Updated March 26, 2021

We continue to monitor SBA updates, in the meantime, we are not accepting new loan applications anymore. If you already received your PPP from Leader Bank, N.A. and looking to apply for forgiveness, please click the link in the banner above.

Updated March 5, 2021

SBA published a new Interim Final Rule effective March 5, 2021 allowing individuals who file an IRS Form 1040 Schedule C to use gross income (line 7) to calculate their maximum PPP loan amount. New application forms were consequently released, see the What do I need to apply section below to download the latest version.

If you applied for a PPP loan with Leader Bank, N.A. using Schedule C income, and received your funds before March 4, 2021, we will not be able to cancel your application in order to apply for a higher amount.

UPDATED January 13th, 2021

The U.S. Small Business Administration, in consultation with the Treasury Department, announced on January 8, that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. Leader Bank, N.A. is designated by the FDIC as a Minority depository institutions, which promotes the economic viability of minority and under-served communities. Leader Bank, N.A. is designated by the FDIC as a Minority Depository Institution, which promotes the economic viability of minority and under-served communities, and will offer early access on our PPP website to First and Second Draw Loans starting Wednesday, January 13.

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
• A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Updated Guidance & Resources

• Program Summary if you never received a PPP Loan and applying for a First Draw
• Program Summary if you previously received a PPP Loan and applying for a Second Draw
• Interim Final Rule on Second Draw Loans
• Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
• Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns

What do I need to apply?

• Paycheck Protection Program Borrower First Draw Application
• Paycheck Protection Program Borrower Second Draw Application
• Borrower Application Form for Schedule C Filers Using Gross Income
• Second Draw Borrower Application Form for Schedule C Filers Using Gross Income
• W-9 Form (Please fill out separate documents for Business and Individual)
• Beneficial Ownership Form information is required for each individual or business who owns 25% or more.
• 2019 (or 2020) Payroll documentation (Business Tax Returns, Forms 941, Wage and Tax Statements (W-2) detailing each employee's earnings, independent payroll provider report)
• If you are applying for a loan over $150,000, you must also provide proof of revenue reduction of 25% or greater in 2020 relative to 2019 (comparison of quarterly gross receipts for one quarter in 2020 with gross receipts for the corresponding quarter of 2019).

A Word From our CEO.

Dear Business Owner:

Thank you for visiting Leader Bank’s COVID-19 SBA relief website. We know that every business has been significantly impacted by this crisis. As a small business owner who founded Leader Bank in 2002 to provide high quality community banking services to our local cities and towns, I understand the challenges our business customers are facing due to the economic uncertainty caused by the COVID-19 pandemic. As an SBA Preferred Lender, Leader Bank, N.A. is proud to participate in the Paycheck Protection Program to help provide small businesses obtain the funding they need to support their employees during these difficult times. Our dedicated commercial lenders and local analysts and underwriters understand the needs of our local businesses, and will work diligently to respond to your needs.

We look forward to working with you and help process your application for a Paycheck Protection Program loan with the SBA.

Sushil K. Tuli, CEO

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PPP Resources

• Top-line Overview of First Draw PPP
• Top-line Overview of Second Draw PPP
• Interim Final Rule on Loan Amount Calculation and Eligibility
• Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
• Interim Final Rule on Second Draw Loans
• SBA PPP Website
• U.S. Treasury PPP Website

Have any questions?

Any of our SBA professionals would love to speak with you about your lending needs. Call or email today - we are happy to answer your questions whether you need a loan from us right now or are just looking for advice for the future.

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