Sign In
Account Log In
A Message Regarding PPP Round 2

January 13, 2021

A Message Regarding PPP Round 2

Thank you for allowing us to be a part of your Paycheck Protection Program (PPP) loan. As you may already be aware, a new COVID-19 relief package has been signed into law allocating an additional $285 billion to fund more PPP loans and provide simplified forgiveness for existing PPP loans less than $150,000.

The program will consist of two types of PPP loans, first for applicants who have not previously received PPP funds (First Draw) and others who have previously or may currently have an existing PPP loan in place (Second Draw). The program re-opened on Monday, January 11, 2021 for “First Draw” applicants and today, Wednesday, January 13, 2021 for “Second Draw” applicants. We look forward to assisting you on any additional financial needs you may have. We have submitted multiple applications and have already begun receiving approvals.

Paycheck Protection Program as Amended by Economic Aid Act
First Draw:

  • Company must have been in operation on or before February 15, 2020
  • Payroll based formula to calculate maximum loan amount may be based on 2019 or 2020 expenses
  • Max loan amount based on average monthly payroll times 2.5 (wages in excess of $100,000 are ineligible)
  • Proceeds may be used towards payroll, benefits, mortgage interest, rent or utility expenses to qualify for forgiveness. At least 60% must be spent on payroll to qualify for full forgiveness.
  • Borrowers may choose a covered period between 8 and 24 weeks.

Second Draw:

  • Only existing or previous PPP loan borrowers are eligible
  • Must have or will use the full amount of previous PPP loan proceeds (previous forgiveness is not required).
  • Must have experienced at least a 25% decrease in revenues through 2020 vs. 2019-year end numbers. Or any 2020 quarter vs. 2019 quarter, must match (i.e., 2nd quarter 2020 vs. 2nd quarter 2019).
  • Must be able to demonstrate that company experienced the 25% decrease in revenue.
  • Payroll based formula to calculate maximum loan amount may be based on 2019 or 2020 expenses

Please find the following links to assist you in your application process.
First Draw Application
Second Draw Application
U.S. Small Business Department – Paycheck Protection Program
U.S. Department of Treasury – Small Business Paycheck Protection Program

Feel free to contact your lender if you have any questions or email us at ppp@gstbank.com

Again, on behalf of all of us at Greater State Bank, we thank you for trusting us with the financial needs of your business.

Sincerely,

Robert A. McGurk
President & CEO

Share

More Resources

Women's Empowerment Conference

April 13, 2024

Women's Empowerment Conference

Greater State Bank enthusiastically participated in the Women's Empowerment Conference, a collaborative effort orchestrated by Angels of Love. This event served as a platform for insightful discussions on various empowerment strategies aimed at inspiring women to harness their full potential and pursue their dreams with unwavering determination. We extend our heartfelt gratitude to Angels of... Read more »

High School Senior Signing Day: College, Career, & Military Fair

April 08, 2024

High School Senior Signing Day: College, Career, & Military Fair

Miss Cindy and Samantha from our Hebbronville branch had the GREATER opportunity to be a part of Hebbronville High School’s College, Career, & Military Fair. They spoke with many wonderful and intelligent students asking about Greater State Bank and what career opportunities we offer. They inspired some students and were even able to network with… Read more »

Edinburg Brewfest

March 29, 2024

Edinburg Brewfest

Greater State Bank had the GREATER opportunity to attend the Bayou Brewfest hosted by the Edinburg Rotary Club. It was an entertaining event that was hosted to help fund a wide array of humanitarian, educational, and cultural exchange programs, both locally and internationally, while still providing entertainment and hosptiality to those who attended. Our staff… Read more »

Top