PPP Loan Information
Surrey Bank & Trust is proud to assist you and other small businesses in our market during these difficult times. Once again, we are providing Paycheck Protection Program (PPP) loans to our clients.
Here are the rules established by the U.S. Government:
- Businesses with 500 or fewer employees that have not previously received a PPP loan may apply for a PPP loan to help with payroll, non-affiliated rent, utilities, healthcare costs and more.
- Businesses that have already received a PPP loan may apply for a second draw PPP loan if they have used all their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a revenue reduction of at least 25%.
Clients who previously received a PPP loan through another lender, and who wish to apply for a second draw PPP loan, should submit their second draw application to that original lender.
You will find additional information about the program at www.SBA.gov. Please begin gathering financial and payroll documentation needed to support your request. We encourage you to consult your financial advisor or legal professional if you have any questions concerning the program.
If you are interested in applying for a PPP loan, please contact your Surrey Bank loan officer to request a link to our online application portal.
This portal will guide you through the application process for a PPP loan. You will use the portal and/or email for all information, documentation, and correspondence related to your PPP loan, including the application process, submission of required documents, and follow-up correspondence.
Our goal is to offer you a streamlined application process that complies with PPP eligibility and forgiveness guidelines.
It is our privilege to serve you. The PPP program provides the Bank and other financial institutions with welcome opportunities to stand together with small businesses during this COVID-19 pandemic. We look forward to helping you meet your financial needs.