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:
- i-bank PPP Portal Introduction and Guide
- How to Calculate First Draw PPP Loan Amounts and What Documentation to Provide - by business type (01-17-21)
Sole Proprietorships, Independent Contracts, & Single Member LLCs
- First Draw Document Checklist and Certification of Beneficial Ownership - Sole Proprietorship, Independent Contractor, or Single Member LLC
- PPP Loan Amount Worksheet - Sole Proprietorship, Independent Contractor, or Single Member LLC
Partnerships & LLCs filing IRS form 1065
- First Draw Document Checklist and Certification of Beneficial Ownership - Partnerships & LLCs filing IRS form 1065
- PPP Loan Amount Worksheet - Partnership or LLC filing IRS form 1065
C-Corps, S-Corps, & LLCs filing IRS form 1020
- First Draw Document Checklist and Certification of Beneficial Ownership - C-Corp, S-Corp, & LLCs filing IRS form 1020
- PPP Loan Amount Worksheet - C-Corp, S-Corp, or LLC filing IRS form 1020
Nonprofits & Other Entities
- First Draw Document Checklist and Certification of Beneficial Ownership - Nonprofits & Other Entities
- PPP Loan Amount Worksheet - Nonprofits & Other Entities
Additional Resources
- Top-line Overview of PPP First Draw Loans
- Frequently Asked Questions for Lenders and Borrowers (12-09-20)
- Frequently Asked Questions for Faith-Based Organizations Participating in the PPP and Economic Injury Disaster Loan Program
- PPP Myth vs. Fact
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