PPP Loan Information
(As of January 14, 2021)
On December 27, 2020, President Trump signed H.R. 133, the Consolidated Appropriations Act, 2021, into law (Economic Aid Act). As part of this new law, Congress appropriated approximately $285 billion to the Small Business Administrations (SBA) to reopen the Paycheck Protection Program (PPP) for first-time and second-time Borrowers.
This comes at a much needed time as many businesses continue to be negatively impacted by the pandemic. This program will provide additional funding to companies that had already participated and used their first PPP loan, but still need additional money to keep employees on payroll and help cover operating expenses.
The Economic Aid Act reopens the PPP for first-time borrowers (First Draw PPP Loan) and also for a second draw of PPP funds (Second Draw PPP Loan) for small businesses with 300 or fewer employees that have sustained a 25% drop in revenue in any quarter of 2020 when compared to the same quarter in 2019. To receive a second draw PPP loan, a business must use or have used the full amount of their first PPP loan. The maximum second-draw loan amount is $2 million.
Customers may begin submitting applications and documentation for first and second round loans to Hometown Bank as we will begin reviewing and preparing them to be submitted to SBA in anticipation of them accepting the applications as of Friday, January 15th, 2020.
For customers that received their first PPP loan through Hometown Bank, we are asking them to contact their respective lender to begin the application process by completing the new SBA Form 2483-SD click here and providing additional documentation. Customers that have not yet applied for their first PPP loan are also encouraged to apply now click here . Please see lender contact below.
Thank you for choosing Hometown Bank to serve your financial needs and we look forward to servicing you in the future.
James Gonsman: (814) 624-1012 (Bedford)
Cory Thomas: (814) 310-2874 (Claysburg)
Stephanie Cessna: (814) 624-1016 (Bedford)
Doug Koontz: (814) 310-5202 (Martinsburg & Woodbury)
Carol Clark: (814) 624-1056 (Everett)