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Paycheck Protection Program (PPP) Loans

PPP applications are no longer being accepted due to Small Business Administration (SBA) funding being exhausted.

As the coronavirus pandemic challenges our communities, First Bankers Trust Company remains strong and is there for you, continuing to support the everyday lives of individuals and small businesses.

The U.S. SMALL BUSINESS ADMINISTRATION (SBA) offers the Paycheck Protection Program (PPP) and First Bankers Trust is here to help your business through the process.


  • Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) funding has been exhausted and the application portal has stopped accepting applications.
  • Generally, the same terms and conditions available under “First Draw PPP”
    • Max loan amount is $2,000,000, aggregate of a corporate group is $4,000,000
    • 100% SBA guarantee
    • No collateral
    • No Personal guarantees
    • Interest Rate is 1.00%
    • Maturity is 5 years
  • SBA guarantee new “Second Draw PPP” through 03/31/21
  • Eligibility requirements for “Second Draw PPP”
    • Borrowers must have used or will use the full amount of the First Round PPP loan for authorized purposes on or before the expected date of disbursement of a Second Round PPP.
    • Borrower must have experienced a revenue reduction of 25% or greater during the 1st, 2nd 3rd, or 4th quarter in 2020 relative to 2019.  Calculated using borrower’s gross receipts for one quarter in 2020 compared to the corresponding quarter in 2019.
    • 300 employees or less (per location single business entity)
  • Loan Amount Calculation
    • Loan amount is based on payroll costs for calendar year 2019 or calendar year 2020 (12-month period prior to loan origination).
    • Max loan amount is 2.5 months of payroll costs, except borrowers with NAICS code beginning with the numbers 72 max loan amount is 3.5 months of payroll costs
    • Eliminate the provision for refinancing EIDL loans.
    • Farmers and ranchers maximum loan amount: any employee payroll costs should be subtracted from the farmer’s and rancher’s gross income to avoid double-counting amounts that represent pay to the employees of the farmer or rancher.


  • Application and documentation requirements
    • Same as First Round PPP
    • No additional payroll documentation if applicant is using 2019 figures that was used to determine the First Round PPP.
    • Returning Borrowers from the First Round of PPP Loans will have a quicker application process due to the bank having the financial information from the First Round.
    • Applicant must submit documentation adequate to establish a revenue reduction of 25% or greater in 2020 relative to 2019.  Such documentation may include relevant tax forms and/or Quarterly financial statements.
    • For reference: NAICS Sector 72: Accommodation and Food Services codes

The first iteration of the SBA program provided cash flow assistance through 100% federally guaranteed loans to small employers who maintain their payroll during the crisis. The size of the loans would equal 250% of an employer’s average monthly payroll up to a maximum loan amount of $10 million. Covered payroll costs include salary, wages, and payment of cash tips, employee group health care benefits, including insurance premiums, retirement contributions and covered leave. More information is available here.

The SBA’s EIDL Program provides eligible small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue. More information and applications can be accessed here.


Learn more about other state and local opportunities and options for your business by visiting our small business page


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