Paycheck Protection Program (PPP):
The Small Business Administration (SBA) is currently offering Paycheck Protection Program (PPP) loans until March 31, 2021. To allow United Fidelity Bank to process existing loan applications we will suspend our application process at 5:00 PM CT on Thursday, March 18, 2021.
Legislation is currently being discussed to extend the March 31, 2021 deadline. Please continue to visit our website for additional application updates.
Small Businesses with fewer than 500 employees, nonprofits, independent contractors, and self-employed individuals are generally eligible for a first time PPP loan to help pay for payroll costs, pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and other approved costs. The maximum first-time loan is $10 million.
A second loan can be used to cover the same costs as a first-time loan. A borrower is generally eligible for a second PPP loan if the borrower:
- Previously received a first PPP loan and will or has used the full loan amount only for authorized uses before the second loan is disbursed;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The maximum second-time loan is $2 million.