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.
Town-Country National Bank offers the highest quality of banking services on the market today. Since 1978, we have provided superior service to our customers and have assisted them in achieving their goals. Our years of experience and commitment to excellence have earned us the reputation as the one of the best in the area. At Town-Country National Bank, our highest priority is satisfied customers. You are important to us and you can expect us to go the extra mile for your business. Superior customer service is the hallmark of Town-Country National Bank. We are proud to serve you and work hard to earn your business.