If you own a restaurant, hotel, or live venue that falls under a NAICS code starting with “72,” you can apply for 3.5 times your monthly payroll costs for your Second Draw.
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.
Ohio Valley Bank, a $1 billion asset community bank established in 1872, operates 16 offices throughout southern Ohio and western West Virginia. The state-chartered bank is an Equal Housing Lender, Member FDIC, and member bank of the Federal Reserve System. NMLS 519902. The Bank's headquarters are located in Gallipolis, Ohio. For over a century, OVB has never changed names, making it one of the oldest banks in the state. Under OVB’s mission of “Community First”, employees, shareholders, and customers work together to help their communities thrive.