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SBA Paycheck Protection Program (PPP)

At the end of 2020, Congress passed a major COVID-19 relief bill that included $284.5 billion in fresh funding for the Small Business Administration’s Paycheck Protection Program (PPP) and updates to the program’s rules and eligibility requirements.

Created in March 2020 under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the PPP has provided relief for millions of businesses affected by the pandemic through low-interest, forgivable small-business loans to help cover payroll and other approved expenses such as rent, utilities and mortgage interest.

Simmons Bank is not currently accepting PPP loan applications from new customers. Customers who had a previous banking relationship with Simmons Bank, may apply for a PPP loan until May 14, 2021. The May 14 cutoff date is intended to provide sufficient time to process and submit loans to the SBA prior to their May 31 deadline.

Existing Simmons Bank customers should contact their banker to apply.

WHAT HAS CHANGED

The latest round of PPP funding (known as “PPP2”) once again offers loans up to $10 million for eligible first-time borrowers. It also allows eligible existing PPP borrowers to apply for a second-draw loan up to $2 million when they meet specific criteria.

Other updates provide greater flexibility for borrowers, including:

  • A more flexible covered period (during which PPP funds must be used to qualify for forgiveness)
  • An expanded list of approved business expenses
  • A simplified forgiveness process for loans up to $150,000
  • Higher loan amounts for eligible businesses in the accommodation and food services industry

As before, borrowers can qualify for full forgiveness if certain conditions are met. The loans will have a low 1% interest rate, a five-year repayment term and deferred payments.

FIRST-TIME BORROWERS

Information for businesses that have not already received a PPP loan.

Learn More

SECOND-DRAW BORROWERS

See if you are eligible for a second-draw PPP loan.

Learn More

PPP LOAN FORGIVENESS

Learn about forgiveness eligibility and how to apply.

Learn More

Security Notice

The Small Business Administration recently issued a cyber warning alert regarding email phishing campaigns where malicious actors are impersonating the SBA and its Office of Disaster Assistance to collect personally identifiable information (PII) for fraudulent purposes. The SBA is advising loan applicants to look out for email scams and phishing attacks using the SBA logo. These may be attempts to obtain PII, access personal banking accounts, or install ransomware or malware. For additional information, click here.

  • {101} Please note that Simmons Bank is continually working to update our resources as new information becomes available.

    Loans are subject to customer qualification and approval by Simmons Bank. The SBA is currently offering PPP loans until May 31, 2021.

  • {97} Benefits and features are subject to customer qualification and approval by Simmons Bank.