Loan Details

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5, 2020 have a maturity of two years. Loans issued after June 5, 2020 have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Who is Eligible?

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs fewer than 500 per location

How to Apply

Independent Bank is now accepting applications for First Draw PPP Loans until March 31, 2021.

If you are not currently an Independent Bank deposit account holder but would like to apply for a First Draw PPP Loan, please contact one of our skilled i-bankers to help get you started. 

If you are a current Independent Bank deposit account holder, you may access our online application here.  Please download the applicable documents to get started:


Sole Proprietorships, Independent Contracts, & Single Member LLCs


Partnerships & LLCs filing IRS form 1065


C-Corps, S-Corps, & LLCs filing IRS form 1020


Nonprofits & Other Entities


 

Additional Resources

Affiliation Rules

Reapplying and Loan Increases

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may:

  • Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or
  • Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible