Paycheck Protection Program (PPP) Loans

Keep employees on your payroll during this difficult time

Streamlined and all online, we make applying for a PPP loan as easy as possible.

FIRST BANK AND TRUST HAS LIMITED ACCEPTANCE OF APPLICATIONS TO OUR DEFINED MARKET AREA OF:

  • Louisiana,
  • the Mississippi greater metropolitan areas of Biloxi and Gulfport, and
  • the Florida panhandle

On Friday, April 24th, the President signed Congressional legislation into law providing an additional $321 billion in funding for Paycheck Protection Program (PPP) loans.  The SBA began receiving applications again on Monday, April 27. Our staff is receiving applications and is actively processing, approving and submtting them successfully to the SBA.  While we still anticipate funding to go fast and we cannot guarantee approval or funding, we will do our absolute best to process and submit your application. Given the short window of funding that may be available, if you are unsure of the application process or accuracy of your information, we strongly suggest you contact your accountant or loan officer for assistance. 

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Enacted by the Coronavirus Aid, Relief and Ecomonic Security (CARES) Act, the Paycheck Protection Program (PPP) is a 100% federally guaranteed and largely forgivable loan1 administered through the Small Business Administration (SBA). The PPP is available to small businesses with less than 500 employees2, features a low interest rate3, deferred payments4 and has a maturity of two years. First Bank and Trust is well-positioned to easily process your application through a secure, streamlined online portal where you enter your application information, upload documents and e-sign. To speed your application, you will need:

  • Payroll tax reports (Form 940, 941 or 944 for the past four quarters).
  • Salaries, wages, and commissions paid; salary amount and number of employees with salaries over $100,000.
  • Benefits5 paid including insurance premiums, paid time-off, vacation, medical family leave and retirement.
  • Monthly mortgage interest statements; lease/rent expense monthly statements; utility expenses6
  • Tax return for most recent year-if the 2019 tax return has not been filed, provide a balance sheet and income statement
  • Current Business Financial Statement
  • Organization/Entity documents (Articles/Certificate of Incorporation, Bylaws, Operating or Partnership Agreement, etc.)
  • Beneficial Ownership (list of entities or individuals owning 20% or more of the business)

 

Do you need economic relief for your business and employees?  Consider the Paycheck Protection Program (PPP) loan.  To take advantage of this program, apply now or call 877-426-2498 for assistance from a First Bank & Trust associate.

For Additional Information

If you have questions or would like additional information, please complete and submit this form to be contacted by a First Bank and Trust associate who will be happy to help you!  For your personal security, please do not include account numbers, social security numbers, or any other non-public information on this form.  

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1PPP loans will be forgiven if funds are used for payroll costs, interest on mortgages, rent and utilities. At least 75% of the forgiven amount must be used for payrollForgiveness of your loan will be reduced if you decrease your full-time employee headcount, decrease salaries and wages by more than 25% for any employee who made less than $100,000 annualized in 2019.  You have until June 30, 2020 to restore your full-time employment and salary changes for any changes made between February 15, 2020 and April 26, 2020. You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent and utilities over the eight (8) weeks after getting your loan. Forgiveness of PPP loans are made solely by the SBA.

2PPP loans are available to any small business with fewer than 500 employees with principal residences in the United States. This includes sole proprietorships, independent contractors and self-employed persons.  Also eligible are tax-exempt nonprofit organizations as described in section 501(c)(3) of the Internal Revenue Code (IRC), veterans organizations described in section 501(c)(19) IRC and Tribal business concerns described in section 31(b)(2)(C) of the Small Business Act. Businesses must have been in operation on February 15, 2020 and had employees for whom you paid salaries and payroll taxes or paid independent contractors as reported on a Form 1099-Misc. Small business size standards are defined by the SBA and contained in Title 13 Part 121 of the Electronic Code of Federal Regulations (eCFR).

3PPP loans are offered at an interest rate of 1%

4Loan Payments will be deferred for six (6) months.

5Benefits include costs for parental, family, medial or sick leave but excludes any credits received under the Families First Coronavirus Response Act (FFCRA). Also included are benefit costs paid for vacation, allowance for separation or dismissal, insurance premiums, and payment of retirement benefits. 

6Interest on mortgages, rent and utilities are eligible expenses if mortgage obligations were incurred, rent lease agreements were in force and utilities services began before February 15, 2020.