Small Business - Paycheck Protection Program (PPP)
The Paycheck Protection Program provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Peoples Bank and Trust is an approved SBA 7(a) lender for the Paycheck Protection Program
Peoples Bank and Trust is only accepting applications from PBT customers and businesses within Central Kansas
PPP Application (pdf fillable)
- Are self-employed and have no employees, or
- Did not reduce their employees' salaries or wages by more than 25 percent and did not reduce their employees' number or hours, or
- Experienced reductions in business activity due to health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25 percent
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for 16 months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Must Keep Employees on the Payroll—or Rehire Quickly
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors — are eligible. Businesses with more than 500 employees are eligible in certain industries.
When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply
Step 1 - Fill out PPP Application (pdf fillable)
Step 2 - Return completed application and supporting documentation to Peoples Bank and Trust
- Call or Email your local loan officer
- Drop off the application at nearest PBT location in Central Kansas