At Planters Bank, we know that small businesses are the backbone of our communities and we are committed to supporting them with resources during this unprecedented time. With that said, we are proud to support the SBA’s low-interest federal disaster loans for businesses and nonprofits suffering as a result of the coronavirus.

Please contact your personal banker directly or call (833) 732-8351 to learn more.

The Next Round of PPP is Here

SBA is reopening the Paycheck Protection Program (PPP) for First and Second Draw Loans the week of January 11, 2021.

To further support our business customers and their employees, Planters Bank will be participating in the next round of Paycheck Protection Program (PPP). As you have likely read, this round of financing which was part of the latest stimulus package (The Consolidated Appropriations Act, 2021) is being offered to existing and new PPP borrowers.

If you’re a new or existing borrower and would like to learn more about the program please see below or contact your Planters Bank lender. If you don’t have a dedicated banker please contact us at 833.732.8351.

Wednesday, February 24, 2021 a 14-day PPP exclusive application period will begin for Businesses with fewer than 20 employees
February 22, 2021: The White House Press Release ~ Biden-Harris Administration Increases Lending to Small Businesses in Need

The Biden Administration announced several changes to the program designed to help the smallest businesses have more access to PPP funding. Of note, Wednesday, February 24, 2021 starts a 14-day period for loans to only businesses with fewer than 20 employees. The 14-day exclusive application period will allow lenders to focus on serving these smallest businesses, the administration says. The announcement says the administration will work with lenders and small business owners to ensure small businesses take maximum advantage of this two-week window.

Other changes mentioned include:

  • A coming revision to the loan calculation formula for sole proprietors, independent contractors, and self-employed individuals so that it offers more relief, and establishment of a $1 billion set aside for businesses in this category without employees located in low- and moderate-income (LMI) areas
  • The elimination of restrictions that prevents small business owners with prior non-fraud felony convictions or delinquent student loans from eligibility
  • Establishment of the ability for non-resident small business owners who are lawful residents to be able to use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.

Here’s a link to the announcement. There are no additional details or documentation about these changes yet, but we’ll post them as soon as they’re available.

For New PPP Borrowers

First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who may apply?

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply.

Next Steps.

  1. If you’re a new participant and would like to learn more about the program requirements please click here.
  2. If you would like to proceed with the application please click here. By using this link your information is sent securely to our processing team.

Please right-click on the blue button below, choose Open Hyperlink, choose Secure Upload, then choose send to PFB PPP.

SUBMIT DOCUMENTS TO PLANTERS BANK

Please note: All requested information, including a fully completed application and all supporting documentation, should be uploaded at the same time through our secure portal.

For Existing PPP Borrowers

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who may qualify?

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees. And can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Next Steps.

  1. If you’ve utilized the program previously and would like to learn more about the latest round please click here.
  2. If you would like to proceed with a second draw application please click here. By using this link your information is sent securely to our processing team.

Please right-click on the blue button below, choose Open Hyperlink, choose Secure Upload, then choose send to PFB PPP.

SUBMIT DOCUMENTS TO PLANTERS BANK

Please note: All requested information, including a fully completed application and all supporting documentation, should be uploaded at the same time through our secure portal.

PPP Forgiveness Loan Applications
The SBA is accepting PPP loan forgiveness applications. If you have used your PPP loan proceeds and are ready to apply for forgiveness, Planters Bank is standing ready to process and submit your forgiveness application on your behalf.

Who can apply?

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.


Before you get started.


Here is what you need to know: The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. If you are not certain, be sure to check directly with the US Treasury’s PPP website for instructions, guidelines, and frequently asked questions. All guidance to date can be found at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses. Every small business is unique…the best course of action is to ask specific questions to your CPA or financial advisor.

Next Steps.

  1. Complete the Forgiveness Application that is applicable to you and your business. Click here to see the current SBA PPP Loan Forgiveness Forms and Instructions.
  2. Gather and Submit your Supporting Documentation as required in the Forgiveness Application. Remember, your entire loan can be forgiven showing that 100% of the loan was used for payroll. If that is not enough, other qualifying expenses are allowed as long as they do not exceed 40% of you PPP loan amount.


Please right-click on the blue button below, choose Open Hyperlink, choose Secure Upload, then choose send to PPP Forgiveness.

SUBMIT DOCUMENTS TO PLANTERS BANK

Please note: All requested information, including a fully completed application and all supporting documentation, should be uploaded at the same time through our secure portal.

*Planters Bank may require additional information. Loan forgiveness will require appropriate documentation. Terms and conditions are subject to change.

For more information regarding the Paycheck Protection Program, EIDL, SBA Express Bridge Loans, or SBA Debt Relief, please visit www.sba.gov/funding-programs/loans/coronavirus-relief-options.