Update on April 27, 2020: Congress has approved an extention of the Paycheck Protection Program giving First Community and other community lenders specific funds to help more small businesses. Effective today, the SBA is now accepting applications again. For those that have already submitted a PPP application with First Community, we will continue to review for eligibility and submit to the SBA in the order submitted. It is not necessary to apply again. You will be contacted as soon as your application is processed. If you have not yet applied with First Community, we are accepting new applications but cannot guarantee the availablity of funding.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on Friday, March 27, 2020. This act includes a provision for SBA loans to businesses meeting certain qualifications with loan forgiveness and payment deferral options. The Paycheck Protection Program is intended to provide capital for businesses negatively impacted by the COVID-19 pandemic. These loans will be originated through SBA 7(a) lenders, including First Community.
More information on the CARES Act can be found on the SBA website.
If you would like to apply, please click the SBA Loan Application button below and fill out the application. You will submit the application form online and have the option to securely upload any supporting documentation if needed.
We are experiencing a high volume of outreach regarding the SBA Paycheck Protection Program. We will respond to you as quickly as possible. Thank you for your patience and interest in the program.
Please upload the documents used to calculate the loan amount. Missing documentation will delay the process.
You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry.
The SBA loans will be subject to the following terms:
- Maximum loan is 2 years
- Interest rate on the borrowings is capped at 1.0%, with interest payments being deferred for six months
- No prepayment penalty exists
- No personal guarantee or collateral guarantee is required
- The application does not have to satisfy the eligibility elsewhere test, in which they have the ability to obtain credit elsewhere
Must qualify for membership.