PPP LOANS | PAYMENT PROTECTION PROGRAM
Second round funding is now open! Click here to apply >>
The information below is a general guideline for funding and is not an all-encompassing qualification list. We will post additional updates as they become available.
If you have questions specific to your business, please review the points below, work with your accountant or CPA, and reach out to CARES@corebank.com. Additional documentation and application information will be posted once available.
- In order to qualify for a second draw, businesses must demonstrate a reduction of gross receipts of at least 25% between comparable quarters from 2019 to 2020, must have used the full amount of their first PPP loan and employ 300 or fewer employees
- Second draw PPP loan amounts will be calculated at 2.5x average monthly payroll, with a maximum loan amount of $2 million
- Businesses with NAICS codes beginning with “72” will calculate their loan amounts at 3.5x average monthly payroll, with a maximum loan amount of $2 million
- 2019 or 2020 payroll numbers may be used to calculate loan amounts, depending on specific circumstances of the business
- Borrowers may set their PPP loan’s covered period to be any length between 8 and 24 weeks
- PPP loans will cover additional expenses, including operations, certain property damages, supplier, software and worker protection expenses
- The program has expanded to include 501(c)(6) non-profit organizations, in addition to 501(c)(3) non-profit organizations, along with housing cooperative, direct marketing and other types of organizations
- Applications for the next round of funding will be processed via online portal on Core Bank’s website. We will provide additional details of that portal in the near future
- Each business situation is unique and there are many additional parameters which should be considered before applying. We will update our website with additional information as it is released
We are accepting applications for Paycheck Protection Program loans for new and existing customers. As a Preferred SBA Lender, Core Bank is proud to help the business owners in our community access this vital financial support.
PPP 2020 FORGIVENESS UPDATE
The SBA will release an updated, simplified forgiveness form in the near future for loans under $150,000. We will post that form and corresponding information here once available.
Core Bank is now accepting PPP Forgiveness applications. An email was sent to each PPP client, but you may also reference it here. If you have questions, please send your inquiry to: CARES@corebank.com
For more information regarding the Paycheck Protection Program, please visit: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
PPP FORGIVENESS DOCUMENTS
PPP Loan Forgiveness FAQs
PPP Loan Forgiveness Application Form 3508EZ Instructions
PPP Forgiveness Application 3508EZ
PPP Loan Forgiveness Application (SBA Form 3508) Instructions
PPP Loan Forgiveness Application (SBA Form 3508)
PPP Loan Forgiveness 3508S Instructions
PPP Loan Forgiveness 3508S Application
Let’s get started
We are accepting applications for Paycheck Protection Program loans for new and existing customers.