In late 2020, Congress allocated an additional $284 billion to the Paycheck Protection Program, a forgivable loan program established by the CARES Act. Community financial institutions (like Central National Bank) are able to begin submitting loan applications on Wednesday, January 13th. If you are interested in applying for a second loan, please review the information provided below.
If you received a PPP loan through Central National Bank in 2020, your business may be eligible to apply for additional funds. While many of the same terms apply from the first round of PPP loans, in order to be eligible for a second PPP loan, your business must 1) currently be in operation, 2) have fewer than 300 employees, and 3) have experienced a 25% reduction in revenue during 2020. To meet this eligibility requirement, you must meet one of the criteria below:
- Your 2020 annual revenue was 25% less than your revenue in 2019.
- You experienced a 25% reduction in any one quarter (in 2020) compared to that same quarter in 2019. For example, your 2Q 2019 revenue was $100,000 and your 2Q 2020 revenue was $75,000 (or less).
Application Process and Timeline
If you received a PPP loan through Central National Bank in 2020, we will soon be ready to receive and process your 2nd Draw PPP loan request. Here’s what you will need to do:
- Download and complete the SBA application (SBA Form 2483-SD).
- Gather your revenue information. When you submit your completed SBA application to us, we will need supporting documentation (tax forms, financial statements) that proves your revenue figures.
- Once you’ve addressed #1 and #2, please complete our 2nd Draw PPP Loan Submission Form. Part of the form includes an area where you can upload the SBA application and the supporting documentation.