Apply for New PPP Loan

Thank you for your interest in a Paycheck Protection Program loan through Cedar Rapids Bank & Trust.  On January 20, 2021, we will open our online portal to accept both first draw and second draw PPP loan applications. Please be advised that priority will be given to existing CRBT clients.  If you are not currently a CRBT client, we encourage you to contact your financial institution regarding your PPP application. 

Here’s what to expect:

  • Applications will be accepted only through our online portal – we cannot accept paper applications.
  • All applications must be accompanied by a Loan Application Worksheet detailing how you arrived at your requested loan amount. 
  • Second Draw applicants:
    • CRBT requires documentation to support the revenue reduction calculation to be submitted at the time of loan application in order to complete our required review per the SBA. We will retain this information in your file for use with your eventual Forgiveness Request. See our Loan Application Worksheet for details.
    • Have your existing SBA PPP loan number available, as it is required on your new application.
    • The requirements to provide supporting documents depend on the calendar year of payroll information used to calculate your requested loan amount:
      • If you received your first draw PPP loan from us, used calendar year 2019 to determine your first draw PPP loan amount, and you are using 2019 figures to determine your second draw PPP loan amount, you do not need to provide payroll supporting documentation.
      • If you are using calendar year 2020, you must provide the documentation listed on the Loan Application Worksheet.
  • The SBA will not issue instantaneous approvals/loan numbers – applicants should expect a 2-3 day wait to be notified of approval.
  • We encourage Borrowers to review the SBA Applications and Instructions before completing an application in the portal. Using the incorrect application, an incomplete application and/or missing documentation will delay the processing of your request.

Learn more about eligibility requirements for new round of PPP funding:

  • No Affiliates -Calculation of Revenue Reduction:  the 25% reduction in revenue is calculated in one of two ways:
    • Comparing annual gross receipts between 2019 and 2020 as reported on completed tax returns
    • Comparing gross receipts in a quarter of 2020 with that same quarter in 2019.  For businesses that started or were purchased in 2020, other rules may apply.
  • Affiliates - Calculation of Revenue Reduction:  
    • Like the first round PPP rules, the Applicant must disclose on the PPP Loan Application if they have affiliates and provide the details on those affiliates as an attachment to the application.
    •  If an Applicant has affiliates, the revenue reduction is still based on gross receipts as defined above, but must be the gross receipts of the Applicant and affiliates combined. 
    • Applicants in certain industries may be exempt from the affiliate rules.  Consult your financial advisor or the SBA Interim Final Rules for details.
  • Definition of Gross Receipts:  Per the SBA “Gross Receipts means all revenue in whatever form received or accrued from whatever source, including from the sale of products or services, interest, dividends, rents, royalties, fees or commissions, reduced by returns and allowances”.  Do not include proceeds from your first PPP loan.    
  • Documentation/Proof of Revenue Reduction: 
    • See our document guide for details on the documentation you must provide for proof of revenue reduction. 
    • If the documentation provided is anything other than a completed tax return or a CPA-prepared Audit, you must sign and date the first page and initial all other pages of the financial statements.

First Draw Loans Businesses that did not receive a PPP Loan in 2020 are eligible for a new First Draw Loan

  • Maximum loan amount of $10,000,000
  • Loan amount is based on average monthly payroll costs from either 2019 or 2020 and multiplied by 2.5
  • Must have less than 500 employees
  • Loan term of 5 years with an interest rate of 1%
  • Funds must be used for an eligible purpose within an 8-24 week covered period
  • No payments are required until 10 months after the end of the covered period
  • Loans can be fully forgiven if proceeds are used for an eligible purpose and employee & compensation levels are maintained

Second Draw Loans Businesses that received a PPP Loan in 2020 are eligible for a new Second Draw Loan

  • Applicant must demonstrate a reduction of at least 25% of their gross receipts between comparable quarters in 2019 and 2020. Refer to our Revenue Reduction Criteria section above for more details.
  • If a Borrower has a current PPP loan under forgiveness review with the SBA, the SBA will not approve a new PPP loan until the decision on the forgiveness application is rendered.
  • Maximum loan amount of $2,000,000
  • Loan amount is based on average monthly payroll costs from either 2019 or 2020 and multiplied by 2.5 for most businesses and any business that has a NAICS Code starting with 72 the multiplier is 3.5 times
  • Must have less than 300 employees
  • Loan term of 5 years with an interest rate of 1%
  • Funds must be used for an eligible purpose within an 8-24 week covered period
  • No payments are required until 10 months after the end of the covered period
  • Loans can be fully forgiven if proceeds are used for an eligible purpose and employee & compensation levels are maintained

APPLY FOR A CRBT PPP LOAN

The Paycheck Protection Program is administered in accordance with the Small Business Administration’s rules and regulations. It is your obligation to understand and comply with the SBA’s rules.

Return to main CRBT PPP page