Dear PPP Client,
Following passage of the Economic Aid Act and issuance of the SBA Rules, we are happy to announce that beginning at 8 am Friday, January 15, 2021, Buckeye State Bank will begin accepting Second Draw Paycheck Protection Program applications. You can begin the application process at https://joinbsb.streetshares.com/ppp3/.
For details on the Program, please read the Frequently Asked Questions (FAQ). Below are some key items regarding Second Draw PPP requests,
1. To qualify for the program, a 25% decrease in revenue must be demonstrated.
- To demonstrate this, you will need to provide a Profit & Loss, by quarter for 2019 and 2020.
- You will need to indicate which quarter you are selecting to demonstrate the decrease.
- We encourage you to work with your accounting advisor to prepare these documents.
2. You will also need payroll expense records when completing the request.
3. At least 60% of the funds are to be for payroll purposes in order to receive complete forgiveness.
4. You can apply for a Second Draw PPP, even if you have not applied or received forgiveness for your Round 1 PPP loan.
5. When you enter the portal, you will need to create a new login.
Regarding forgiveness of First Draw PPP loans,
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If your First Draw PPP Loan is over $150,000 and you have not yet applied for forgiveness, you can do so at https://www.Bsbcares.com.
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If your First Draw PPP loan is under $150,000, we are not accepting forgiveness applications at this time; however, we expect to in the very near future. In addition to Round 2 PPP, the Economic Aid Act also provides “eased forgiveness” for loans under $150,000. We are waiting for the SBA to issue the Rules for this Act. Once the Rules are issued, we will notify you so you can begin the forgiveness process.
Please review the FAQ before beginning the process and contact your loan officer with any questions –
