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

  • Proceeds must have been used in full during the covered period for eligible expenses.
  • Citizens is currently accepting forgiveness applications for First Draw Loans greater than $150,000.
  • SBA has advised that an updated forgiveness application for First Draw Loans up to $150,000 is eminent. Citizens will update this page when the application is made available.

NOTICE: This webpage includes information available as of 1/13/2021 9:00 CST. Please visit SBA’s “COVID-19 Small Business Guidance & Loan Resources” website at www.sba.gov for the latest information.