Paycheck Protection Program
We are now accepting Forgiveness requests for 2020 and 2021 PPP Loans.
Please click the link below for a helpful list of documents you will need to have during the sign up process.
To Our Valued Customers:
On December 27, 2020, the United States Congress approved $284.52 billion to continue the Paycheck Protection Program (“PPP”). This round will offer loans to both first time borrowers as well as returning borrowers who had previously received a PPP loan.
Below are some highlights of the new program:
- Both new and returning borrowers may be eligible
- To be eligible, the business must have been in operation since February 15, 2020
- Maximum loan amount for this round is $2,000,000 and remains based on a formula of 2.5x average monthly payroll, however, for some industries (e.g., hotels, restaurants, caterers) that multiple will be 3.5x average monthly payroll
- Second time borrowers may be eligible if they have:
- fewer than 300 employees,
- sustained a 25% drop in revenue in at least any one quarter in 2020 vs. the same quarter in 2019, e.g., 2Q 2020 revenues were at least 25% lower than 2Q 2019, and
- used all original PPP loan proceeds
- List of eligible expenses has been expanded
- Borrowers may choose the length of their forgiveness covered period ranging from eight- to 24-weeks from their loan origination date
We look forward to facilitating your PPP loan request and thank you for placing your trust in CFSB.