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Paycheck Protection Program Overview

Please utilize these resources and reach out to your Reliant Bank Relationship Manager if you have questions.

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First Draw Borrowers

The SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans

Second Draw Borrowers

The SBA is reopening the Paycheck Protection Program (PPP) for Second Draw Loans

PPP Loan Forgiveness

Learn more about Paycheck Protection Program Loan Forgiveness

The CARES Act was signed into law on March 27, 2020. The Paycheck Protection Program (PPP) delivers economic relief to small businesses and their employees who have been impacted by the COVID-19 pandemic. On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law.  The Economic Aid Act revises certain PPP requirements and extends the authority to make PPP loans through March 31, 2021 or until funds are no longer available.

Governed by the Small Business Administration (SBA), this program provides funds to small businesses, independent contractors and self-employed individuals. The intent of the funds is to help businesses cover expenses such as:

Payroll Expense

Mortgage Interest

Rent

Utilities

PPP funds can also be used to cover eligible expenses such as: certain employer-covered benefits, interest on other debt obligations, refinancing an SBA EIDL loan, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures.

At least 60% of the PPP funds must be used for payroll costs in order to qualify for forgiveness.

PPP Borrower Resources

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