Did you borrow PPP money for your business this year? If so, this is the blog for you! There have been a lot of questions regarding this very topic and our bank at the Lake of the Ozarks wants to do our best to clear up any confusion and share the latest information as we receive it. On that note, please keep reading this week's blog to learn the latest information regarding the PPP loans. If you end up having any questions, please email our PPP support team at pppsupport@firstbanklake.com. Remember First Bank of the Lake puts YOU first.
ATTENTION: Borrowers Who Received a First Draw (PPP1) Loan in Calendar Year 2021.
Great News! The PPP Extension Act has been signed into law. The new act extends the PPP application deadline through May 31, 2021 or until the funds for the program are exhausted, whichever comes first.
Please remember, eligibility rules for a Second Draw (PPP2) loan, as defined by the SBA, state that:
• You must employ fewer than 300 employees
• Demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019.
• Your Covered Period must be between 8 and 24 weeks and cannot overlap between your PPP1 loan and your PPP2 loan; therefore, you will only be able to apply for a PPP2 loan 8 weeks after disbursement of your PPP1 loan.
• You may only receive a PPP2 loan if you have used, or will use, the full amount of your PPP1 loan on or before your PPP2 loan is disbursed. Plan ahead!
As such, until all of these conditions are met, your lender will not be able to proceed with processing your Second Draw (PPP2) loan.
Have Any Questions About PPP?
We understand that this was a lot of information. If you have any questions, please do not hesitate to email our support team. Again. they can be reached at pppsupport@firstbanklake.com. To stay up to date on the latest PPP information we are announcing, please follow us on our social media channels listed below.
Member FDIC.
4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065
(573) 348-2265
No comments:
Post a Comment