PPP Round 2

In round 1 of the Paycheck Protection Program (PPP), Wheatland Bank helped over 650 local businesses gain access to over $75 million of relief.  As we prepare for PPP 2.0, our Wheatland CARES Team looks forward to serving many more and helping to mitigate the negative impacts of COVID-19 on our local businesses.


Who is eligible for a PPP loan?

Only certain businesses are eligible to receive a PPP loan, and these eligibility requirements are different for first-time loan recipients and second draw recipients.

To be eligible for a first-time PPP loan:

  • Your business has less than 500 full-time, part-time or seasonal employees.
  • Your business was operational before February 15, 2020 and remains operational.

 

To be eligible for a second draw PPP loan:

  • Your business has less than 300 full-time, part-time or seasonal employees.  If you have multiple locations, you may not have more than 300 employees per location.
  • You are able to demonstrate a revenue reduction of at least 25% in the first, second or third quarter of 2020 (when compared with the same quarter in 2019).
  • You have used or will use the full amount of your initial PPP loan.
  • Your business was operational before February 15, 2020 and remains operational.

 

Businesses eligible for PPP 2.0 loans include:

  • Sole proprietors 
  • Independent contractors
  • Self-employed individuals
  • Certain non-profit organizations; including 501(c)(6) non-profit organizations
  • Seasonal employers
  • Faith-based organization with less than 150 employees
  • Housing cooperatives that employ less than 300 people

 

What are the PPP loan maximums and limitations?

The maximum second draw loan under the Act is the lesser of $2,000,000 or:

  • For non-seasonal employers, the average total monthly payment for payroll costs for either, as determined by the borrower, (i) the one year period before the date of the loan or (ii) calendar year 2019, multiplied by 2.5.
  • For seasonal employers, the average total monthly payment for payroll costs incurred or paid by the borrower for any 12-week period between February 15, 2019 and February 15, 2020 as chosen by the borrower, multiplied by 2.5.
  • For an entity that is assigned a NAICS code beginning with 72 (accommodation and food services), the average total monthly payment for payroll costs for either, as determined by the borrower, (i) the one year period before the date of the loan or (ii) calendar year 2019, multiplied by 3.5.

TREASURY DEPARTMENT AND SBA RESOURCES


Q:  How do I contact someone to assist me with questions I have? 

If you have an existing loan officer or other contact at your local Wheatland Branch, please contact them.  If not, please complete the short form below and a local human banker, who lives in your community, will contact you to assist you.

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