Paycheck Protection Program Loans

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.  SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.




Am I eligible?


You are eligible if you are:

  • A small business with fewer than 500 employees

  • A small business that otherwise meets the SBA’s size standard

  • A 501(c)(3) with fewer than 500 employees

  • An individual who operates as a sole proprietor

  • An individual who operates as an independent contractor

  • An individual who is self-employed who regularly carries on any trade or business

  • A Tribal business concern that meets the SBA size standard

  • A 501(c)(19) Veterans Organization that meets the SBA size standard


In addition, some special rules may make you eligible:

  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis

  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply


REMEMBER: The 500-employee threshold includes all employees: full-time, part-time, and any other status.



How much can I borrow?

Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.

How do I calculate my average monthly payroll costs?


INCLUDED Payroll Costs

1. For Employers: The sum of payments of any compensation with respect to employees that is a:

  • salary, wage, commission, or similar compensation;

  • payment of cash tip or equivalent;

  • payment for vacation, parental, family, medical, or sick leave

  • allowance for dismissal or separation

  • payment required for the provisions of group health care benefits, including insurance premiums

  • payment of any retirement benefit

  • payment of state or local tax assessed on the compensation of the employee


2. For Sole Proprietors, Independent Contractors, and Self-Employed Individuals: The sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.


EXCLUDED Payroll Costs

  • Compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the period February 15, to June 30, 2020

  • Payroll taxes, railroad retirement taxes, and income taxes

  • Any compensation of an employee whose principal place of residence is outside of the United States

  • Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116– 5 127); or qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act

Will this loan be forgiven?


Borrowers are eligible to have up to 100% of their loans forgiven.


How Much?

A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:

  • Payroll costs (using the same definition of payroll costs used to determine loan eligibility)

  • Interest on the mortgage obligation incurred in the ordinary course of business

  • Rent on a leasing agreement

  • Payments on utilities (electricity, gas, water, transportation, telephone, or internet)

  • For borrowers with tipped employees, additional wages paid to those employees


The loan forgiveness cannot exceed the principal.


What does the bank need:

  • 2019 Payroll details, including benefits

  • PPP Borrower Application Form Email completed application to your local loan officer or call today for assistance.

Visit SBA for a complete list of details.



PPP Loan Forgiveness

Peoples Bank is excited and ready to help you begin the PPP Loan Forgiveness phase. We have created a new secure portal to complete this step.  This intuitive site will walk you through each step of the process. 

You can access this site directly by clicking the button below.  When you navigate this site, you will register using your email address.  You will need your business tax identification number and the dollar amount of the PPP loan you received.

Should you wait or go ahead and apply now?

As you know, the “covered period” has been extended to 24 weeks for the use of payroll and other eligible business costs. We are still waiting to receive guidelines from SBA on the specific requirements.  However, here are our suggestions so you can begin to move forward.


  1. If you have NOT yet spent 100% of your loan funds on eligible expenses, you may want to take advantage of the extension.  Once you apply for the forgiveness, you are not eligible to increase the amount.

  2. If you HAVE spent enough on payroll and other covered expenses to qualify for 100% forgiveness prior to the 24-week period being completed, you may go ahead and apply for forgiveness at that point.  


Loan Amount

  1. If your loan was under $150,000, we recommend waiting on the requirements from SBA. There is current legislation being proposed that might eliminate the need for documentation all together for loans under this amount.

  2. If your loan was over $150,000, and you have your documentation ready, you can begin the application process through the secure portal listed above.


Once you apply, we will review your application and supporting documentation to submit to SBA as soon as they allow.   You may be contacted by a representative of the bank by phone or email for additional information.  If you have any questions, please feel free to contact your local loan officer.


Our recommendation is, if your loan is over $150,000, and you have spent enough on eligible expenses already, you can begin the forgiveness phase through our link above.  Either way, the timeframe extension makes this no rush at all for you to complete. 


GET IN TOUCH - Reach out to your local lender to learn more about SBA loans and how we can get started.




4401 Belle Oaks Dr.

Suite 210

N. Charleston, SC 29405

P: 843.606.5632

Hours of operation 
Monday-Thursday 9-4 
Friday 9-4:30 



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