Pinnacle Bank is excited by the opportunity to serve our customers again through the Paycheck Protection Program. This new version of the program will allow borrowers who did not receive a PPP loan last year to obtain a loan (subject to eligibility requirements). Most importantly, the program enables the hardest-hit businesses to receive a second PPP loan. Existing PPP borrowers are eligible to receive a second loan if they have 300 or fewer employees and experienced a decline in revenue of 25% or more in any quarter of 2020 compared to the same quarter in 2019.
The SBA is currently producing forms that align with the new program requirements, and we are updating our processes accordingly. We will let you know as soon as we begin accepting applications.
Thank you for choosing us to be your ‘One Bank for Life.’