PPP is Live – You may access the site here: Get Started – Apply Now
Congress approved $285 billion for Paycheck Protection Program (PPP) loans for small businesses. Please see the highlights of what we know, we will share additional details as we learn more:
- First time borrowers. In general, borrowers can have no more than 500 employees and their business must have been in operation as of February 15, 2020. The first loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $10 million loan maximum.
- Second-time borrowers. Businesses can apply for a second PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, borrowers can have no more than 300 employees. The second loan can be up to 2.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- Accommodations and Food Services companies with NAICS code 72 can borrow up to 3.5 times the business’ average monthly payroll costs, up to a $2 million loan maximum.
- All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019.
- Businesses can apply for a second loan whether or not they have requested Forgiveness.
- These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov.
- You may want to contact your accountant, attorney or other trusted advisors.
We will not accept any emailed or walk-in application forms.
- Fresno First Bank will use a new online application process for this round of PPP.
- Keep checking back here for updates.
- Google Chrome is the best browser to use while completing your application.