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Paycheck Protection Program

Additional funding for the Paycheck Protection Program (PPP) has been made available and we are ready to help. Whether you are an existing customer that has yet to apply for a PPP Loan, an existing customer applying for a 2nd round of funding, or a new customer applying for the 1st or 2nd time we have our Bankers standing by ready to help. Please select the option below that best describes your situation

The Paycheck Protection Program (PPP) is a loan program designed to provide a direct incentive for small businesses to keep their workers on payroll.  First Draw PPP loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.  (Note:  At least 60% of the funds must be used for payroll-related purposes in order to get full Forgiveness.)


SBA will forgive the loan if all employee retention criteria are met, and the funds are used for eligible expenses.


Visit SBA.gov/PPP for program details and important information regarding eligibility and specific documentation requirements.


If you determine you are eligible, please email us at pppinfo@fsbmsla.com and we will send you the appropriate application for your circumstance.  Once you receive the application, follow the instructions on each section of the application, answer all questions, and initial and sign where instructed.  (Note regarding signatures: The bank must account for at least 90% of the total ownership of the applicant business).  You will then be able to return your application to us securely via email using DocuSign or you may drop it at one of our Drive-up locations.


Submit the completed application form with the following supporting data:


  • First quarter 2020 payroll documentation to verify the business was in operation as of February 15, 2020; and
  • Payroll documentation and the calculations used to support and verify the requested loan amount; and
  • A copy of the first page of the 2019 business tax return or 1040-Schedule C to verify your 2019 gross annual revenues.
  • Please include identification for authorized individuals signing the loan documents. (Scanned copy front and back of US driver's license or state ID with issued and expiration dates, passport, or military ID. (Note: ID cannot be expired).
  • Lastly, include the cell phone number and email address for authorized individuals who will be signing loan documents on behalf of the applicant business for us to use when sending loan documents securely via DocuSign for e-Signature.


If you are ready to request an application or have questions regarding the program, please email pppinfo@fsbmsla.com or contact a First Security Bank lender.  A list of loan officers and their contact information can be found by clicking here Find a Lender.


Additional information regarding paycheck protection program loans can be found at Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021).

 

For more information, please email us at pppinfo@fsbmsla.com or call 406-728-3115.

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.  (60% of the funds must be used for payroll-related purposes in order to get full Forgiveness.)

Visit SBA.gov/PPP for program details and important information regarding eligibility and specific documentation requirements.

If you determine you are eligible, please email us at pppinfo@fsbmsla.com and we will send you the appropriate application for your circumstance.  Once you receive the application, follow the instructions on each section of the application, answer all questions, and initial and sign where instructed.  (Note regarding signatures: The bank must account for at least 90% of the total ownership of the applicant business).  You will then be able to return your application to us securely via email using DocuSign or you may drop it at one of our Drive-up locations.

Submit the completed application form with the following supporting data:

  • Documentation and calculations used to support and verify revenue reduction of 25% or greater in 2020 relative to 2019. Acceptable documentation would include profit and loss statements for the relevant quarters, summary deposit information from bank statements, or tax returns if using the full year; and
  • First quarter 2020 payroll documentation to verify the business was in operation as of February 15, 2020; and
  • Payroll documentation and the calculations used to support and verify the requested loan amount (if you are requesting the same amount as your first PPP loan and you got your PPP loan from First Security, you do not have to supply additional backup payroll information); and
  • A copy of the first page of the 2019 business tax return or 1040-Schedule C to verify your 2019 gross annual revenues.
  • Please include identification for authorized individuals signing the loan documents. (Scanned copy front and back of US driver's license or state ID with issued and expiration dates, passport, or military ID. (Note: ID cannot be expired).
  • Lastly, include the cell phone number and email address for authorized individuals who will be signing loan documents on behalf of the applicant business for us to use when sending loan documents securely via DocuSign for e-Signature.

If you are ready to request an application or have questions regarding the program, please email pppinfo@fsbmsla.com or contact a First Security Bank lender. A list of loan officers and their contact information can be found by clicking here Find a Lender.

Additional information regarding the Second Draw Paycheck Protection Program can be found at Interim Final Rule on Second Draw Loans (Released 1/6/2021)

For more information, please email us at pppinfo@fsbmsla.com or call 406-728-3115.