Providing funding to help businesses during COVID-19
Paycheck Protection Program (PPP) Funding Has Been Extended
Is your business in need of Paycheck Protection Program Funding (PPP)? One Community Bank can now help you apply for and obtain PPP funds from the SBA.
Funding has been extended to May 31, 2021. Contact us today for assistance!
PPP Loans - Funding to Help Your Business During COVID-19
The Paycheck Protection Program (PPP) is a loan program from the Small Business Association (SBA) that helps businesses maintain employees on their payroll during COVID-19. This funding can help you and your employees during these challenging times. The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.
One Community Bank is currently accepting applications for both first and second draw requests. The details of each are outlined here, as well as in the overview document link provided by the SBA.
First Draw – available to those businesses that did not participate in either of the first two rounds of PPP.
- Funds may be used to help fund payroll costs, including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
- Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees can apply.
- Top-Line Overview of First Draw PPP Loans
- Schedule C Using Gross Income – First Draw
- PPP Loan Application – First Draw
Second Draw – available to certain eligible borrowers that previously received a PPP loan and has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower.
- Borrower must have spent the full amount of its First Draw PPP Loan on eligible expenses under the PPP rules to be eligible for a Second Draw PPP Loan.
- Borrower must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019.
- Top-Line Overview of Second Draw PPP Loans
- Schedule C Using Gross Income – Second Draw
- PPP Loan Application – Second Draw
One Community Bank, Your Resource for PPP Loans
One Community Bank’s commercial lending team helped hundreds of businesses during previous PPP funding rounds, and as a result, our business bankers are experts who understand the details of the program. You’ll receive personal attention, careful guidance on the application process, and quick answers to your questions. As a community bank, we are deeply committed to serving local businesses that contribute to our communities. Let us help your business too.