COVID-19 Information for Businesses

During this time of economic uncertainty, there may be challenges you face.  As your financial partner, we want to work with you however we can.

 **Updated 3.29.2021*



Update 3.29.2021

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) re-opened the week of January 11 for new borrowers and certain existing PPP borrowers.  Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.


First Draw Loans

Eligible applicants that did not receive a PPP loan prior to August 8, 2020, will now have the ability to apply for a PPP First Draw Loan on or before May 31, 2021.  Covered eligible expenses have been expanded and now includes the following: following costs, rent, mortgage interest, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures.


  • Business entities (partnerships, corporations, LLCs)
  • Sole proprietors, independent contractors, self-employed individuals
  • 501(c)(3)
  • 501(c)(6)
  • 501(c)(19) Veterans organization
  • Tribal business
  • Housing cooperatives, destination marketing organizations, and eligible news organizations

All First Draw applicants must comply with size standards, eligibility criteria and certain limitations.

Only complete application packages will be considered.  Any incomplete application packages will be rejected.  Be sure to check your application thoroughly before submitting.

EXB Qualifications:

  • To be considered you must meet the eligibility requirements set forth by the Small Business Administration (SBA).
  • You must currently have an Exchange Bank online banking profile.
  • Your business operations deposit account, which would include payroll activity, must be with Exchange Bank

Application Package:

Application packages must contain the following:

  • Complete SBA Paycheck Protection Program Borrower Application Form – SBA Form 2483 (04/20)
    • Must be completed in whole including amount, initials and signature
    • Post Office boxes are not allowed – must be a physical address
    • Include a summary of how the amount of your loan request was calculated
  • Business Start Date
  • Any documentation supporting the “purpose of the loan” as instructed in the application, such as:
    • 2019 IRS Form 1099-MISC that you received as an independent contractor
    • 2019 IRS Form 1040-C if your business is a sole proprietorship
    • 2019 IRS Form Schedule SE if you are a 1099 wage earner
  • If you have employees:
    • 2019 IRS Form 941 for quarterly salary, wages, commissions, and tips
    • 2019 IRS Form 944 same as 941, but annualized
    • 2019 IRS Form W-3
    • 2019 IRS Form 940 for any unemployment costs
    • 2019 IRS Form 1040-C if your business is a sole proprietorship
    • Monthly payroll statements that outline these costs by month
    • Salary, wages, commissions, or tips (not exceeding $100,000 annually for each employee)
    • Costs for vacation, parental, family, medical or sick leave
    • Costs for separation or dismissal of employees
    • State & local taxes assessed on employee compensation
    • (If applicable) All health insurance premiums paid by the business owner under a group health plan
    • (If applicable) All retirement plan funding paid for by business owner

You can download a First Draw PPP loan application to complete.  See below for instructions on submitting applications.

Second Draw Loans


Targeted eligibility is applied – a borrower is generally eligible for a PPP Second Draw Loan on or before May 31, 2021 if the borrower:

  • Was eligible for and previously received a PPP First Draw Loan
  • Has or will use the full loan amount only for eligible expenses before the PPP Second Draw Loan is disbursed
  • Has no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020*

For most borrowers, the maximum loan amount of a PPP Second Draw Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.  For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for PPP Second Draw Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

For loan consideration, you must submit documentation supporting the 25% reduction in gross receipts with your application – this documentation must be signed by the applicant.  The business start date and NAICS code must also be included.

If you previously received a PPP loan from an institution other than EXB, documentation applicable to First Round applications (see above) must also be submitted with application.

Unlike the previous PPP loan rounds where an SBA loan number was immediately issued, the SBA is taking a few days for extra compliance checks before issuing loan numbers.

For details and comprehensive guidance please see the updated Interim Final Rule for PPP Second Draw PPP Loans.  You can download a Second Draw PPP loan application to complete.  See below for instructions on submitting applications.

As an alternative to applying directly with EXB, we have also partnered with Kabbage as another way to connect you with these PPP loans.  Anyone meeting SBA eligibility requirements may apply with Kabbage.  Click here to learn more.


Forgiveness Forms and Instructions

Simplified forgiveness application for loans of $150,000 or less  Form 3508S:

Application for loans greater than $150,000 and the borrower meets wage reduction threshold as outlined in instructions Form 3508EZ:

Application for loans greater than $150,000 and the borrower does not meet the wage reduction thresholds outlines in 3508EZ Form 3508S:

Recent forgiveness updates:

  • Borrower now has the option to select a covered period during which they can use PPP loan proceeds anytime between 8 and 24 weeks after disbursement.
  • SBA will no longer deduct EIDL advances from forgiveness payment
  • If a forgiveness payment has already been received, net of an EIDL Advance, SBA will provide a reconciliation payment to lender to be applied to the outstanding loan balance
  • For more information and updates, visit the SBA’s Forgiveness website.
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