Loan Details

  • PPP loans have an interest rate of 1%.
  • PPP loans 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.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP 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 code 72), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Who is Eligible?

A borrower is generally eligible for a Second Draw PPP Loan if the borrower: 

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

How to Apply

Independent Bank is now accepting applications for Second 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 Second 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 Contractors, & 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