Latest COVID-19 Updates & News

Helpful Documents & Links for PPP Borrowers.

SBA Franchise Directory

Calculating 1st Draw Loan Amount

Click here for documentation on the PPP first draw calculations.

We're Here for You.

First State Community Bank is working hard to stay on top of the latest developments and resources that may be available to help businesses that have been affected by the COVID-19 pandemic. While we are doing our best to keep information up to date, the COVID-19 situation is constantly evolving and resources are changing daily. We will be continually updating this page as more information is available.

Aside from this page, we also recommend visiting the links below for key updates.

www.treasury.gov
www.sba.gov

Forgiveness Form

SBA issues simplified application for PPP loans of $50,000 or Less.

The U.S. Small Business Administration (SBA) recently approved a simplified application for all PPP loans under $50,000. The SBA released the following guidance regarding the new form, SBA 3508S:

Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages.
SBA Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness amount.
SBA may request information and documents to review those calculations as part of its loan review process.
Documentation verifying the eligible cash compensation, non-cash benefit payments and eligible non-payroll costs from the Covered Period must be provided to the lender

View 3508S Application Form

View 3508S Instructions

View Borrower's Disclosure

PPP Forgiveness Application & Instructions.

The United States Treasury and the Small Business Administration (“SBA”) released the application borrowers must complete in order to have their Paycheck Protection Program (“PPP”) loan forgiven. The application provides detailed instructions and incorporates several worksheets to be utilized in determining the amount of forgiveness, including: