or temporary shutdown during the pandemic, and can be 100% forgiven if certain requirements are met.

You are an eligible business if you are:

  • A small business with no more than 500 employees, or if a business with multiple locations no more than 500 employees per location
  • An independent contractor, eligible self-employed individual or sole-proprietor
  • A 501(c)(3) non-profit
  • A 501(c)(19) Veterans Association that meets the SBA size standard
  • A Tribal business concern that meets the SBA size standard
  • An eligible 501(c)(6), housing cooperative or eligible destination marketing organization that employs no more than 300 employees
  • A certain news organization that employs no more than 500 employees per location
  • In operation on February 15, 2020

You are also eligible for a Second Draw PPP loan if you:

  • Have less than 300 employees, or if a business with multiple locations no more than 300 employees per location
  • Have had gross revenue reduction of 25% year-over-year for any quarter of 2020 (forgiveness amounts for a First Draw PPP loan are excluded for calculation of gross receipts)
  • Have used or will use the full amount of your First Draw PPP loan on or before the expected date of disbursement of the Second Draw PPP loan
  • Have spent the full amount of the First Draw PPP loan on eligible expenses under PPP rules.

Paycheck Protection Loans can be made for up to 2.5 times the borrower’s average monthly payroll costs (or 3.5 times for NAICS codes beginning with 72), as defined by the final rule. Forgiveness is based on what the borrowed funds were spent on, and the number of employees on payroll or rehired prior to June 30, 2020.

Please visit the SBA website for more information on the Payroll Protection Program.

Forms & Worksheets

Please fill out the following documents and send to us along with supporting documentation (payroll documentation, insurance invoices, 401k contributions, etc.) to [email protected], fax to 607-898-5085, or drop off at our drive-thru locations. Call with any questions at 607-898-5871.

Loan applications & forms:

Forgiveness applications & forms