As part of the recent COVID Stimulus package, the SBA has now made available an additional $284 Billion in new Paycheck Protection Program (PPP) funds.
Who is eligible?
Select businesses will be eligible to apply for a second PPP loan. In order to apply, businesses must:
- Have fewer than 300 employees.
- Provide documentation of a reduction in revenues for one quarter of 2020 that is at least 25% lower than the same quarter in 2019.
- Not be publicly traded.
In order to be eligible, customers must meet all of the program criteria and also must have been a business loan or deposit customer of Community State Bank as of December 28, 2020 (the day the legislation was signed into law).
CSB will be using a portal that is accessible through our website to gather applications. Our PPP portal allows eligible customers to apply online and contains all documents for this additional round of PPP. For informaton, please contact your CSB lender directly or visit the website.