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We're Here To Help Your Business

America First knows that many businesses are facing challenges created by the COVID-19 pandemic. We can help businesses cut costs, manage their cash flow, or adapt to current circumstances, through timely business services including:

  • The option to defer payments on business loans by up to 60 days without being charged a service fee
  • Low-rate Business Visa® credit cards and business lines of credit
  • Merchant services that give them the ability to accept credit card payments online or at physical locations
  • Remote Deposit systems that let them deposit checks without needing to visit a branch

SBA Paycheck Protection Program (PPP)

Important PPP Loan Application Update

The Small Business Administration (SBA) Paycheck Protection Program (PPP) officially ended on May 31, 2021. If you have an existing PPP loan, you may be eligible for loan forgiveness. Please see the PPP Loan Forgiveness section below for details and for information about beginning the forgiveness application process.

The SBA still offers a number of COVID-19 relief options, and you can find more information about them on the SBA’s website.


PPP Loan Forgiveness

The application portal for Small Business Administration (SBA) Paycheck Protection Program (PPP) loan forgiveness is open and available for submissions. The following resources will help you prepare for the application process:

  • A checklist of the information and documentation you will need to include with your application.
  • A step-by-step guide to help you through the entire application process.

 

The SBA is now accepting forgiveness applications for both first- and second-draw PPP loans. If it has been at least eight weeks since the funding date of your loan, you can apply for forgiveness. Once you have reviewed the resources above and collected the necessary documents, please proceed to the SBA PPP loan forgiveness application portal.

 

Once you have reviewed the resources above, and have collected the documents you will need to apply for loan forgiveness, please proceed to the SBA PPP loan forgiveness application portal.

 

If you have questions about the loan forgiveness application or your PPP loan, please visit the SBA’s official PPP web page or call our dedicated business hotline at 801-215-5557.

 

The IRS has also released information related to the SBA PPP loan forgiveness, which can be found in IRS Notice 2020-32.

 

SBA Paycheck Protection Program Loan FAQs

America First is accepting both First and Second Draw PPP loan applications. To apply, you must be a Business Account Holder with America First. (Click here for a business application.)

Your business must have been in operation as of February 15, 2020 and not be permanently closed to be eligible for a PPP loan.

First Time Program Participants

  • First Draw PPP loan details can be found here, on the SBA’s website.  
  • Calculating loan amounts and documentation support can be found here, on the SBA’s website

Businesses who have previously received a PPP loan

  • Second Draw PPP loan details can be found here, on the SBA’s website
    • 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 for authorized uses.
      • Has no more than 300 employees
      • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
    • How to calculate revenue reduction and maximum loan amounts including what documentation to provide can be found here, on the SBA’s website.  

Yes, however to obtain a 2nd draw PPP loan,

(1) Your 1st draw PPP Loan must be fully disbursed, and

(2) you have used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower, and

(3) the covered periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap. The minimum covered period is eight weeks.

  • Payroll cost documentation is the same for Second Draw PPP loans as it was for your First Draw PPP loan.  
    • If you will be using 2019 figures to determine your eligible loan amount, the same documentation you provided for your previous PPP loan may be used. 
  • Adequate documentation must be collected to establish at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. ALL self-prepared financials (such as Profit & Loss used to determine 25% reduction) must be signed on the first page and initialed on each page thereafter before a loan may be funded.
  • How to calculate revenue reduction and maximum loan amounts including what documentation to provide can be found here, on the SBA’s website.  

Please note if you did not apply with America First for your first draw PPP loan, you will need to obtain your SBA loan number from your previous lender. 

Member’s must apply through our online portal. Applications will not be accepted by email or at our branch locations.  

Once you have submitted your application, you can upload additional documents or check its status here on our website. To upload documents click the upload icon in the bottom left corner of the page as shown below. Details about the different application statuses can be found here.