Paycheck Protection Program Information

PPP Loan Applications - Second Draw 

The U.S. Small Business Administration (SBA) has announced that the Payroll Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. Only specialized community financial institutions will be able to make first draw PPP loans starting Monday, 1/11, and second draws on Wednesday, 1/13. Glenview State Bank does not qualify to be included in this first group. GSB again will only process PPP loans for our existing business customers. The SBA has stated that the program would be available to all lenders a few days after the opening but has not specified a date.


If you received a PPP Loan in the First Round, you will receive an email with instructions on how to start the process.  That email will be sent to you by January 15, 2021.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower had previously received First Draw PPP AND: 
  
  • Your business is still in operation AND
     
  • Proceeds from your first draw must have been disbursed for authorized uses AND
     
  • Your business has no more than 300 employees AND

  • You can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.


PPP borrowers can set their PPP loan’s covered period to be any length between 8 to 24 weeks to best meet their business needs.


Please note: For Second Draw Loans, the SBA will not be providing immediate approvals. We anticipate there will be a few days between submission and decisioning.

SBA and Treasury officials have offered assurances that there are sufficient funds to meet expected demand.

PPP Second Draw High Level Summary from SBA

PPP Second Draw Application


PPP Loan Applications - First Draw 

If you did not submit an application during Round 1, you are welcome to submit a new application.  Please note: Glenview State Bank will only be processing applications for existing Glenview State Bank customers who have maintained their business banking relationship with the bank prior to September 30, 2020.

If you would like to apply, please email your intention to apply to our dedicated First Round Draw PPP Loan email address.  Include your business name and your contact information in the email and a GSB Business Banker will be in touch shortly.  Click here to advise us of your intent to apply.


PPP First Draw High Level Summary from SBA

PPP First Draw Application

PPP First Draw Worksheet


The bank strongly encourages our customers to be discussing their specific situation as it relates to the PPP program with their CPA or Attorney.


SBA PPP Website Page


PPP Loan Forgiveness - Round 1

Information on loan forgiveness was emailed to Round 1 participants on January 26th.
If your loan amount in Round 1 was in excess of $150,000, you have either already been contacted by a GSB Business Banker or you will be contacted over the coming weeks,


Other Resources:
 
Small Business Administration (SBA)
ADP, Paychex, Paycom, Trinet
US Department of Treasury 

Beware of PPP Scams