Paycheck Protection Program

Important Notice - PPP applications now accepted through May 26, 2021

Through the PPP Extension Act of 2021, the SBA Paycheck Protection Program (PPP) deadline has been extended to Monday, May 31, subject to the availability of funds. The program will end when the remaining funds have been exhausted, so borrowers shouldn't wait to apply. 

To ensure that our customers will have a greater likelihood of getting SBA approval before the PPP expires, we cannot accept PPP applications after May 26, 2021, due to internal processing time requirements. We are working diligently to process the applications we have received. If you have an application in process, please monitor your email for updates and further instructions.


Who Can Apply

Available to small businesses with 300 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible. 

When to Apply

We will begin accepting First Draw and Second Draw PPP Loan applications on Tuesday, January 19, 2021. We will accept applications through Wednesday, May 26, 2021.


First Draw PPP Loans

First Draw PPP Loans are available to small business owners who have not previously received a PPP Loan. Here are some resources to help you get started:


Second Draw PPP Loans

Second Draw PPP Loans are available to small business owners who have previously received a PPP Loan. A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
 
  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Here are some resources to help you get started: 


Loan Forgiveness

With the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), changes were made to the forgiveness process for PPP loans and might affect your forgiveness application.

  1. If you have applied for forgiveness before December 27, 2020, there is no other action needed, unless an equity owner of the Business is a Covered Individual, defined as a member of Congress, the President, Vice President, head of a US Executive Department, or a spouse of any of the preceding people. If this applies to your situation and you have previously applied for forgiveness, you will need to submit the PPP - Borrower's Disclosure of Certain Controlling Interests to us immediately.
  2. For those who have not previously applied for forgiveness, the forgiveness application forms have changed. For many borrowers with loans less than $150,000, the process is done through a simplified form, which we will provide to you.
Instructions and new forms are being shared via our online GSB Lending Portal. Here is some additional information:


Additional Information

Directly through the Small Business Administration, small businesses may apply for assistance through the Economic Injury Disaster Loan (EIDL), Shuttered Venue Operators Grant (SVOG), or Restaurant Revitalization Grants programs. Visit www.SBA.gov for more information on these programs administered through the Small Business Administration.