You are the owner of this article.
You have permission to edit this article.

Small Business Administration reopens PPP

After a previous successful deployment of the Paycheck Protection Program, the Small Business Administration reactivated the program Monday.

Banks in the Lakelands have welcomed the reopening of the program with open arms.

“I would say we are excited to be participating in the PPP program again and are waiting on guidance from the SBA on when they will allow mid-size banks like First Citizens Bank to begin processing the applications,” Jerry Stevens, market president for First Citizens Bank, said in an email.

The program has two components: first draw loans and second draw loans. Previous participants in the PPP can apply for second draw loans. Second draw loans became available to some lenders Wednesday.

“To promote access for smaller lenders and their customers, SBA will initially only accept second draw PPP loan applications from participating community financial institutions,” a page on the PPP website said.

The website also said $25 billion is set aside for second draw PPP loans to eligible borrowers with a maximum of 10 employees or loans of $250,000 or less to low- or moderate-income neighborhoods.

“The preliminary PPP2 application looks as though it allows for loans to businesses with less than 300 employees and there will be a larger loan amount for accommodations and restaurant business,” Stevens said. “I think we would all agree they have been more negatively impacted with reduced revenues from comparable quarters.”

To be eligible for second draw PPP loans, the business needs to: have received a first draw PPP loan and used it for only 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.

The maximum loan amount is calculated at 2.5 times the average monthly payroll costs from 2019 or 2020. For accommodation and food service businesses, the maximum loan is 3.5 times the average monthly payroll costs. The loans are capped at $2 million.

For small businesses that did not participate in the initial PPP, first draw loans are available again.

Many banks reported success in getting loans forgiven from previous installments of the PPP.

“We feel the PPP has been successful to date, and we have had success with loan forgiveness,” Jamie Compton, communications director for Countybank, said in an email. “We have processed around $20-25 million loans for the Greenwood market.”

The SBA, which administers the program, boasts of many loans in the program being forgiven.

“The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion,” a Tuesday press release from the SBA said. “SBA has made payment on nearly 85% of the applications, forgiving over $100 billion.”

While he would not give specifics for the Greenwood market, Stevens said First Citizens Bank assisted with more than 23,000 PPP loans for an amount in excess of $3.2 billion.

The application period will remain open until March 31.

Contact staff writer James Hicks at or on Twitter @jameshicks3.



The COVID-19 vaccine is reaching those at greatest risk of serious illness or death — nursing homes and other extended care facilities are getting residents and staff vaccinated through a government partnership with CVS and Walgreens.

This week, Greenwood County School District 52 has received reports of six people testing positive for COVID-19, with 44 going into quarantine.

ABBEVILLE — People have lots of questions about the COVID-19 vaccine. As it turns out, so do hospitals.

Within the 3-hour window of Self Regional Healthcare’s COVID-19 vaccine phone line being open, all 1,500 available vaccination appointments were scheduled.

South Carolina recorded nearly 5,000 new cases of COVID-19 cases on Thursday amid a fourth consecutive day with incomplete data reporting.

Greenwood County School District 50 is trying to help students who might be having Wi-Fi issues by using Wi-Fi buses. The buses will be parked at various apartment complexes throughout the district.

Coronavirus (COVID-19)

As the Lakelands and the country respond to the novel coronavirus pandemic, which has led to state and national emergency declarations, it is vital for everyone to have up-to-date information about the virus and its spread. As such, we're providing free access to all of our COVID-19 coverage, which is available on this page.

Here's the latest information on COVID-19 from health agencies and hospitals: