Heritage Southeast Bank and our Partner Banks — Heritage Bank, Providence Bank, and The Heritage Bank — are committed to your company’s success. We are proud to participate in the new round of $284 billion in Paycheck Protection Program (PPP) loans that the U.S. Congress signed into law on Dec. 27, 2020 via the Consolidated Appropriations Act. Our team members will offer the highest levels of service, commitment, and urgency to our clients who wish to apply for a loan via this program.
We will open our PPP processing platform in the next few days once we have additional guidance from the U.S. Small Business Administration (SBA). We will accept loan requests from existing customers who are making a second draw and meet the 25% decrease in revenue qualifier as mandated by the SBA. For customers applying for a PPP loan for the first time, we will provide additional details about what is needed.
Help Us Help You: What to Gather to Participate in PPP Loan Process
To ensure you are prepared to participate in this coming round, we urge you to complete the following items in the coming days:
- Please review the PPP guidelines and relevant forms from Department of the Treasury and SBA issued on January 6. They can be found here.
- Please confirm your organization meets the SBA’s requirements for the second draw (existing PPP borrowers wanting a second PPP loan). In making your decision to apply for this latest round of PPP, please consult with your legal, tax, accounting, or financial advisors, as necessary.
- If you qualify for either of the two draws, you will need to compile the following information to make loan submission to the SBA:
First-time PPP loans:
- Start updated PPP loan application for first draw PPP loans.
- Gather payroll information or tax information depending on your entity type.
- Gather payroll statement from either 2019 or 2020. If a 2020 statement given is provided, it must include February 15, 2020 to establish that your organization was operating on that date.
Second draw PPP loans:
- Start new PPP loan application for second-time borrowers.
- Otherwise, gather same information as described above for first-time borrowers plus evidence of revenue reduction per the PPP rules for requests greater than $150,000.
Please contact your lender with any questions. You may also visit the SBA website for information on forgiveness and repayment provisions.
Thank you for trusting us as your community bank. We value our customers and are committed to helping you navigate these loan processes.