The Paycheck Protection Program (PPP)

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The Paycheck Protection Program (PPP)


On March 27, 2020, the CARES Act was signed into law as one of the first economic aid packages in response to the COVID-19 pandemic. One key provision was funding for the Paycheck Protection Program (PPP). Since then, the PPP has delivered billions of dollars in relief to small businesses hit hard by providing 100% government guaranteed loans and the opportunity for loan forgiveness. As the pandemic has continued to impact businesses around the country, the PPP has evolved. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law.

This new law allows business that were previously not eligible or have not previously received a PPP loan to apply for a First Draw PPP Loan. It also provides the opportunity for businesses who have already received a PPP loan to receive a Second Draw PPP Loan if they meet certain requirements. We are committed to working through the PPP once again and will continue to provide updates as they are available. Please review the two boxes below to find the loan option that fits your situation.

The forgiveness process for existing PPP loans continues and the loan forgiveness applications can be found in the forgiveness box below. As part of the Economic Aid Act, the forgiveness process for loans of $150,000 and less will be simplified. The SBA has not yet released the new, simplified forgiveness application, but we will continue to update our website as new information becomes available. For borrowers with loans over $150,000, the forgiveness process remains unchanged and you are encouraged to apply for forgiveness once you have gathered the needed documentation, which you can also find in the box below.

The SBA opened their portal to all lenders on Tuesday, January 19.

First Draw PPP Loan

Apply for a PPP loan.

Eligibility & Requirements

Have not previously received a PPP loan

Have fewer than 500 employees

Previously ineligible businesses may now apply*

* Eligible news organizations, housing cooperatives, and 501(c)(6) organizations

Loan Amount

Up to $10 million

Loan Terms

5-year term at 1.0% interest

15 months of deferred principal and interest payments

Required Documentation Apply Now
Second Draw PPP Loan

Apply for a second draw of PPP funds.

Eligibility & Requirements

Previously received a PPP loan and will or have used the funds on eligible expenses

Have 300 employees or fewer

Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Loan Amount

Up to $2 million

Loan Terms

5-year term at 1.0% interest

15 months of deferred principal and interest payments

Required Documentation Apply Now
PPP Loan Forgiveness

Apply for forgiveness of a PPP loan at FNBSF.

Eligibility & Requirements*

Have fully exhausted PPP proceeds on eligible expenses

Have gathered the required verification documentation

*Click ‘Apply Now’ for details on eligible expenses and required documentation

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

One-page application and relaxed documentation

Certify use of funds according to PPP guidelines

PPP Loan Forgiveness at FNBSF

Nearly 80% of PPP borrowers at FNBSF have applied for forgiveness

The SBA is actively approving forgiveness requests

Apply Now
Contact Us

If you have any questions or concerns as your prepare your application, please reach out to us at the link below. A teammate from our PPP task force will be happy to help with whatever you need. Simply fill out the information on the form and we’ll be in touch.

U.S. Treasury Guidelines Contact Us