When the Paycheck Protection Plan (PPP) program was introduced, we knew that as a community-focused bank it was our duty – and our privilege – to help the businesses in our community get access to critical funding that would assist them through this challenging time.
With the high demand for PPP funds, it is expected this money will be exhausted prior to the May 31, 2021 deadline. We encourage all interested in applying for a PPP loan through Intercity State Bank do so as soon as possible.
First Draw – available for those borrowers that did not participate in the 2020 PPP loan program.
- Funds may be used to help fund payroll costs, including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
- Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees can apply.
- Top-line Overview of First Draw PPP
Second Draw – available to certain eligible borrowers that previously received a PPP loan.
- Borrower must have spent the full amount of its First Draw PPP Loan on eligible expenses under the PPP rules to be eligible for a Second Draw PPP Loan.
- Borrower must have experienced a revenue reduction of 25% or more in any quarter or in total from 2019 to 2020.
- Maximum loan amount and increased assistance for accommodation and food service businesses: For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
- Top-line Overview of Second Draw PPP
Application Submission Checklist:
- Complete and sign application.
First Draw – 2483-First Draw Borrower App
Second Draw – 2483 SD-Second Draw Borrower App - Prepare supporting documentation.
- Payroll costs.
- Reduction in gross receipts (for second draw loans).
- Submit application and supporting documentation using secure upload here.
Information on existing PPP Loan Forgiveness:
- PPP Loans Under $50k: https://conta.cc/3lFNgwP
- PPP Loans Over $50k: https://conta.cc/352V4BX
If you have any questions, please do not hesitate to contact your business banker listed on the right of this page or email us here.
Additional Resources
Along with the Paycheck Protection Plan, there are two programs that will aid small business owners:
Restaurant Revitalization Fund: The Small Business Association recently announced the Restaurant Revitalization Fund. This funding is not available through Intercity State Bank. Information can be found here.
The American Rescue Plan Act: The program provides grants to entities that had previously applied for the program under the CARES Act but did not receive all or a portion of their $10,000 grant.
Eligibility requirements are as follows:
- The entity has been in operation since at least January 31, 2020
- The entity employs not more than 10 employees
- The entity has been directly affected by the COVID-19 pandemic
- The entity is located in a low-income community
- The entity has suffered an economic loss greater than 50%
Click here for information and all applications.
