PPP Loans – First Draws and Second Draws for the funding period that began January 15, 2021.
Capitol Bank became eligible to submit First Draw and Second Draw PPP Loan applications as of Friday, January 15. We welcome applications from current customers and new customers. In addition, if you obtained your first PPP Loan at a different bank but are now interested in a Second Draw Loan from Capitol Bank, we are happy to work with you.
Please refer to the information and links provided below to begin filling out your application. Please reach out to PPPLoans@CapitolBank.com if you have questions or are ready to submit a completed application with supporting documentation. We will assign a Capitol Banker to work with you directly and they can provide you a secure link to submit your application materials.
Application Documents and Helpful Links:
“First Draw PPP Loans” are available for new borrowers that have not previously had a PPP Loan.
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs.
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations.
- The PPP provides greater flexibility for seasonal employees.
- The business has fewer than 500 employees.
- Loans are capped at $10 million.
Borrowers that received a PPP Loan in 2020 are eligible to receive “Second Draw PPP Loans” under certain requirements, including but may not be limited to:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses.
- The business has experienced a reduction in revenue by 25% or more in 2020 compared to 2019.
- The business has fewer than 300 employees.
- Loans are capped at $2 million.
Helpful links to additional information:
March 3, 2021
- An interim final rule regarding IRS Form 1040, Schedule C Borrowers.
- PPP Loans Frequently Asked Questions.
- An interim final rule on the Amended PPP.
- An interim final rule on Second Draw PPP Loans.
- Guidance for minority-, underserved-, veteran- and women-owned businesses.
- Another helpful link for additional information, including increasing the size of your original PPP Loan: https://www.sba.gov/sites/default/files/2021-01/5000-20076-508.pdf
PPP Loan Forgiveness Application Process
If you are a Capitol Bank PPP Loan Borrower and you are interested in beginning the forgiveness application process, please first email us at PPPLoans@CapitolBank.com. Once we receive your inquiry, your Banker will be in touch with information that will help you complete the necessary application documents listed below. Simply click on the items below to view/download.
An important reminder we must disclose to our PPP Loan borrowers: You as the borrower are ultimately responsible for the accuracy of the application and supporting documents; however, Capitol Bank will help you through the forgiveness process and necessary documentation to the best of our abilities. We strive to be a helpful resource, but we ultimately must rely on our borrowers’ representations of their information. This aligns with the SBA guidelines and intent of the PPP program.
Per the SBA program guidelines: Capitol Bank has 60 days to submit a forgiveness application to the SBA upon receiving a completed application with all supporting documents; and the SBA has 90 days from the time the application is submitted to issue a forgiveness decision.
PPP Loan Forgiveness Documents (click to view and download)
Borrowers: Please refer to the documents below, review them thoroughly, and rely on them as the primary source for what information and documentation is required as part of your application.