We understand these are hard times for everyone weathering COVID-19, and that small businesses have unique challenges. A Paycheck Protection Program (PPP) loan through the SBA offers relief and an Eaton Community Bank Business Relationship Banker will walk you through the application process, as well as your forgiveness application.
PPP loans are designed to keep workers on the payroll, and are eligible for forgiveness if all employee retention criteria are met and funds are used on eligible expenses. Applications for new PPP funding must be submitted by March 31, 2021 or before funding is exhausted.
PPP applications (available below) must be submitted directly to your Business Relationship Banker through Eaton Community Bank's Secure Email Portal. For more information regarding loan forgiveness, visit our PPP Forgiveness page.
- Existing PPP borrowers - anyone that received a previous PPP loan - is eligible for a second loan if they meet the following criteria:
- Less than 300 employees
- Previous PPP loan proceeds are used prior to disbursement of second PPP loan
- Reduction of 25 percent or more in gross receipts in any quarter of 2020 when compared with same quarter of 2019
- Maximum loan amount of $2 million
- New borrowers - anyone who did not receive a PPP Loan previously - can submit an application if they meet the following criterial:
- Any small business concern that meets SBA's size standards (either the industry based size standard or the alternative size standard)
- Sole proprietors, independent contractors, and self-employed persons
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(c) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
Not eligible if:
- Not in operation before Feb. 20, 2020
- Received a grant under the Shuttered Venue Operator Grant Program