Paycheck Protection program (PPP)

Marion Bank and Trust Co. is happy to announce that we will be participating the newly enacted SBA Paycheck Protection Program for both 1st Draw applicants and 2nd draw applicants. 

 

For 2nd draw applicants, please note the following.

  • There will be a new application for second draw loans.  Form 2483-SD (not yet available)

  • No additional payroll cost documentation will be required if the 2nd loan request is the same amount as the 1st loan request.

    • If another 12-month period is chosen, please provide all new information to verify the monthly amount

  • Prior to applying for a 2nd loan, funds from the 1st loan MUST have been FULLY used for authorized purposes

  • In addition to the application (and any updated payroll verifications), applicants must provide verification of at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 (based on actual quarter-end, not any 3 month period).

    • Verification is required at the time of application for loans of ALL sizes.

    • Documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements.

    • Applicants that do not meet the quarterly reduction may also verify a year-end decrease between tax year 2019 and 2020, verification of year end decrease requires applicable tax documents
       

Please contact your local branch lender for additional details and submissions.

 

Thank you for allowing Marion Bank and Trust Co. to serve you and your employees during this time. 

Click here to download the PPP Borrower Application Form (revised January 8, 2021).

Click here to download the PPP Second Draw Borrower Application Form.

Click here for additional information regarding the Paycheck Protection Program.

601 Washington St

Marion AL 36756

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© 2016 Marion Bank & Trust Company