Visit https://www.lendio.com/ppp/farmers-bank-46321/ to apply now! 

Is Your Small Business Eligible for the Program?

To qualify for a PPP loan, your business needs to meet the following criteria:

• Your business was in operation as of February 15, 2020.
• You have 500 or fewer employees. 
• You’re an independent contractor, sole proprietor, self-employed individual, or business partner (though only one PPP application can be submitted per partnership).
• You have employees for whom you paid salaries and payroll taxes are reported on Form 1099-MISC. This also applies for paid independent contractors.

And certify that: 

• Economic uncertainty makes your loan request necessary.
• You will use the funds to retain workers, maintain payroll, and/or make payments on mortgages, leases, and utilities.
• You do not have a current PPP loan or EIDL application for the same purpose (over the same period).
• From February 15, 2020–December 31, 2020, you did not receive a PPP loan or EIDL for the same purpose (over the same period).

 

If you are applying for a second draw

• Your business has fewer than 300 employees
• You can show a 25% revenue reduction during the first, second, or third quarter of 2020 relative to the same quarter in 2019

If you own a restaurant, hotel, or live venue that falls under a NAICS code starting with “72,” you can apply for 3.5 times your monthly payroll costs for your Second Draw.

 

How Can You Use Your Paycheck Protection Program Loan?

• Payroll costs
• Healthcare costs related to the continuation of group healthcare benefits during periods of sick, medical, or family leave, as well as insurance premiums.
• Mortgage interest payments (but not prepayment or payment of the mortgage principal)
• Rent
• Utilities
• Interest on any other debt obligations incurred before February 15, 2020
• Refinancing an SBA EIDL received between January 31, 2020 and April 3, 2020
• Covered expenditures such as business software or cloud computing services that facilitate:
  • business operations
  • product or service delivery
  • the processing, payment or tracking or payroll expenses, human resources, sales, and billing functions
  • accounting or tracking of supplies, inventory, records, or expenses
• Covered property damage costs
• Covered supplier costs
• Covered worker protection expenditures