Skip to main content Go to Online Banking

COVID-19 Resources For Your Business

On Tuesday, March 30, 2021, the President signed into law the "PPP Extension Act of 2021", wihch extends the Paycheck Protection Program (PPP) application deadline to May 31, 2021. While the deadline has been extended, we encourage you to apply as early as you can while the funding is available. 

Additional changes to the program have also been made, ensuring that more underserved small businesses can apply.

Paycheck Protection Program (PPP) - Round 2

Round 2 of PPP has launched and Bank First lenders are here to help! What's the difference between First Draw and Second Draw? In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.

On Wednesday, March 3, the SBA updated all of its application forms for both First Draw and Second Draw borrowers and created new forms solely for the use of a sole proprietor electing to use gross income instead of net income in determining maximum PPP loan amount. This calculation change will apply only to loans approved after the rule’s effective date.

FIRST DRAW LOANS

SECOND DRAW LOANS

ADDITIONAL RESOURCES

PPP LOAN FORGIVENESS - Round 1

The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

The EZ application requires fewer calculations and less documentation for eligible borrowers.  Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. 

Both applications give borrowers the option of using the original 8-week covered period (if the loan was made before June 5, 2020) or an extended 24-week covered period.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. 

PPP Forgiveness for Loans of $150,000 and Under Streamlined

The SBA released a streamlined loan forgiveness application for PPP loans totaling $150,000 or less. The new, simplified Form 3508S includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants still must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are further required to retain the documentation supporting their certifications for six years, but do not need to submit it. 

A borrower that uses SBA Form 3508S is exempt from any reductions in the borrower’s loan forgiveness amount based on reductions in full-time equivalent (FTE) employees (section 1106(d)(2) of the CARES Act) or reductions in employee salary or wages (section 1106(d)(3) of the CARES Act) that would otherwise apply. 

Additional tools you can use: 

ADDITIONAL SBA LOAN ASSISTANCE OPTIONS

The Small Business Administration is offering additional loan options your business may qualify for, including:

RESTAURANT REVITALIZATION FUND

The American Rescue Act established $28.6 billion as part of the "Restaurant Revitalization Fund" within the SBA. An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from its 2019 gross receipts.

SHUTTERED VENUE OPERATORS GRANT

The Shuttered Venue Operators Grant application portal remains temporarily suspended through the weekend of April 9, while the SBA works to resolve technical issues. When a reopening date is determined, the SBA will provide updates in advance so that applicants have time to prepare. Applicants may continue to register for a new account.

COVID-19 ECONOMIC INJURY DISASTER LOANS (EIDL)

SBA EXPRESS BRIDGE LOANS

SBA DEBT RELIEF


FEDERAL RESERVE LOAN PROGRAMS

The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).

Main Street Lending Program Frequently Asked Questions


USDA RURAL DEVELOPMENT PROGRAMS

USDA Rural Development has taken a number of immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak. Learn more.


WWBIC COVID-19 FAST TRACK LOAN PROGRAM

WWBIC is a leading innovative statewide economic development corporation that’s been “Putting Dreams to Work” since 1987. The COVID-19 Fast Track Loan Program is focused on existing businesses looking for business financing during COVID-19. Business owners have two options from which to pick depending on their needs: a line of credit or a term loan. Learn more.


In addition to the aforementioned lending resources, Bank First may also be able to assist your business with other loan options. Please contact your Bank First relationship manager to discuss which options are the best fit for your individual business. As always, thank you for choosing Bank First!

Additional Resources:

Top
Some content requires Adobe Acrobat Reader to view.