Applications for the second round of PPP loans are now available below, for both existing borrowers and first-time borrowers. Please review this information carefully to make sure you complete the correct application. The Bank of Fincastle welcomes all businesses to apply including current customers and future customers.
How to prepare for the application process
To help you prepare for the application process, we recommend you review and familiarize yourself with the SBA documentation requirements for previous rounds of PPP lending found on the SBA website (click here). We are pleased to assist with questions about the process, but questions specific to completing the application should be directed to your accountant, attorney, or other business advisor(s).
Does my business qualify for the second round of PPP loans? (click here) We are awaiting final guidance from the SBA, but these qualifications will likely apply.
- Have you used or expect to use all of your first PPP loan?
- Do you have 300 or fewer employees?
- Did you have a reduction in quarterly revenues of at least 25% compared to the same quarter in 2019?
- If you answered yes to ALL three, then you may qualify. Begin preparing your documentation now.
Loan terms include a $2 million maximum, five-year term at a 1% interest rate, and forgiveness may be available if the funds are spent on payroll and other covered expenses.
- This second round of funding enables businesses with 500 or fewer employees who have not previously received a PPP loan to apply.
- Loans will be available to help with payroll, rent, utilities, healthcare costs and more.
There is no revenue reduction requirement. Loan terms include a $10 million maximum, five-year term at a 1% interest rate, and forgiveness may be available if funds are spent on payroll and other covered expenses.
The Bank of Fincastle is an approved Preferred SBA Lender and proud to help our small business community during this time. Loyalty to our community, customers and small business owners is our continued focus. We hope this information from the SBA is helpful to you.
Submit your PPP and/or Forgiveness Applications below:
Submit your application and supporting documents securely to The Bank of Fincastle here. (RECOMMENDED)
Mail your application to:
The Bank of Fincastle
SBA Lending Department
P.O. Box 107
Fincastle, VA 24090
Drop off your application through the drive-thru:
Daleville office of The Bank of Fincastle
SBA Lending Department
1245 Roanoke Rd.
Daleville, VA 24090