SBA Paycheck Protection Program Second Draw Loan with Bank of Clarke County

January 22, 2021

Thank you for your interest in the Paycheck Protection Program.

On January 7th, 2021 the SBA provided financial institutions with the Interim Final Rule for changes to the Paycheck Protection Program to allow for New PPP Loans under the “First Draw” loan program and Second Draw of PPP loans to businesses who have used the funds from the PPP Loan program last year, and who also have experienced a 25% decline in quarterly revenue from any quarter in 2019 to 2020 (other conditions apply).

We are accepting applications for both new First Draw PPP Loans, and Second Draw PPP loans for existing clients of the Bank, and new businesses in our geographic area who would like to establish a banking relationship with us.

If you have questions about the program or an interest in applying, please email PPP2ndDraw@BankofClarke.com. We will then send an invitation to apply with a link to do so by email.

The program is currently set to expire on March 31st, 2021, although we cannot estimate how long the funding will last.

We recommend reviewing the application requirements on the SBA website and the documentation that will be required with professional advisors such as your CPA, Bookkeeper, Payroll Provider and/or Attorney to pre-determine your eligibility and maximum loan amount in advance of any application.

Please note that due to the high-volume requests for new and incremental PPP money, the Bank will be postponing acceptance of any new PPP forgiveness applications until February 8th. Please visit this page for further information.

This information is subject to change.

Link to the SBA’s Interim Final Rule  for the new PPP Second Draw Loans: https://www.sba.gov/document/policy-guidance-ifr-paycheck-protection-program-ppp-second-draw-loans?utm_medium=email&utm_source=govdelivery

 

Thank you,
Bank of Clarke County

PPP Loan App Checklist


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