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Paycheck Protection Program (PPP)

  • The program will be available to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more.
  • Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. The loan amount is capped at $10 million.
  • Loans will be forgiven up to the loan amount for a borrower’s payroll, rent, mortgage, and utility costs incurred and paid during an eight-week period after a loan is originated.
  • Loan forgiveness will be reduced to the extent of a) any reduction in employee headcount during this period (as compared to the prior year), and b) any reduction in pay of an employee by more than 25% (as compared to their prior year compensation). Borrowers that rehire workers will not be penalized for paying them less when they are rehired.
  • The SBA also expanded Emergency Economic Injury Disaster Loans.

Program Resources


PPP Loan Forgiveness Application

On June 5, 2020, the President signed the Paycheck Protection Program (PPP) Flexibility Act, which resulted in some important changes to the loan forgiveness rules. The highlights of these changes are as follows:

  • The covered period is extended from eight weeks after the date of loan disbursement to 24 weeks, allowing PPP borrowers more time to spend the loan proceeds on eligible expenses.
  • The requirement that 75% of a borrower’s loan proceeds be used for eligible payroll costs was lowered to 60%.
  • For PPP loans that were SBA approved on or after June 5, 2020, the loan term is increased from two years to five years.
  • The deferral period for borrower payments of principal, interest, and fees, is deferred to the lesser of 10 months after the end of the borrower’s loan forgiveness covered period or the date that the SBA remits the borrower’s loan forgiveness amount to the lender.
  • Provides safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity, or are unable to rehire individuals who were employees, on or before February 15, 2020.

For more details on these changes, visit and

On June 17, 2020, the SBA, in consultation with the U.S. Department of the Treasury, released two Paycheck Protection Program (PPP) Loan Forgiveness Applications, including an EZ version that requires fewer calculations and less documentation for eligible borrowers. Details regarding eligibility for which application to use are available in the application instructions. 

Effective Monday, August 10, St. Mary's Bank is able to accept PPP Loan Forgiveness Applications for our members through our online portal. PPP Business Loan members will receive instructions by email. When you are ready to apply for PPP Loan Forgiveness, please use this form to request access to the online portal.

For more information, or to apply for a loan, connect with a Commercial Lenderor call 1-888-786-2791.