Paycheck Protection Program (PPP)

Please note that information regarding these resources are continually changing, visit the links for the most up to date information.
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What is it?

The PPP provides small business with funds to pay up to 8 weeks of payroll costs including benefits.   Funds can also be used to pay interest on mortgages, rent and utilities over the 8 week period after the loan is made. 

 

What are the requirements? 

  • Fully Forgiven. Funds are provided in the form of loans that may be fully forgiven when used for payroll costs, interest on mortgages, rent and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).  Loan payments will also be deferred for six months.  No collateral or personal guarantees are required.  Neither the government nor lenders will charge small businesses any fees. 
  • Must Keep Employees on the Payroll – or Rehire Quickly. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.  
  • All Small Businesses Eligible. Small businesses with 500 or fewer employees-including non-profits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors- are eligible.   Business with more than 500 employees are eligible in certain industries.  

 

When can I apply? 

Starting April 3, 2020, small businesses and sole proprietorships can apply.   Starting April 10, independent contractors and self-employed individuals can apply.  

 

How do I apply? 

Complete the Application and include the following: 

  1. Tax Filings
  2. Evidence of Payroll Cost
  3. Additional information may be requested

 

ATTENTION: Based on the current information provided by the Small Business Administration (SBA), and the number of applications we are currently working to process for the Paycheck Protection Program, First Bank Kansas is only processing applications for customers who have their associated business accounts (deposits and/or loans) active with us at this time.

 

Send application along with documentation to loanops@firstbankkansas.com or your individual lender.  You may also drop off the information to a branch near you.   Locations  Lenders

 

Where can I find more information?  

Borrower Information Sheet

Treasury.gov/cares

 
 
 
 
The information provided on this website does not, and is not intended to, constitute professional legal, financial, or medical advice; instead, all information, content, and materials available on this site are for general informational purposes only. First Bank Kansas does not control or take responsibility for the content or information provided by any external link.

Last updated 9:00a 04.03.2020