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NEW - Paycheck Protection Program (PPP)

Legence Bank is committed to serving small businesses, therefore we plan to participate in the next round of the Paycheck Protection Program (PPP) funding. We will post additional information as soon as guidance is published by the SBA. Please contact your Legence Bank representative or your nearest Legence Bank location for information regarding the next round of PPP funding.

COMING SOON -  NEW Simplified PPP Forgiveness Application will be available on or before January 20th for those loans under $150,000.
PPP – FIRST and SECOND Draw loans will be available until March 31, 2021.

First Draw PPP Borrower Eligibility:

  • Available to a business, certain type of non-profit organization, housing cooperative, veterans’ organization, tribal business, self-employed individual, sole proprietor, independent contractor, or small agricultural co-operatives.
  • Available to businesses with 500 or fewer employees or qualify under other SBA rules.
  • Have not previously received a PPP loan.

FIRST DRAW APPLICATION

Top-Line Overviews

Second Draw PPP Borrowers Eligibility:

  • Maximum loan amount of $2,000,000.
  • Available to businesses with 300 or fewer employees.
  • Available to businesses that sustained a 25% drop in revenue for any 2020 quarter versus the same quarter in 2019.
  • Available to businesses that have used 100% of the initial PPP loan.
  • Available to a business, certain type of non-profit organization, housing cooperative, veterans’ organization, tribal business, self-employed individual, sole proprietor, independent contractor, or small agricultural co-operative.

SECOND DRAW APPLICATION

Top-Line Overviews

US Department of the Treasury - The CARES Act Provides Assistance to Small Businesses

 

***More to come as to when LEGENCE BANK will be accepting loan applications for this SECOND ROUND of PPP Loans.***

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