Paycheck Protection Program Loans Round 2

Expand All  |  Collapse All

• First Draw PPP Loans
  • Borrowers who meet all SBA PPP eligibility requirements are eligible to apply for a PPP loan even if they did not receive a PPP during the initial offering in 2020.  
• Second Draw PPP Loans
  • In addition to providing for new PPP loans for first-time borrowers, the legislation also allows certain existing PPP borrowers to receive a "second draw" PPP loan if they have used all of their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a year-over-year revenue reduction of at least 25% measured using either corresponding calendar quarters or annually.
• To Apply For A PPP Loan at First National Bank

  ● Complete the required SBA Form:

  • SBA Form 2483 (First Draw PPP)
  • SBA Form 2483-SD (Second Draw PPP)

  ● Provide acceptable documentation to verify the average monthly payroll costs to confirm requested PPP loan amount.

  ● Provide acceptable documentation to verify the revenue reduction numbers used to calculate the 25% revenue reduction required to be eligible for a second draw PPP loan.

  Once you have completed the appropriate application, please:

  ● Print the form.

  ● Sign and initial the form.

  ● Scan the form.

  ● Save to your computer.

  ● Name your files with your company name and the type of document you are sending.

  Examples:

  ABC Company Forgiveness Application

  ABC Company Payroll Documentation

  ABC Company Business Rent Expenses

  ● Save in PDF format.

  Your application, submission of required documents, and follow-up correspondence should be submitted to the bank through our secure ShareFile Portal accessed by clicking here. For instructions on how to submit documents through the secure portal, click here.

• Forgiveness of Your PPP Loan with First National Bank

  While the deadline to file for loan forgiveness is still months away, we would like to provide you with the most recent applications for forgiveness as well as explain the current forgiveness process. 

  As of today, there are currently three different PPP loan forgiveness applications:

  1. SBA Form 3508S (Most Common) Use this application if your loan amount is $150,000 or less. This form will be the main form for the majority of borrowers. The instructions for the 3508S form include the detail on supporting documents that must be submitted to show proof that the funds were used for acceptable PPP purposes.
  2. SBA Form 3508EZ Use this application if you are able to answer “yes” to any of the questions in the first section of the Application Form EZ Instruction form on page 5 of PDF. The instructions section has 2 questions to answer that determine your ability to complete Form 3508 or Form 3508EZ and information that will need to be submitted with each loan forgiveness application
  3. SBA Form 3508 Use this application if you are unable to answer “yes” to any of the questions in the first section of the Application Form Instruction form. The instructions for Form 3508 include guidance on calculating FTE’s and preparing schedule A table 1 and table 2. It also includes instructions for calculating the FTE Reduction Quotient

   

  Once you have completed the appropriate forgiveness application, please:

  ● Print the form.

  ● Sign and initial the form.

  ● Scan the form.

  ● Save to your computer.

  ● Name your files with your company name and the type of document you are sending.

  Examples:

  ABC Company Forgiveness Application

  ABC Company Payroll Documentation

  ABC Company Business Rent Expenses

  ● Save in PDF format.

  Your application, submission of required documents, and follow-up correspondence should be submitted to the bank through our secure ShareFile Portal accessed by clicking here. For instructions on how to submit documents through the secure portal, click here.
• Our PPP Loan Program is Digital
  • Your application, submission of required documents, and follow-up correspondence should be submitted to the bank through our secure ShareFile Portal accessed by clicking here. For instructions on how to submit documents through the secure portal, click here.