COVID-19: Paycheck Protection Program

Paycheck Protection Program Update:

The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, provides additional Paycheck Protection Program (PPP) funding, and a mechanism for requesting a second PPP loan, and alters forgiveness rules for currently outstanding PPP loans.

The Small Business Administration has issued implementing and interpreting regulations. Click here for more information regarding second PPP loan requirements and forgiveness.

Whether this is your first time applying for PPP, or your second round, please review the latest Supporting Documents Checklist and 2021 PPP Origination Quick Guide, which shows a side-by-side comparison of the first and second PPP loan general guidelines along with required documents you will need based on the application type you will be submitting for your business.

If you are interested in applying for the SBA Paycheck Protection Program, please click Get Started below.

Here's what you need to know to apply:

Getting Started

  1. You must be a business client of our bank.
  2. If you are applying for a second PPP loan, you must be a business with 300 or fewer employees or are otherwise eligible under the PPP guidelines.
  3. This must be your first PPP loan or you have used the full amount of your first PPP loan on eligible expenses.
  4. For second draw PPP loans, you must demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter gross receipts.
  5. Select Get Started below.

Please Note:

  • Applications will only be available via our online application portal while PPP funding is available.
  • Applications will not be accepted by our branches or call centers.


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Opportunity for a Second PPP Loan

  • Generally, businesses will be eligible for a second round of PPP loan if:
    • It employs not more than 300 employees;
    • Has used, or will use, the full amount of any first PPP loan on eligible expenses; and
    • Demonstrates at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter.
  • The amount of second round PPP loans will generally be 2.5x average monthly payroll costs (except for certain industries like restaurants and accommodations) and will be capped at $2,000,000.
  • Second round PPP expands eligibility to additional types of non-profits, news organizations, destination marketing organizations and others.
  • Still requires that PPP loan funds be used for eligible expenses, but expands the types of eligible expenses to include:
    • Covered expenditures for operations. Payment for any software, cloud computing, and other human resources and accounting needs.
    • Covered property damage costs. Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
    • Covered supplier costs. Payments to a supplier pursuant to a contract, purchase order, or order for goods that was in effect prior to taking out the loan and was essential to the recipient's operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
    • Covered worker protection expenditure. Investments in personal protective equipment and other adaptive costs to help a loan recipient comply with federal health and safety guidelines or any equivalent State and local guidance related to COVID-19 during the period between March 1, 2020, and the end of the national emergency declaration.
  • To achieve full forgiveness, 60% of the PPP loan must still be used for eligible payroll expense.
  • The SBA will provide a simplified second round application process for PPP loans of $150,000 and less.