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PPP Loans

Paycheck Protection Program (PPP) Loans

PPP 2.0 Loans

The Small Business Administration has released updated applications for both First Draw and Second Draw PPP Loans.  State Bank of Herscher will be ready to accept your application materials at any time.  A reminder of the Second Draw PPP Loan application process is included below.  If you are applying for a First Draw PPP Loan, please contact Braden Wepprecht at braden.wepprecht@sbherscher.com to begin the process. 

2nd Draw Application

1st Draw Application

The Second Draw PPP Loan application process at State Bank of Herscher is as follows:

  1. Access the SBA Paycheck Protection Program Second Draw Loan Application (SBA Form 2483-SD).
  2. Complete the application in its entirety. 
  3. Compile tax documents used to support your requested loan amount and prove your 25% decline in gross receipts.  Loan requests must be substantiated with tax documentation per the application.  
    1. If you are a returning State Bank of Herscher PPP Round 1 borrower and are requesting the same loan amount as PPP Round 1, you need only provide documentation to prove your 25% decline in gross receipts. Acceptable documentation to prove a decline in gross receipts includes bank statements, tax statements, or income statements.
    2. If you are a returning State Bank of Herscher PPP Round 1 borrower with NAICS Code 72 and are using the same average monthly payroll cost calculation period as Round 1, you need only provide documentation to prove your 25% decline in gross receipts.  If your loan amount is changing only because of the NAICS Code 72 3.5x multiplier, we do not need to see further documentation of your average monthly payroll costs.  Acceptable documentation to prove a decline in gross receipts includes bank statements, tax statements, or income statements.
    3. If you are a new borrower for PPP 2.0 or are a State Bank of Herscher PPP Round 1 borrower using a different average monthly payroll cost calculation period, please provide the following documentation with your application:
      1. Payroll reports to reflect the timeframes used in 2019/2020
      2. Documentation proving a decline in gross receipts, including bank statements, tax statements, or income statements
      3. If you have employees (even as a partnership): IRS Form 940 or 944 for 2019 & 2020 (or each quarter if the annual forms are not available for 2020)
      4. If you are a partnership without employees:  2019 Schedule K-1 aka IRS Form 1065
      5. If you are self-employed as a sole proprietor, independent contractor, or farmer: 2019 IRS Form 1040 Schedule C or F
  4. Upon completion, you may drop your application materials off at State Bank of Herscher or email braden.wepprecht@sbherscher.com to request a secure file upload link.  When you receive the link, click on it and follow the instructions to upload and send your application files.
    1. DO NOT SUBMIT YOUR APPLICATION UNLESS YOU ARE CONFIDENT IT HAS BEEN COMPLETED CORRECTLY AND IN ITS ENTIRETY.  If you have any questions or uncertainties regarding your application, please reach out to your lender for assistance before submitting.
  5. We will notify you if we have any questions about your application and will be in contact with you when your application has been approved by the SBA.
  6. As soon as your loan documents are ready for signature, we will contact you to coordinate a date and time to sign.

Once we receive your application materials, we will submit them to the SBA as soon as possible.  We are here to help you in any way we can.  Again, for the quickest response to your inquiries, please email braden.wepprecht@sbherscher.com  Thank you, once again, for your confidence and trust in State Bank of Herscher!

 

1st Round Loan Forgiveness

SBH is now accepting Paycheck Protection Program loan forgiveness applications.   Click here for more information about PPP Loan Forgiveness.

To obtain the most recent loan forgiveness applications please go to www.sba.gov/PPP and go to the Loan Forgiveness section to find the application and required information for the forgiveness of your PPP loan. 

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