SBA PPP Loans Information

Please review this page periodically for up-to-date information on the SBA PPP loan program and branch communications.

SBA Paycheck Protection Program

Citizens National Bank is pleased to support small businesses in our community through participation in the SBA Paycheck Protection Program. Beginning January 13th, we will begin accepting applications for select First Draw and Second Draw PPP Loans. Customers interested in applying for a PPP Loan (or PPP Loan Forgiveness) may contact their Branch or Account Officer for application instructions.

First Draw Loans

  • Business must have been in operation on February 15, 2020.
  • Eligible small businesses include: self-employed individuals, sole proprietorships, independent contractors; nonprofits, veterans organizations, tribal concerns and businesses that are eligible for other SBA 7(a) loans that (together with their affiliates, if any) have 500 or fewer employees; and certain businesses organized under Sec. 501(c)(6), housing cooperatives and marketing organizations with 300 or fewer employees.
  • Maximum loan amount is 2.5 times the borrower’s average monthly payroll cost (up to $10 million).
  • Proceeds must be used for eligible expenses to qualify for loan forgiveness.

Top-line Overview of First Draw PPP

Second Draw Loans

  • Available to businesses that previously received a First Draw PPP Loan. Borrower is not required to apply for loan forgiveness prior to applying for a Second Draw Loan; however, the First Draw Loan proceeds must have been used in full for eligible expenses.
  • Borrower must have experienced a 25% decline in revenue in any quarter in 2020 compared to the same quarter in 2019.
  • Maximum loan amount is 2.5 times the borrower’s average monthly payroll cost (up to $2 million).
  • Maximum loan amount for borrower’s assigned a NAICS code beginning with 72 (Accommodations and Food Services) is 3.5 times the borrower’s average monthly payroll cost.
  • Proceeds must be used for eligible expenses to qualify for loan forgiveness.

Top-line Overview of Second Draw PPP

Forgiveness

Loans that have been fully disbursed and used for eligible expenses during the loan’s covered period are eligible for forgiveness. Borrowers may apply for loan forgiveness after the loan proceeds have been fully exhausted, through the loan’s maturity date. We strongly encourage borrowers to review complete requirements for loan forgiveness prior to utilizing loan proceeds.

Loan Applications

First Draw Borrower Application Form 2483

First Draw Application Form 2483-C (for Schedule C Filers Using Gross Income)

Second Draw Borrower Application Form 2483-SD

Second Draw Application Form 2483-SD-C (for Schedule C Filers Using Gross Income)

Forgiveness Applications

Loan Forgiveness Application SBA Form 3508

Loan Forgiveness Application SBA Form 3508EZ

Loan Forgiveness Application SBA Form 3508S (+$150,000 or less)

Guidance & Resources

FAQs for Lenders and Borrowers

Second Draw Revenue Reduction and Loan Amount Calculations

FAQs about Loan Forgiveness

NOTICE: This webpage includes a brief summary of information available as of 3/8/2021 12:00pm CST. Please visit SBA’s “COVID-19 Small Business Guidance & Loan Resources” website at www.sba.gov for complete and current information concerning PPP Loans and other small business relief options.