Paycheck Protection Program Loan

We are not currently accepting new Paycheck Protection Program loan applications. If you applied on or before June 26, 2020, you can still sign in and check the status of your application.
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What Is the Paycheck Protection Program?

Recently added as an SBA loan program, the Paycheck Protection Program provides federally-guaranteed loans to eligible small businesses. Loans are the lesser of $10 million and a calculated amount based on payroll and may be forgivable. Talk to your Lendio funding manager for more information on calculating your loan amount. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.

As dictated by the CARES Act, the SBA has already committed and reserved $350 billion in forgivable loans to small business owners across America. Starting on Monday, April 27th, it began funding an additional $300+ billion in loans to small business owners who weren’t able to receive a loan from the initial pool of $350 billion.

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How Can You Use Your Paycheck Protection Program Loan?

The loan may only be used for:

  • Payroll costs and employee commissions or similar compensations
  • Insurance premiums and group healthcare benefits during paid sick, family, or medical leave
  • Mortgage interest payments (but not prepayment or payment of mortgage principal)
  • Commercial space rent and utilities
  • Interest on any other debt obligations incurred before January 31, 2020 and April 3, 2020
  • Refinancing SBA EIDL loan made between January 31, 2020 and April 3, 2020
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How to earn loan forgiveness

You may be eligible to have all or a portion of the loan principal and interest forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation.

Because the SBA expects a high number of applicants for PPP loans, no more than 40% of the forgiven amount can be for non-payroll costs (i.e., mortgage interest, rent, and utilities). If your business has laid off employees, that will also affect how much your loan can be forgiven. The total effect on your PPP loan’s forgiveness-eligibility depends on a calculation that your funding manager can walk you through to give you the specific answer for your business.

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Our Story Organized in May of 1886, Citizens Bank is the oldest incorporated bank in Crawford County and one of the oldest in the State of Arkansas. Founded by an attorney named B.J. Brown The Board of Directors of Vista Bancorporation, the one bank holding company of Citizens Bank & Trust Company, in 1994 announced their agreement to merge with First Bank Corporation of Fort Smith, a bank holding company whose members include First National Bank of Fort Smith and National Bank of Sallisaw in Sallisaw, Oklahoma. As the bank prepares for the future, it is dedicated and committed to the values of its past. The bank’s commitment is to treat its customers fairly, practice its profession with integrity, and be a leading corporate citizen. This has enabled the bank’s success for over 125 years. Our Mission “We are in business to make our customers successful. As a financial ally, we will offer products, service and expertise through a customer-focused effort. Any success the Bank enjoys will depend upon the success of our customers.”