Don't Miss out on "Free Money" - PPP Loan Apps Due Soon

If you didn’t already apply for PPP (Paycheck Protection Program) as an owner-operator, you might still be able to get those funds. Please contact Brenda or Shelley and get more information. Applications must be submitted by March 31st, but Brenda and Shelley will help make it happen if you let them know you are interested.

If your 2019 tax return reflected a loss you can now apply for PPP using line 7, or your gross adjusted income. This amount is capped at 100,000.00 - so actual number up to 100,000.00. Brenda and I can help with this submission, however, it must be filed before March 31st this year.

First National Bank requires a copy of your tax return, proof that you are under lease to a company so we can provide our contract, and a copy of your driver's license to complete the application. If you are with a different bank some variation of this information will most likely be requested. Regardless if you need help please let me or Brenda know.

Information from First National Bank:

“The Paycheck Protection Program (PPP) continues to evolve to best serve small businesses. On March 3, 2021, the SBA released updated guidance for individuals who file a Schedule C on their personal 1040 tax return. This update changes how these borrowers determine the average monthly payroll when calculating the loan amount they are eligible for. Now, borrowers can use their gross income from line 7 on the Schedule C, whereas prior guidelines required net income to be used.

This change only applies to those who have not yet received a PPP loan in 2021 and does not allow for changes to previously funded PPP loans. Our website has been updated to include the new applications for Schedule C borrowers, as well as current guidance from the SBA.

As a reminder, we continue to process applications for all borrower types, and our website is updated regularly with current applications and guidance. The application period for PPP loans expiries on March 31, 2021. Please don’t hesitate to reach out to our PPP Hub at sbahub@fnbsf.com if you have any questions.