Paycheck Protection Program
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)
- 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