PPP Loans

Paycheck Protection Program

As we overcome the tribulations of the year, we continue to work together as a community. With the passage of the Paycheck Protection Program extension, you can count on Community Bank of Louisiana to offer your small business federal relief aid. Community Bank of Louisiana helped over 500 small businesses get a PPP loan during the first round and we are proud to work on this again! Qualifying details for the second round of PPP loans are detailed below. The application link is available below and the deadline to apply is March 31, 2021.

Qualifications for First Time PPP loan:

Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans.
Sole proprietors, independent contractors, and eligible self-employed individuals.
Not-for-profits, including churches.
Accommodation and food services operations (those with North American Industry Classification System (NAICS) codes starting with 72) with fewer than 500 employees per physical location.
Sec. 501(c)(6) business leagues, such as chambers of commerce, visitors’ bureaus, etc., and “destination marketing organizations” that have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization’s total activities and have cost no more than $1 million during the most recent tax year that ended prior to Feb. 15. 2020. Sports leagues are not eligible.
News organizations that are majority-owned or controlled by an NAICS code 511110 or 5151 business or not-for-profit public broadcasting entities with a trade or business under NAICS code 511110 or 5151. The size limit for this category is no more than 500 employees per location.
How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide By Business Type

Qualifications for Second Draw PPP:

300 or fewer employees.
You have used or will use the full amount of the first PPP loan on or before the expected date for the second PPP loan to be disbursed. You must have spent the full amount of the first PPP loan on eligible expenses.
Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019. This is calculated by comparing gross receipts in any 2020 quarter with an applicable quarter in 2019, or, you can submit 2020 and 2019 annual tax forms that show a reduction in annual receipts of 25% or greater in 2020 compared with 2019.
How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide

If you think you qualify please start gathering these documents:

2019 Form 941 or 2020 Form 941 and state quarterly wage unemployment insurance tax reporting forms from each quarter, depending on which 12-month calendar period you would like to use to calculate your payroll expense
Evidence of any retirement and health insurance contributions if made to employees by employers
Payroll statement or similar documentation from the pay period that covered February 15, 2020, to establish you were in operation on February 15, 2020
1065 K-1's for general partners
1040 Schedule C for sole proprietors and 1040 Schedule F for farmers
2020 and 2019 quarterly financial statements with calculations of the 25% or greater decrease in gross revenue.

More information about the qualifications can be found here and here.

If you previously received a PPP loan and have not yet applied for forgiveness but are now ready to do so, please contact your loan officer for instructions.