FirstCapital Bank of Texas announces PPP loan plans
FirstCapital Bank of Texas announced on Wednesday that it will begin processing a third round of Paycheck Protection Program loans for local businesses in the Lubbock area once new guidelines are issued.
The bank is awaiting guidance from the Small Business Administration and the US Treasury. Companies wishing to benefit from the loan must not employ more than 300 employees, have used or used the full amount of the first PPP loan and demonstrate a reduction of at least 25% in gross revenue during the first, second or third quarter of 2020 .
The company must provide timeframes applicable to businesses that were not in business in any of the four quarters of 2019. As determined by the SBA, PPP loans will be capped at $ 2 million.
Applications submitted on or after January 1, 2021 are eligible to use fourth quarter 2020 gross receipts. Loan requirements are subject to change based on future SBA and US Treasury guidelines.
According to the Texas Bankers Association, eligible entities include businesses, some nonprofits, housing co-ops, veterans organizations, tribal businesses, self-employed, sole proprietors, independent contractors, and small businesses. agricultural cooperatives.
For more information on the SBA PPP Loan Program, visit FCBTexas.com