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CARES Act

SMALL BUSINESSES

Learn how to find financial relief through the Paycheck Protection Program.

Assistance for your business is here.

As part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, financial relief is available for small businesses that have been financially impacted by the COVID-19 pandemic. The Paycheck Protection Program (PPP), offered through the Small Business Administration (SBA), can provide relief to your business with a forgivable loan that can help you keep your workers on payroll and support other types of business expenses.

PPP Application Eligibility

We understand that this is a stressful time for you and your business. But we’re here to support you. If you're an existing Lake Trust business member and meet the criteria below, let us know that you're interested in applying for a PPP loan as soon as possible. Applications close on May 31, 2021

If you did not receive a PPP loan before August 8, 2020, you may be eligible to apply for a PPP First Draw Loan. You must:

  • Need assistance with a qualified eligible expense, like: payroll costs, rent, mortgage interest, utilities, operations expenditures, property damage costs, supplier costs, and/or worker protection expenditures
  • Have a business with less than 500 employees, a private nonprofit organization, 501(c)(19) veterans’ organization, or 501(c)(6) organization (like a Chamber of Commerce, nonprofit, religious entity, or local news organization)

If you’ve already received a PPP Loan, you may be eligible to apply for a PPP Second Draw Loan. You must:

  • Show that you have used or will use the full amount of your first PPP loan. You’ll need to show a drop of at least 25% in gross receipts for any quarter of 2020, compared with that same quarter in 2019. (Annual amounts can also be used.)
  • Need assistance with a qualified eligible expense, like: payroll costs, rent, mortgage interest, utilities, operations expenditures, property damage costs, supplier costs, and/or worker protection expenditures
  • Have a business with less than 300 employees, a private nonprofit organization, 501(c)(19) veterans’ organization, or 501(c)(6) organization (like a Chamber of Commerce, nonprofit, religious entity, or local news organization)
  • Provide a signed and dated first page of the financial statement and initial all other pages, attesting to the accuracy of the proof of revenue decline.

Did you know...

If you are granted a PPP loan, you have 10 months from the date you received your loan to apply for forgiveness.

Additional PPP second draw loan information.

If you previously received a PPP First Draw Loan, you may be eligible to apply for a PPP Second Draw Loan with the same general loan terms as your PPP First Draw Loan.

  • For most borrowers, the maximum loan amount of a PPP Second Draw Loan is 2.5x the average monthly 2019 or 2020 payroll costs, up to $2 million.
  • For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a PPP Second Draw Loan is 3.5x the average monthly 2019 or 2020 payroll costs, up to $2 million.
  • You must use the new SBA Form 2483-SD Borrower Application1.

Let’s start your application. Together.

If you feel you are qualified to receive a PPP Loan, please fill out the form below. A Lake Trust team member will reach out to you soon to help you start your application.

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PPP Frequently Asked Questions

Need help? Check out the PPP FAQ guide from the U.S. Chamber of Commerce.

View PPP FAQs1

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Additional Business Funding

Learn more about EIDL grants and other SBA COVID-19 programs that may help your business.

See More Options1