You are eligible for a First Draw PPP loan if:
- Together with any affiliates (if applicable), are:
- a small business concern under the applicable revenue-based size standard established by SBA in 13 C.F.R. 121.201 for your industry or under the SBA alternative size standard;
- an independent contractor, eligible self-employed individual, or sole proprietor;
- a business concern, a tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC), a tax-exempt veterans organization described in section 501(c)(19) of the IRC, a Tribal business concern described in section 31(b)(2)(C) of the Small Business Act, and you employ no more than the greater of 500 employees or, if applicable, the size standard in number of employees established by SBA in 13 C.F.R. 121.201;
- a housing cooperative, an eligible section 501(c)(6) organization, or an eligible destination marketing organization , that employs no more than 300 employees;
- a news organization that is majority owned or controlled by a NAICS code 511110 or 5151 business or a nonprofit public broadcasting entity with a trade or business under NAICS 511110 or 5151, that employs no more than 500 employees (or, if applicable, the size standard in number of employees established by SBA in 13 C.F.R. 121.201 for your industry) per location; or
- another type of entity specifically provided for by PPP rules (as described below); and
- You were in operation on February 15, 2020, and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC or you were an eligible self-employed individual, independent contractor, or sole proprietorship with no employees; and
- Employ fewer than 500 employees; and
- Have not received a prior PPP loan.
Please download and complete the PPP Application Form. Then, please upload with the required supporting documents that are listed below.
Our priority will be to serve our existing customers. If you are not a current customer of First State Bank, we may not accept your application. Completed applications will be processed in the order received.
Required Supporting Documents:
- For businesses with Employees
- Payroll Documentation: Form 941 and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or 2020 (whichever you used to calculate the loan amount), or equivalent payroll processor records
- Retirement and health insurance contributions paid by the employer
- Sole Proprietors must also provide a copy of their 2019 or 2020 Form 1040 Schedule C
- Farmers and Ranchers must also provide a copy of their 2019 or 2020 Form 1040 Schedule F
- For Sole Proprietors without employees
- Sole Proprietors must provide a copy of their 2019 or 2020 Form 1040 Schedule C
- Farmers and Ranchers must provide a copy of their 2019 or 2020 Form 1040 Schedule F
- The Loan Amount will be based upon 2.5 months* of your average monthly payroll for 2019 OR the preceding 12-months. The maximum loan amount is $10 million or $20 million per affiliated group.
- Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care or group life, disability, vision, or dental insurance, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation.
- Annual wages and salaries are capped at $100,000 per employee. (Also capped at $100,000 annually for Sole Proprietors and Farmers.)
Subject to credit approval and program guidelines. SBA loans are subject to SBA eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded.