Paycheck Protection Program Information and Updates
Last updated: 1/11/2021
On December 27, 2020 the Economic Aid Act became law, which extended the authority to make PPP loans through March 31, 2021 and revises certain other PPP requirements.
Under this new Act, businesses may apply for a “First Draw PPP Loan”, or those businesses that received an initial PPP Loan may apply for a “Second Draw PPP Loan”, should they meet the qualifications.
Please see the following documents provided by the SBA which give an overview of First Draw and Second Draw PPP Loans.
First Draw Overview Second Draw Overview
The SBA has also recently issued the Interim Final Rules (IFRs) for both the First Draw and Second Draw PPP Loans. To ensure full understanding and compliance, State Bank is in the process of reviewing this new guidance and we will provide additional information as soon as possible. Please see both IFRs for benefit and review.
Interim Final Rule - First Draw Interim Final Rule - Second Draw
We encourage you to consult with your professional advisors for a comprehensive review of the PPP rules and guidance.
State Bank will continue to update this page as information becomes available.