SBA Paycheck Protection Program
UPDATE ON PPP SECOND DRAW
New Horizon Bank is proud to offer the SBA’s Paycheck Protection Program (PPP) which is an unprecedented government initiative to provide financial assistance to the small business community. As a preferred 7(a) lender, we are able to offer this important financial lifeline to our small business customers. During the first rounds of funding, we assisted over 200 businesses.
PPP First Draw loans are available to businesses that did not obtain a PPP loan in the prior rounds. PPP Second Draw loans are available to businesses that did obtain a PPP loan in the prior rounds, who have used (or will use before disbursement of second draw loan) those funds in accordance with the program rules, and have experienced at least a 25% reduction in gross revenue in at least one quarter when comparing 2019 to 2020. PPP loans are 100% forgivable if the funds are used in accordance with the program rules, which you can find at the links below.
We are now accepting application packages. You may submit your package now by clicking the link below to visit our submission page.
Please check back for updates as we get official information on the program, we will provide links to it here.