Paycheck Protection Program Resource Center
Paycheck Protection Program Overview
The Paycheck Protection Program (the “Program”) was developed to provided economic relief to small businesses adversely impacted due to the Covid-19 pandemic via short-term, low interest loans that can be used to cover payroll costs (including certain benefits) and other eligible expenses, including but not limited to rent, utilities and interest on mortgage loans.
The recently enacted Economic Aid Act has created a new round of funding for the Program. First Draw PPP loans are available to eligible borrowers that have not yet received a loan under the Program. Second Draw PPP loans are available to existing PPP borrowers that meet specific eligibility requirements.
Both First Draw and Second Draw PPP loans are eligible for forgiveness up to the full principal amount of the loan and any accrued interest. The actual amount of forgiveness will depend, in part, on how proceeds were used and if employee and compensation levels were maintained.
Have More Questions?
- Visit one of the following FAQ pages to help answer any questions you may have.
Get in Contact with Us to Discuss
- Click here to submit a virtual meeting request or call us today at 217-875-3131 to get in touch with one of our banking experts to help guide you through the process. Hickory Point Bank is committed to supporting our clients during this challenging time and are here to help you through this process. Contact us today to learn more about the eligibility and the application process.
- Check back soon.
Please be aware that we are not accepting applications for First Draw and Second Draw PPP loans at this time. We are preparing the final touches on our application process. Please check back soon for additional information. If you would like to begin the process for forgiveness of an existing PPP loan, click here to access the forgiveness portal.