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Small Business Association (SBA) Paycheck Protection Program (PPP) - Round 2

The CARES Act created the Paycheck Protection Program as an extension of the Small Business Administration (SBA) 7(a) loan program, allowing financial institutions to provide federally-backed, forgivable loans to eligible businesses.

The Consolidated Appropriations Act was signed into law on December 27, 2020. As a part of this Act, the Small Business Administration (SBA) Paycheck Protection Program (PPP) was allocated $284 billion in additional funds for businesses who qualify for a second or initial draw.

McHenry Savings Bank will again participate in this program to serve the business community. At this time, our priority is to assist our current MSB business clients, so if you are not a current client, we will be happy to work with you as resources are available.

For specific guidance from the SBA, please visit this Link: SBA.GOV (External PDF Document).


Loan Details & Forgiveness

Loan Details & Forgiveness

Eligibility for PPP-2 is tied to two primary factors:

1. A 25% reduction in gross revenues for any quarter in 2020 versus the same quarter in 2019.

2. The borrower must have fully utilized its first PPP loan (or expect to do so).  If you’ve not already filed for forgiveness at MSB, we would recommend submitting documentation to allow us to make a reasonable assessment on this point.

Hospitality businesses (as defined by NAICS codes), will be eligible for additional amounts – 3.5x monthly payroll versus 2.5x for other businesses.


Required Documents to Apply

We believe you will need to supply the following documents if you are eligible to apply and have already received the PPP round one allocation from MSB:

  • Payroll information or tax information depending on your entity type.
  • Payroll statement from either 2019 or 2020. If a 2020 statement is provided, it must include February 15, 2020 to establish that your organization was open on that date.

Watch your email for communications from us with additional information and/or instructions. This will be the primary way we will be communicating with clients during this time.

Please call 815-385-3000 to speak to Loan Operations about your specific circumstances if you are experiencing hardship as a result of family sickness or workplace closure due to Covid-19.



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Commercial, Municipality, Township, Chamber and Institutional Clients

 

We realize you may have a wide range of financial needs based on your business type and specific circumstances. Please contact a Commercial Banking Officer at 815-385-3000 to discuss your specific needs and how we might be able to help.

Bank deposit products and services provided by McHenry Savings Bank (MSB). Loans may originate and/or be serviced by MSB or a third party.