Star Bank is proud to be participating in the new round of PPP
A new round of the Paycheck Protection Program through the Small Business Administration is here. Star Bank is ready to serve both our customers and communities.
See below for more information about eligibility and loan specifications.
Ready to apply?
Who is eligible?
- Both first time applicants and returning applicants are eligible to apply this round
- If your business has less than 300 employees
- All PPP funds disbursed previously must be used before submitting another application
- If your business can prove a 25% reduction in gross revenue during any quarter in 2020 compared to that same quarter in 2019
What are the loan terms?
- All loans will have a fixed rate of 1%
- 60% of the PPP funds must be used for payroll or health insurance expenses
- 40% can be used for expense such as rent, mortgage, PPE, business software, etc.
What are the loan amounts?
- The loan amount will be based on 2.5x your average monthly payroll. Businesses with a NAICS code beginning in 72 (generally hospitality businesses) may receive up to 3.5 times average monthly payroll
- 2 million is the maximum amount available