The information below will help you prepare for your Second Draw PPP Loan Application.
• If you received your first PPP loan from Firstrust in 2020, and choose to use the 2019 average monthly payroll to calculate your loan amount, we DO NOT need any additional information from you except the new application.
• If you received a PPP loan from Firstrust in 2020, and choose to use the 2020 average monthly payroll to calculate your loan amount, we will need proof of the 2020 payroll figure (payroll journals, 941, tax return, etc).
• For Second Draw PPP Loans greater than $150,000, Borrowers must also submit documentation adequate to establish that the business experienced a revenue reduction of 25% or greater. Based on when your business was in operation, you can use the following to determine what calendar year you will use:
• For Second Draw PPP Loans $150,000 or less, documentation supporting reduced revenue is not required until time of forgiveness. Please use above for reference on how to determine a 25% or more revenue reduction. It is a best practice to go ahead and have this information ready to ensure your qualification to apply for forgiveness before receiving the loan.
• If you are a new Firstrust Second Draw Customer: If you’re a new PPP customer to Firstrust Bank, we will need some additional information from you in addition to the proof of payroll:
• If you would like to view the application in advance of applying, you may click here. Please note, Firstrust will not be taking paper applications. All applications will be done online, through the Loan Application Portal.
Please keep in mind this information is changing rapidly and is based on our current understanding of the programs. It can and likely will change. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. We encourage you to consult with your lawyers, CPAs and Financial Advisors.