SBA Paycheck Protection Program
Update on January 19th, 2021
The SBA is accepting PPP first and second draw loan applications. Algonquin State Bank is a U.S. Small Business Administration (SBA) approved lender. Our experience with the first round has prepared us to help guide you through the SBA’s application process and we are dedicated to assisting you. We understand how important these SBA funds are to your business and we appreciate you placing your trust in Algonquin State Bank.
First-Time PPP Borrowers
The SBA has authorized additional funding for eligible businesses that have not yet received PPP loans, under similar criteria from the initial round:
- Businesses and entities in operation on February 15, 2020.
- Small businesses, 501(c)(3) nonprofits, 501(c)(19) veterans’ organizations or tribal business concerns that have fewer than 500 employees or otherwise meet the SBA size standard.
- Businesses in the accommodation and food service sector that employ 500 or fewer employees per physical location.
- Entities such as housing cooperatives, tax-exempt “business league” organizations under Internal Revenue Code section 501(c)(6), news organizations, and destination marketing organizations are now eligible, subject to additional requirements.
PPP Second Draw Loans
In addition to funding for first-time borrowers, eligible businesses will be able to apply for a second loan through the program, capped at $2 million. Businesses must meet criteria for a second loan, including:
- They have used the full amount of their first PPP loan.
- Businesses have fewer than 300 employees.
- Experienced at least a 25% reduction in gross receipts in any quarter in 2020 when compared against certain past quarterly results.
How To Apply
Download the form by clicking the link below. Completed forms can be dropped off at any Algonquin State Bank branch drive-up. Or please call
847-658-4535 to request a Secure Email Link to be sent to you that you can use to submit the documents electronically.
- 1. Download and fill out the PPP Second Draw Borrower Application Form
- 2. Must also send in gross receipts per quarter for 2019 vs 2020
- 3. Must also include completed Forgiveness Application from the first draw
The SBA has issued guidance, provided forms and has started to establish the process for businesses to apply for loans or relief. Please feel free to review this in order to begin your process, but also know that details are subject to change.
- The SBA and Treasury PPP pages
- Top-Line Overview of First Draw PPP Loans
- Top-Line Overview of Second Draw PPP Loans
- Guidance for minority-, underserved-, veteran- and women-owned businesses
WE ARE HERE TO HELP YOU
For help or any questions, please call 847-658-4535 or submit your contact information by clicking here.