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Paycheck Protection Program (PPP)

Supporting our business members with PPP loan application and forgiveness guidance

The new coronavirus relief and stimulus package signed on December 27, 2020, provides an additional $284 billion in Paycheck Protection Program (PPP) loans, and the program has been extended to March 31, 2021, or until funding runs out.

Information is broken out on this page for first-time and second-time applicants.

Please note that additional terms, conditions, and rules may apply.  For full details, please refer to the Interim Final Rules on the U.S. Department of the Treasury’s website.

first-time PPP loan applicants

For those who have not applied for a PPP loan previously, please expand the dropdown questions below to learn more about the process.

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply.

Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

YOU MUST NOT HAVE PREVIOUSLY RECEIVED A PPP LOAN.

There are two ways to calculate the loan amount for your PPP loan application:

  1. If you are an accommodations or restaurant business, you may request up to 3.5x your average monthly payroll amount.
  2. If you do not fall into the category described above, then you may request up to 2.5x your average monthly payroll amount.

Note that at least 60 percent of the PPP loan proceeds must be used for payroll costs.

  1. Payroll costs (as defined in the CARES Act, Economic Aid Act and the interim final rule)
  2. Costs related to the continuation of group health care, life, disability, vision, or dental benefits during periods of paid sick, medical, or family leave, and group health care, life, disability, vision, or dental insurance premiums;
  3. Mortgage interest payments (but not mortgage prepayments or principal payments) as well as interest payments on any other debt obligations that were incurred before February 15, 2020
  4. Rent & Utility payments interest payments on any other debt obligations that were incurred before February 15, 2020
  5. Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020
  6. Covered operations expenditures (payments for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses)
  7. Covered property damage costs (costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation)
  8. Covered supplier costs (expenditures made by a borrower to a supplier of goods for the supply of goods that—(A) are essential to the operations of the borrower at the time at which the expenditure is made; and (B) are made pursuant to a contract, order, or purchase order that was in effect prior to the covered loan period. If perishable, the order may have occurred at any time before or during the covered period.)
  • Interest: 1%, fixed for the life of the loan
  • Term: 5-year term; payments are not required until loan forgiveness
    has been determined
  • Fees: No fees
  • Loan forgiveness: All or a portion of the loan may be forgiven if the business complies with rules regarding usage of the funds
  • Collateral: Collateral or personal guarantees are not required

For additional loan details, please visit the links below from the Department of the Treasury’s website:

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

https://home.treasury.gov/system/files/136/PPP-IFR-Paycheck-Protection-Program-as-Amended-by-Economic-Aid-Act.pdf

To begin the application process:

  1. Click the “Begin the Application Process” button below to email our business lending team to request a 1st draw application.
  2. In the email, please include your name, your official business name, and the best number where we can reach you.  Please do not include other account information.
  3. You will then receive a secure email from Reliant’s business lending team with the application and further instructions attached.
Begin the Application Process

second-time PPP loan applicants

If you received a PPP loan in the first round during 2020 and would like to apply again, please expand the dropdown questions below to learn more about the process.

Any eligible entities* that:

  1. Received a PPP loan during the first funding round in 2020
  2. Are able to demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019. This is calculated by comparing your quarterly gross receipts for one quarter in 2020 with your gross receipts for the corresponding quarter of 2019, or your annual gross receipts for 2020 with your annual gross receipts of 2020.
  3. Have used the full amount of their first PPP loan for authorized uses by the expected date of disbursement of the second draw PPP loan
  4. Have 300 or fewer employees. If you are an employer in accommodation or food services (NAICS code starting with 72), you may have 300 employees at each of your business’s physical locations.

*Eligible entities include for-profit businesses, nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.

Up to 2.5x your business’s average monthly payroll costs, up to $2 million.

Accommodation and food services businesses (NAICS codes starting with 72) can borrow up to 3.5x the business’s average monthly payroll costs, up to $2 million.

Note that at least 60 percent of the PPP loan proceeds must be used for payroll costs.

  1. Payroll costs (as defined in the CARES Act, Economic Aid Act and the interim final rule)
  2. Costs related to the continuation of group health care, life, disability, vision, or dental benefits during periods of paid sick, medical, or family leave, and group health care, life, disability, vision, or dental insurance premiums
  3. Mortgage interest payments (but not mortgage prepayments or principal payments), as well as interest payments on any other debt obligations that were incurred before February 15, 2020
  4. Rent & Utility payments
  5. Interest payments on any other debt obligations that were incurred before February 15, 2020
  6. Refinancing an SBA EIDL loan made between January 31, 2020, and April 3, 2020
  7. Covered operations expenditures (payments for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses)
  8. Covered property damage costs (costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that were not covered by insurance or other compensation)
  9. Covered supplier costs (expenditures made by a borrower to a supplier of goods for the supply of goods that—(A) are essential to the operations of the borrower at the time at which the expenditure is made; and (B) are made pursuant to a contract, order, or purchase order that was in effect prior to the covered loan period. If perishable, the order may have occurred at any time before or during the covered period.)
  • Interest: 1%, fixed for the life of the loan
  • Term: 5-year term; payments are not required until loan forgiveness
    has been determined
  • Fees: No fees
  • Loan forgiveness: All or a portion of the loan may be forgiven if the business complies with rules regarding usage of the funds
  • Collateral: Collateral or personal guarantees are not required

For additional loan details, please visit the links below from the Department of the Treasury’s website:

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

https://home.treasury.gov/system/files/136/Interim-Final-Rule-Paycheck-Protection-Program-Second-Draw-Loans.pdf

To begin the application process:

  1. Click the “Begin the Application Process” button below to email our business lending team to request a 2nd draw application.
  2. In the email, please include your name, your official business name, and the best number where we can reach you.  Please do not include other account information.
  3. You will then receive a secure email from Reliant’s business lending team with the application and further instructions attached.
Begin the Application Process

Disclosures

The information presented here should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.