New PPP program for businesses with less than 20 employees
The SBA has established a 14-day exclusive period for businesses and nonprofits with less than 20 employees. Visit the SBA website for additional details. This special application period also includes these modifications:
- Allows sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
- Eliminates an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
- Eliminates PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
- Ensures access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
Be sure to review the other information regarding the PPP program on this page as well as on the SBA website.
Existing First Financial Bank clients may apply using the links at the top of this page.
New 2021 program information
The new stimulus package passed by Congress provides expanded resources for the CARES Act Paycheck Protection Program. This program provides $284 billion for businesses across the country. The program is available to those who participated in the PPP program last year as well as new participants.
Existing PPP clients
- You can apply for a PPP Second Draw Loan if you have used or plan to use the full amount of your first PPP loan before you receive funding for your second draw.
- The requirements are different from last year’s program and are listed below.
- Your existing PPP loan does not need to be forgiven to apply for a second loan. For more information review the SBA's helpful details for existing PPP clients.
First time PPP borrowers and non-First Financial clients
- You can apply for a PPP First Draw Loan under the program requirements listed in the following chart.
- Not a First Financial client? Learn how you can apply.
If you prefer, you can download the grid, here.
First draw and second draw loan comparison
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 |
|---|---|---|
| General Requirements | Employ no more than 500 employees Meet the SBA size standard for the industry in which which the business operates or the SBA alternative size standard. |
Employ no more than 300 employees Have used full amount of PPP 1st Draw prior to disbursement. Demonstrate 25% reduction in gross receipts in any quarter of 2020 versus 2019 (via tax returns). |
| Application Form | SBA 2483 | SBA 2483-SD |
| Revenue Loss Proof | Not applicable | For loans $150,000 and less, certification at application, provide supporting documentation at forgiveness application (comparable tax returns). For loans >$150,000, provide comparable tax returns or quarterly financial statements. |
| 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). |
| Ineligibles | 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 |
| SBA Guaranty | 100% | 100% |
| Term | 5 years (early PPP had 2 years until 6-5-2020) | 5 years |
| Rate | 1% | 1% |
| Collateral | None | None |
| Personal Guaranty | None | None |
| 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 3-31-2021 | Ends on 3-31-2021 |
| 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. |
| EIDL Advances | Requirement to deduct repealed Any loans already forgiven with a reduction will be paid to the bank with interest by the SBA. |
Requirement to deduct repealed |
| Other | Not applicable | Forgiveness of first draw loan is not required to receive second draw loan. |
More detailed information on the 2021 program
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.
- Review this list of documents, payroll calculations, and information you’ll need prior to applying
- Frequently Asked Questions (FAQ) about the new program
- SBA guidance on how to calculate maximum loan amounts
- A list of acceptable uses of PPP funds
- Additional instructions on how to calculate revenue reduction and maximum loan amounts, including what documentation to provide
- Visit the SBA’s Paycheck Protection Program website and review the full details and application information
For an overview of 2021 PPP applications, please watch the webinar by Jeff Magginnis, First Financial Bank's SBA guru.
Not a First Financial Bank client? We'd still like to help you with a PPP loan.
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.
Questions? We're here to help.
2020 CARES Act PPP Loan Forgiveness
We recently received changes to the SBA’s PPP loan forgiveness applications. We have suspended accepting forgiveness applications for loans from the 2020 PPP program at this time, while we incorporate these changes into our digital loan forgiveness portal. These changes include a simplification of the application for loans of $150,000 or less. We will re-activate the loan forgiveness portal once the SBA is prepared to accept new forgiveness applications.
Payment relief for current First Financial SBA loan clients
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.
More resources
All loans and deferments subject to credit review and approval.
Information accurate as of 03/05/2021.
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