View this email in your browser

SBA announced this morning, January 14, that they will be opening their portal to banks with assets of $1 Billion or less to receive new PPP loan applications on Friday morning, January 15, at 8:00 AM CST.  Paducah Bank falls in this early group.  Our platform support group is very close to having the new Second Draw PPP application completed and we anticipate being able to release that link to you late afternoon today.  As a reminder, you should qualify for a Second Draw PPP loan if you 1) have 300 or fewer employees; 2) have used or will use the full amount of the First Draw PPP loan on or before the expected date on which the Second Draw PPP loan will be disbursed; and 3) experienced a revenue reduction of 25% or greater in any calendar quarter of 2020 as compared to the same quarter in 2019, or for the year 2020 compared to 2019.  In preparation for the release of this application, there are a few pieces of information that you can be assembling so that you will be prepared to complete the application and submit it as soon as it is released.

For the Second Draw requests, you can calculate the average monthly payroll using 2019 payroll numbers just as you did in the first application, or you can use 2020 payroll numbers. In either case, you will need to submit financial information to support the payroll numbers used to calculate your eligible loan amount. You will also need to document the 25% reduction in quarterly revenues from 2019 to 2020 with quarterly income statements for the quarter of each year that you use for that calculation, or if making an annual comparison for the 25% reduction in revenue, your 2020 year-end Profit & Loss statement.

The SBA portal will open to all other banks on Tuesday, January 19, so we will have a 4-day head start on all the larger financial institutions.  Once you receive the application link from us, please complete the document, upload the required documentation and submit it to us as quickly as possible. Our staff is committed to work through the weekend and on Martin Luther King day to ensure that we get as many applications submitted as possible before it opens to all other banks.

We appreciate your patience as we work to submit these applications and greatly appreciate your trust in Paducah Bank.

Copyright © 2021 Paducah Bank, All rights reserved.

Our mailing address is:
555 Jefferson Street
Paducah, KY 42001

unsubscribe from this list    update subscription preferences 

Member FDIC - Equal Housing Lender