TOGETHER, with you - let us know how we can help.

Additional funding for PPP loans is now available from the SBA .  We continue to accept and process applications for submittal to the SBA. If you are interested in applying for a PPP loan, you can learn more and apply here.  

TOGETHER, with you - let us know how we can help.

We expect to re-open all lobbies on Monday, June 8 and will be so happy to see you again.  We will be practicing CDC guidance including wearing masks and social distancing.  We encourage making appointments if you need to see a bank associate.  Our drive-thrus continue to be available during normal business hours.  

Funding for PPP loans is still  available from the SBA and we continue to accept and process applications. If you are interested in applying, you can learn more and APPLY HERE.  

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Coronavirus Loans

With additional SBA funding of $321 billion, FBT is accepting, processing, and successfully submitting applications to the SBA now.

 

The Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed by Congress and signed into law on March 27, 2020.  On April 16th, 2020, Treasury Secretary Steven T. Mnuchin announced the SBA could no longer approve applications as the lending limit of $349 billion had been reached.  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. 

PLEASE READ CAREFULLY:  FIRST BANK AND TRUST HAS LIMITED APPLICATIONS FOR THE PPP LOANS TO OUR IDENTIFIED MARKET AREA WHICH INCLUDES:  Louisiana, the Mississippi greater metropolitan areas of Biloxi and Gulfport and the Florida panhandle. 

Our staff is receiving applications and have already procesed, approved and submitted them to the SBA.  We are receiving more SBA approvals now.  While we still anticipate funding to be depleted quickly and we cannot guarantee approval and funding, we encourage you to apply.  We will do our absolute best to process, approve and submit your application to the SBA before funds run out.  

In order for FBT to be expeditious in processing, approving and submitting your application, it is critical that you gather all information and documents needed (as described below) prior to entering your application online.  Due to the high volume of applications being processed, we will do our very best to process your application for submittal to the SBA.  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.

 

THE PAYCHECK PROTECTION PROGRAM (PPP) 

The Paycheck Protection Program (PPP) is a 100% federally guaranteed loan applied for through approved SBA lenders and administered by the Small Business Administration.  First Bank and Trust is an approved SBA Preferred Lender. 

Eligibility:  The PPP is available to all small businesses with up to 500 employees, including sole proprietorships, nonprofits and veterans organizations, as well as Tribal business concerns1.  Businesses with more than 500 employees in certain industries2 may also be eligible.  Eligibility requirements are provided in detail at the Treasury Department's website.  The PPP is designed to provide economic relief to small businesses to maintain employees on the payroll and to pay mortgage rent expenses and utilities.

Terms:  The program provides a two year forgivable loan3 with a 1% interest rate.  There are no prepayment penalties and you may defer six months of loan payments.  The PPP Loan provides up to $10 million in funding to eligible small businesses.

Payroll:  Funds must be used to pay up to two months of your average last year’s monthly payroll costs which include salaries and benefits4 paid plus an additional 25% up to a $10 million cap.  Payroll costs are capped at $100,000 annualized for each employee. 

Other Eligible Expenses:  No more than 25% of funds can be used to pay for interest on mortgages and/or rent and utilities5

Repayment vs. Forgiveness:  You will have until June 30, 2020 to restore your full-time employment and salary levels for any changes that you may have made between February 15, 2020 and April 26, 2020.  You will be required to pay the loan back if you use the loan amount for anything other than the described purpose OR if you do not maintain your staff and payroll6.  To have your loan forgiven, you will submit a request to FBT with documentation that verifies the number of employees, pay rates as well as payments for other eligible expenses7.  

Applications:  We will begin submitting processed and FBT approved applications into the SBA E-Tran system on Monday, April 27th and will continue to submit as long as funding is available .  

Our loan process is completely online and paperless.  Do not submit paper documents through mail or email.  You can help speed your application by:

  • Carefully reviewing your information
  • Making sure you complete all fields and answer all questions
  • Double-checking your calculations
  • Uploading all documents when prompted to do so

Please ensure your application is complete and sufficient supporting documents have been uploaded.  A loan officer will contact you if any additional information is needed and when your application is complete and ready for submittal to the SBA. 

To Apply for your PPP Loan:  Applying with First Bank and Trust is easy.  You will be able to enter your application through our streamlined, secure and completely online portal. The program will prompt you to input required information and upload required documentation.  Once you submit your application, FBT will review and contact your with questions or directions so you know that your application is complete.  While we all wait for Congressional action and appropriations to be approved, we will hold your application in queue.  Once the SBA announces they are once again providing approvals, we will submit your application and we will notify you of possible approval.  Once approved, you will e-sign your documents and funds will be directly deposited into your FBT operating account. 

What you will need:  Before you get started and to help speed the process, we suggest that you gather the following required information and documentation:  

  • Payroll tax reports - (Form 940, 941 or 944) by quarter in 2019 and 2020 year to date
  • Salaries, wages, and commissions paid; salary amount and number of employees with salaries over $100,000.
  • Benefits paid including insurance premiums, paid time-off, vacation, medical family leave and retirement.
  • Monthly mortgage interest statements; Lease/rent expense monthly statements; utility expenses. 
  • Tax return for most recent year.  If 2019 tax return has not been filed, provide a balance sheet and income statement
  • Current Business Financial Statement
  • Entity documents (Articles-Certificates of Incorporation, Bylaws, Operating Agreements, etc.)
  • Beneficial Ownership (List of entities or individuals owning 20% or more of the business)

For your convenience, the following resources are available to you.   

SBA DEBT RELIEF ASSISTANCE FOR 7(a) LOANS

The SBA Debt Relief Program will provide:

  • Payment of principal and interest on new 7(a) loans issued prior to September 7, 2020
  • Payment of principal and interest of current 7(a) loans for a period of six months 

Until First Bank and Trust receives further details on deferring payment of interest and principal, customers must contact the SBA directly

SBA ECONOMIC INJURY DISASTER ADVANCE LOAN (up to $10,000)

Small Business Owners in all U.S. states and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.  This program is focused on providing economic relief to businesses that are currently experiencing a temporary loss of revenue as a result of Coronavirus (COVID-19). Funds will be made available within three (3) days of a successful application.  This loan advance will not have to be repaid.  The application must be applied for through the SBA website at https://covid19relief.sba.gov/#/.

SBA DISASTER LOAN PROGRAM

For businesses affected by COVID-19, you can apply for Disaster Loans up to $2 million with a 3.75% fixed interest rate.  These loans can be amortized up to 30 years.  Customers must apply for SBA Disaster Loans directly with the Small Business Administration (SBA) at https://covid19relief.sba.gov/#/

 

View our website for updates and information about any of our products and services at www.FBTonline.com.  And, as always, please contact your local branch, your loan officer or call our Solution Center at (877) 426-2498 for any banking need.

Disclaimers

1PPP 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. 

2Small Business Size Standards are defined by the SBA and contained in Title 13 Part 121 of the Electronic Code of Federal Regulations (eCFR).

3You 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 8 weeks after getting your loan.  No more than 25% of the forgiven amount may be for non-payroll costs.  Your loan will not be forgiven if you do not maintain your staff and payroll or if you decrease your full-time employee count or decrease salaries and wages by more than 25% for any employee who made less than $100,000 annualized in 2019.

4Benefits 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.  

5Interest 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. 

6Forgiveness 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.

7For your loan to be forgiven, you must supply FBT documentation that verfies the number of full-time equivalent employees on payroll and the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight weeks after getting your loan.  Forgiveness of PPP Loans are made solely by the Small Business Administration (SBA).