FCB Announces Plan to Process PPP Loans
FirstCapital Bank of Texas announced Thursday, Dec. 31 that the financial institution will begin processing Paycheck Protection Program (PPP) loans for local businesses as soon as new guidelines from the Small Business Administration (SBA) and United States Treasury are released.
To qualify for a PPP loan, applicants must employ no more than 300 employees; have used or will use the full amount of their first PPP loan; and demonstrate at least a 25% reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter. The business must provide applicable timelines for businesses that were not in operation in Q1, Q2, Q3, and Q4 of 2019. As determined by the SBA, PPP loans will be capped at $2 million. Applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020. Loan requirements are subject to change based on the SBA and U.S. Treasury’s future guidelines.
According to the Texas Bankers Association, eligible entities include businesses, certain non-profits, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives.
Additional information regarding SBA’s PPP Loans program will be made available at FCBTexas.com. For questions or to contact an FCB business lender, please call 844.322.8392.