PPP Loan Relaunch
– 03.15.2021 –
Now Available: Updated PPP Loan Application Form 2483 (All Versions)
We are pleased to announce that 1st Security Bank is again accepting applications for Paycheck Protection Program (PPP) loans for our customers. Both First Draw and Second Draw borrowers are invited to submit new PPP loan applications through the Bank’s PPP loan portal.
Our PPP loan portal has been updated with the appropriate forms for all eligible Borrowers, including updated forms supporting the revised optional calculation for Sole Proprietors, Single Member LLC’s, and Independent Contractors.
To request access to the Bank’s PPP loan portal, or for any other questions, please contact your Banker.
– 03.05.2021 –
Now Available: Updated PPP Loan Forgiveness Form 3508 (All Versions)
1st Security Bank is pleased to announce that the revised Form 3508 (all versions) is now available for use in our PPP loan portal. Customers who have not yet completed their application for PPP loan forgiveness and would like to do so are invited to log in to the PPP loan forgiveness portal here.
If you have any questions, please contact your Banker.
– 01.19.2021 –
SBA Issues Additional Guidance and Resources
The SBA has just issued new guidance and resources for the Paycheck Protection Program. Please check the SBA website or the links below for additional information regarding new or exisiting PPP loan applications.
- Second Draw PPP Loans:
How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide: Visit SBA.gov
- Includes information on how "gross receipts" is defined and how to calculate them by business type.
- Details acceptable documentation to support revenue reduction.
- Describes how to calculate maximum second-draw loan amounts by type of business or borrower.
- Additional SBA releases over the weekend:
– 01.14.2021 –
Now Accepting First and Second Draw Applications
1st Security Bank is pleased to announce that we will be participating in the Paycheck Protection Program (PPP) and offering second draw loans for our customers that received funds during the first Paycheck Protection Program under the CARES Act, or for our customers that may be seeking PPP funds for the first time.
We are now accepting PPP loan applications for First Draw and Second Draw loans through our PPP Loan Application Portal. Please contact your Banker for an invitation to apply.
Please see the helpful links below to connect to the newest guidance and forms, and to get started. For specific questions on how to apply, please reach out to your banker, or visit this site for Program updates.
- First Draw Overview
- Second Draw Overview
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
- Interim Final Rule on Second Draw Loans
– 01.13.2021 –
PPP Loan Forgiveness Information Has Moved
All information regarding PPP loan forgiveness has moved to a new page:
PPP Loan Forgiveness
- 12.03.2020 -
SBA Releases PPP Loan Recipient Data
On December 1, the Small Business Administration released public data about Paycheck Protection Program borrowers—specifically, the borrowers’ names, addresses, exact loan amounts and who their PPP lenders were. This was done by court order following lawsuits brought by media organizations seeking the data.
We want you to know that 1st Security Bank, as your bank, did not publicly disclose the data and played no role in the court decision. Our commitment to protect your privacy is paramount, and we follow all applicable laws and regulations.
Unfortunately, we have heard that some third party businesses are using information from the court-ordered data release to market themselves to PPP customers. These communications may reference our bank’s name and may even imply that we have some kind of relationship. You should be aware that 1st Security Bank will communicate directly with you about your PPP loan and the forgiveness process. If you have any doubt, please call your banker directly.
As always, our commitment is to your business’ financial health. Thank you for your understanding. Please reach out to your banker with any questions or concerns.