Paycheck Protection Program Available Through SSB Beginning Friday, 1/15/2021

Paycheck Protection Program Loans through SSB Bank | Pittsburgh, PA

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Round 2 Paycheck Protection Program with SSB Bank

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. You can apply for the loan directly through SSB Bank regardless of whether or not you are a current customer of the bank.

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

Recent News and Updates Regarding the PPP Loan Program

*Please Note: For the most up-to-date information regarding this program directly from the SBA, please visit the SBA's website.

(1/14/2021) WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. EST. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.

On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.

“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering this time of uncertainty,” said SBA Administrator Jovita Carranza. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small business aid helps communities hardest hit by the pandemic. I strongly encourage America’s entrepreneurs needing financial assistance to apply for a First or Second Draw PPP loan.”

“We are pleased to have opened PPP loans to CDFIs, MDIs, CDCs, and Microloan Intermediaries. The PPP is already providing America’s small businesses hardest hit by the pandemic with vital economic relief,” said Secretary of the Treasury Steven T. Mnuchin. “As the Program re-opens for all First and Second Draw borrowers next week, the PPP will allow small businesses to keep workers on payroll and connected to their health insurance.”

First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.

Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.

Key PPP updates include:

  1. PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  2. PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  3. The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  4. The PPP provides greater flexibility for seasonal employees;
  5. Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  6. Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

What You Need to Know

What are the PPP Loan Specifications?

  • PPP loans have an interest rate of 1% maturity of 5 years.
  • Loan payments will be deferred for ten months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Am I Eligible to Apply?

A borrower will be eligible for a First Draw PPP Loan if the borrower:

  • Has yet to receive a PPP loan before the program closed in August 2020
  • Has 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply. 
  • is a business with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.

A borrower will be 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.

Borrowers can apply for a PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.

How Can I Ensure Full Loan Forgiveness?

The loan will be fully forgiven if the funds are used for payroll costs (including benefits) and non-payoll expenses including 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. 

Additionally, First and Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP Loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and 
  • At least 60 percent of the proceeds are spent on payroll costs.

Application Documents

Additional Resources


Submitting an Application for Your PPP Loan Through SSB Bank

Please check back for more specific information on how and when to submit your application.



Still have questions?

If you have any questions or concerns regarding your PPP Loan or the Forgiveness Process, please complete the form below and it will be routed to the appropriate individuals on our Commercial Lending Team. We will respond to inquiries in the order they are received and appreciate your patience in the meantime!


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