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
- Overview of First Draw PPP Loans [PDF 144 KB]
- Great Southern Borrower Checklist for First Draw PPP Loans [PDF 135 KB]
- SBA First Draw Borrower Application [PDF 413 KB]
Second Draw PPP Loans
- 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.
- Overview of Second Draw PPP Loans [PDF 121 KB]
- Great Southern Borrower Checklist for Second Draw PPP Loans [PDF 178 KB]
- SBA Second Draw Borrower Application [PDF 488 KB]
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
You should gather all of the information and documentation required for the application process in advance. Here's what to do:
- Review our Paycheck Protection Program Checklist [PDF 511.3 KB] for detailed information about required documentation and information.
- Complete the Paycheck Protection Program Application [PDF 266.5 KB].
- 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.