Please review for the most up-to-date information on the Paycheck Protection Program. This program provides $284 billion for businesses across the country and is available to those who participated in the PPP program last year as well as new participants.
It is very important to review the detailed information below PRIOR to applying for your loan to ensure your application can be processed quickly.
Per SBA guidance, to avoid covered periods overlapping, PPP loan clients are required to wait a minimum of 8 weeks after receiving their first draw loan funds before applying for the PPP second draw loan funds.
The SBA recently changed the Paycheck Protection Program to allow borrowers that file IRS Form 1040 Schedule C to utilize gross income in their loan calculations. Please note: the SBA published rules stating any loan already approved and/or funded cannot be retroactively increased to take advantage of this change. These application links are only for new PPP First and Second draw loans.
The information represents a high-level comparison of the two programs. Borrowers are encouraged to review the Interim Final Rules released by the SBA on 01/06/2021 for complete information.
|Requirements||PPP First Draw Loans||PPP Second Draw Loans|
Employ no more than 500 employees
Employ no more than 300 employees
|Revenue Loss Proof||
For loans $150,000 and less, certiﬁcation at application, provide supporting documentation at forgiveness application (comparable tax returns).
|Other Documentation||Documents to support the loan amount and proof business was active on 2-15-2020 (see IFR released 1-6-2021 for details).||Documents to support the loan amount and proof business was active on 2-15-2020 (see IFR released 1-6-2021 for details). If using same lender, borrower does not resubmit information already on ﬁle from the PPP 1st Draw Loan.|
|Eligibility||Businesses, certain non-proﬁts, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, and independent contractors. Religious organizations and ag related businesses are also eligible (IFR released 1-6-2021 details eligibility more speciﬁcally).||Businesses, certain non-proﬁts, housing cooperatives, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small ag cooperatives. Religious organizations are also eligible (IFR released 1-6-2021 details eligibility more speciﬁcally).|
Any businesses not included above including businesses on the existing SBA list of ineligibles (IFR released 1-6-2021 details eligibility more speciﬁcally).
|Lobbying organizations, think tanks, afﬁliated with People's Republic of China, entities who received a grant under the Shuttered Venue Operator Grant program. Companies not in operation on 2-15-2020 are not eligible (other eligibility criteria on ﬁrst draw loans also apply).|
|Franchises||Must be listed on SBA franchise registry||Must be listed on SBA franchise registry|
|Maximum Loan Amount
NAICS Code 72
|2.5X average monthly payroll
2.5X average monthly payroll
$10 million is maximum loan amount
|2.5X average monthly payroll
3.5X average monthly payroll
$2 million is the maximum loan amount
|How to Calculate Loan Amount Seasonal||Refer to IFR released 1-6-2021 for details or refer to application instructions||Refer to IFR released 1-6-2021 for details or refer to application instructions|
|Multiple Locations||Certain industries can apply maximum employee count to individual locations.||Certain industries can apply maximum employee count to individual locations.|
|Affiliation Rules||SBA affiliation rules generally apply (with certain exceptions).||SBA affiliation rules generally apply (with certain exceptions).|
|Fees||None for lender or borrower
Cannot charge borrower a packaging fee
|None for lender or borrower
Cannot charge borrower a packaging fee
|Term||5 years (early PPP had 2 years until 6-5-2020)||5 years|
|Payments||Deferred until 10 months after the borrower's selected covered period ends.||Deferred until 10 months after the borrower's selected covered period ends.|
|Demographic Information||Optional on application||Optional on application|
|Availability||Ends on 5-31-2021||Ends on 5-31-2021|
|Loan Forgiveness||Spend at least 60% of PPP funds on payroll costs||Spend at least 60% of PPP funds on payroll costs|
|Eligible Costs||Payroll costs, covered mortgage, rent and utility payments, covered operations expenses, covered property damage costs, covered supplier costs and covered worker protection expenses incurred during the covered period. (IFR released 1-6-2021 goes into additional detail)||Payroll costs, covered mortgage, rent and utility payments, covered operations expenses, covered property damage costs, covered supplier costs and covered worker protection expenses incurred during the covered period. (IFR released 1-6-2021 goes into additional detail)|
|Covered period||Borrower may select any covered period between 8 and 24 weeks after origination.||Borrower may select any covered period between 8 and 24 weeks after origination.|
$150,000 and less
$150,001 and above
3508EZ or 3508 long form
3508EZ or 3508 long form
Requirement to deduct repealed
|Requirement to deduct repealed|
|Other||Not applicable||Forgiveness of first draw loan is not required to receive second draw loan.|
Prior to applying for PPP funding from the 2021 Program, we encourage you to read the following information pertaining to program details, such as eligibility and forgiveness, documents needed for the application, and other information provided by the SBA and Treasury Department.
For an overview of 2021 PPP applications, please watch the webinar below by Jeff Magginnis, First Financial Bank's SBA guru.
Even if you are not a current client of First Financial Bank, we’re happy to help you apply for PPP funding. It will be necessary for you to meet with one of our bankers to open a First Financial business checking or savings account, in which the funds from your PPP loan will be deposited, and to establish a relationship. During these challenging times, having a local bank partner who is focused on your needs is important and we welcome the opportunity to help you.
Once your business account is open and active in our system, you’ll be able to apply for the PPP loan using our automated process. It may take 3 to 4 business days to open, validate and fund your account; however, once this part of the process is complete you will be able to use the automated PPP loan process. This allows us to quickly review your application and secure PPP funding in just a few days.
Please be sure to review the PPP eligibility requirements above to make sure your business is eligible. Please know that all businesses must be in the First Financial Bank footprint in Ohio, Kentucky, Indiana and Illinois.
Ready to get started? Complete the short form below, and in the box labeled “Tell us a little more about how we can help,” please be sure to indicate that you are a new customer looking for a PPP loan. A First Financial banker will reach out to you and get the process started. We’re looking forward to getting to know you and helping your business grow.
We look forward to helping you apply for forgiveness of your Paycheck Protection Program loan. We have reopened our automated process which will allow you to complete the PPP loan forgiveness application online and upload any required documents. This will make applying for forgiveness easy and will negate the need for you to complete a paper application from the Department of the Treasury’s website. This automated process can only be used for PPP loans originated in the original program in 2020. You may not apply for forgiveness of a 2021 PPP loan at this time.
You will receive an email with a personalized link which you may use to apply for loan forgiveness. Please login to the portal within 24 hours of the email receipt in order to ensure accessibility. If you do not receive an email, you may visit the portal for access.
Important considerations before you apply for PPP loan forgiveness:
You should only apply for forgiveness once per loan. It is important to read the materials, gather your documents and prepare to complete the forgiveness application ahead of time. If you have any questions, please reach out to our special PPP loan client mailbox SBAForgivenessQuestions@bankatfirst.com.
Please continue to check this page for regular updates. Thank you for choosing First Financial Bank as your financial partner.
First Financial Bank is offering deferment on many loan payments, which provides support and relief to our existing SBA loan clients. In addition, the stimulus relief program provides some relief for some existing SBA borrowers. Be sure to review SBA guidance for the most recent stimulus legislation and debt relief assistance available. You may receive a letter from the SBA outlining the program; however, if you are eligible for borrower relief from the stimulus, you will receive a letter from First Financial Bank detailing guidance specific to your loan. If you have any questions, please review our Frequently Asked Questions (FAQs), contact your banker, or email us at SBAForgivenessQuestions@bankatfirst.com.
All loans and deferments subject to credit review and approval.
Information accurate as of 03/30/2021.
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