Now Accepting First Draw PPP Loan Applications
We are now accepting Paycheck Protection Program first draw loan applications from customers who already have a business checking account with Peoples Bank. This account needs to be in the same ownership as the PPP loan. Businesses that did not get a first draw PPP loan will be able to apply under the program requirements from earlier this year. To apply, please click the link below:
Who Can Apply
- Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.
- Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.
- Also eligible to apply for First Draw PPP Loans are eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.
Please refer to the Treasury Resource for instructions and additional information: https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf
Average Monthly Payroll: Applicants will also need to provide payroll documentation evidencing average monthly payroll for either 2019 or 2020.
Please note: If you are relying on 2019 average monthly payroll figures as the basis for your loan and you received your First Draw PPP loan from Peoples Bank you do not need to submit any additional payroll documentation.
Average monthly payroll may be evidenced by providing one of the following:
- Payroll Processor Reports
- Payroll Tax Filings (Form 941 from all four quarters in 2019 or 2020)
- Form 1099-MISC
- Schedule C
- Schedule F
Reapplying and Loan Increases
Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may:
- Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or
- Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.
Full Forgiveness Terms
First draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained;
- The loan proceeds are spent on payroll costs and other eligible expenses; and
- At least 60 percent of the proceeds are spent on payroll costs.
Customers are encouraged to contact a Commercial Banking Officer at the Bank and/or external resources for any additional guidance. You may also refer to resources on our website for specific details regarding the Paycheck Protection Program: https://www.peoplesbank-wa.com/sba-paycheck-protection. The SBA web site should be your primary resource.