The next round of PPP Funding has been announced
January 15, 2020
If you are a Second Draw applicant and want to use 2020 payroll data to request a higher loan amount than your First Draw loan, you must upload a CARES Act average monthly payroll calculator along with supporting 2020 payroll documentation. Link to calculator: FAB CARES Act PPP Calculator
To help our customers navigate this process, we will be available to answer your questions this Saturday, January 16 and Monday, January 18 (MLK Day), from 8:00am to 4:00pm Central Time.
To contact our team with any questions you may have regarding your PPP application, please use our dedicated phone numbers only - Florida: (305) 400-3330; Illinois: (847) 586-2399; Wisconsin: (262) 553-4499 or email us at PPP@firstambank.com and we will get back to you as soon as possible.
We may be utilizing email to communicate with you regarding your loan so please be on the lookout for emails from members of our team.January 13, 2020
We are assisting our current customers at this time. If you are a current customer of First American Bank, you should have received an email with a link to apply. Please contact us if you did not. Please note, the SBA is not ready to accept applications yet. This is simply to fill out the application and get your documents uploaded into our secure portal.
If you are interested in applying for a PPP loan and are willing to become a First American Bank customer, you may enter your information into our Standby List and we will contact you via email when we are ready.
Second Draw: What We Know
- Customers who did not receive a First Draw from the Paycheck Protection Program are eligible to apply under those original First Draw Guidelines.
- To qualify for the Second Draw, customers need to meet the following criteria:
- Have participated in the First Draw
- Have 300 employees or less
- Have a decline in revenues of at least 25% in any 2020 quarter over comparable 2019 quarter
- Customers who received a First Draw and qualify for a Second Draw are subject to various limitations, including but not limited to:
- Maximum loan amount of $2,000,000
- Amount based on 2.5 or 3.5 times average monthly payroll, depending on the nature of their business
- Availability expires 3/31/2021
- We continue to process Forgiveness applications for loans over $150,000 from the First Draw. The SBA is releasing a streamlined Forgiveness procedure for loans under $150,000 and we will send Forgiveness links for loans under this threshold upon receipt of the new procedure.