Paycheck Protection Program

Important Notice (January 14, 2021)

Congress recently authorized an additional $284.6 billion of funding for the Paycheck Protection Program (PPP). We will assist Great Southern customers participating and will begin accepting First Draw and Second Draw PPP Loan applications on Tuesday, January 19, 2021.

 
We're Here to Help

We understand the financial concerns many businesses throughout our communities are experiencing related to the COVID-19 pandemic. We are committed to assisting our business customers who are navigating these uncertain times.

The Paycheck Protection Program (PPP) provides emergency financial support to small businesses using federally-guaranteed loans through the Small Business Administration (SBA). These loans may be eligible for forgiveness contingent upon how the loan proceeds are used by the borrower. For specific information about the forgiveness requirements, please visit the SBA’s PPP web page.


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. 

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: 


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, March 31, 2021.


How to Apply

Given the high volume on interest in this program, please allow additional time for processing your application. We're working alongside the Small Business Administration to assist our customers as quickly as possible. Thank you for your patience.
 

You should gather all of the information and documentation required for the application process in advance. Here's what to do:

  1. Review our Paycheck Protection Program Checklist [PDF 511.3 KB] for detailed information about required documentation and information.
  2. Complete the Paycheck Protection Program Application [PDF 266.5 KB].
  3. To begin processing your application, you must have gathered all of the required documentation listed on the checklist above and completed the application in full. Missing documentation or an incomplete application will likely result in delays. Once all documents are gathered and your application is complete, contact the Banking Center nearest you or your lender to discuss next steps.


Additional Information

US Treasury – PPP Information
Small Business Administration – PPP Information