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Yellowstone Bank
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Paycheck Protection Program (PPP)


The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis through potentially two draws, which could qualify for full loan forgiveness. First Draw and Second Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

For most borrowers, PPP Loans are calculated based on 2.5x the average monthly 2019 or 2020 payroll costs up to $5 million on First Draw and $2 million on Second Draw. For borrowers in the Accommodation and Food Services sector (using NAICS code 72), the maximum loan amount for a Second Draw PPP Loan is 3.5x the average monthly 2019 or 2020 payroll costs up to $2 million.

For an expanded overview of the program, click here or contact your loan officer.

Forgiveness - In order to qualify for full loan forgiveness for First and Second Draw PPP Loans made to eligible borrowers during the 8 to 24 week covered period following loan disbursement:
  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs
For an expanded overview of forgiveness eligibility, please click here or contact your loan officer.




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