Helping the Local St. Louis Small Business Community with PPP Loans

PPP Loans in St. Louis, MO

At Jefferson Bank & Trust, we are here to help our local business customers understand and navigate PPP loans. The Coronavirus pandemic has been tough on small businesses and PPP loans are available to provide some relief. The Paycheck Protection Program, or PPP loans, are available to help St. Louis businesses keep their employees on payroll as well as manage other business expenses. Jefferson Bank & Trust is here to assist our local business community with the PPP loan program. We pride ourselves on building meaningful relationships with members of the St. Louis community. While approval of PPP loans is subject to requirements from the Small Business Administration (SBA), we strive to help all our local customers understand how and if they can meet these requirements.

To find more about PPP loan requirements and begin the application process, please call us at 314-621-0100 or fill out our online contact form. For more information about PPP loans, visit the SBA website here.

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The Two Types of PPP Loans Available for Small Businesses in St. Louis

As the unprecedented times of Covid-19 drag on, small businesses continue to struggle. Jefferson Bank & Trust cares about our local community, which is why we are a proud lender of PPP loans. These loans directly help our small business community, which in turn helps the citizens of St. Louis. We have included information about the different types of PPP loans available and obtaining PPP loan assistance below.

First Draw Loans

This option is for businesses who have not already received a PPP loan. This loan can be used to fund payroll and other costs such as rent, mortgage interest, and benefits. The following types of businesses and entities may qualify for a first draw loan:

  • Self-employed people, independent contractors, and sole proprietors
  • Small businesses that qualify under the SBA’s standards of size
  • Businesses, non-profits, organization with fewer than 500 employees or that otherwise meet  the SBA size standard
  • Entities in the food service or accommodations industry with multiple locations that employ 500 or fewer employees per location

Second Draw Loans

St. Louis PPP Loans for Small Businesses

Some types of businesses are eligible for a second round of PPP loans. Much like the First Draw loans, this loan can be used for payroll, rent, and other similar expenses. To be eligible, you must:

  • Have used the full amount from your First Draw loan,
  • Have no more than 300 employees,
  • And show a gross receipt reduction of 25% or more.

If you qualify for the second draw PPP loan, Jefferson Bank & Trust is here to help you with this process.

PPP Loan Forgiveness is Also Available

Some borrowers may be eligible for PPP loan forgiveness from the SBA. Both first and second draw loans are eligible for forgiveness. For First Draw forgiveness, recipients must:

  • Maintain levels of employee compensation.
  • Spend loan proceeds on eligible expenses.
  • Spend at least 60% of proceeds on payroll.

To qualify for Second Draw PPP loan forgiveness, borrows must ensure that:

  • Employee compensation levels are kept up in the same fashion as required for First Draw loans.
  • Proceeds of the loan are spent on employee compensation, benefits, and other related approved costs.
  • 60% of loan is spent on payroll.

For both first and second draw loan forgiveness, applying for forgiveness must be done within 8-24 weeks after distribution.

Jefferson Bank & Trust, Helping Local Businesses Secure PPP Loans

At Jefferson Bank & Trust, we are a local bank with roots going back to 1892. As a local business ourselves, we are big believers in our community, which is why we are proud to be a provider of PPP loans for local businesses. If you have questions or would like to apply for a PPP loan, fill out our online PPP application form today, or call 314-621-0100.