SBA Paycheck Protection Program (PPP)

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Small Business Administration (SBA) Paycheck Protection Program (PPP)

Effective April 30, 2021, Trustmark will no longer accept applications for PPP loans.

The Coronavirus Relief Act signed into law on December 27, 2020, includes additional PPP funding to assist small businesses affected by COVID-19. Below you will find important information regarding this new round of funding:

First-draw PPP loans

First-draw PPP loans are available to eligible businesses that have not previously received PPP funds. First-draw PPP loan eligibility information:

Your business was in operation on February 15, 2020, is not permanently closed and;
Your business meets the SBA industry size standards or the SBA alternative size standards, or has no more than 500 employees per location (including affiliates), including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors, and;
Your business has not previously taken PPP loan funds

Second-draw PPP loans

Second-draw PPP loans are designed to help hard-hit small businesses with a second PPP loan. Second-draw PPP loans have additional eligibility requirements:

Your business was in operation on February 15, 2020, is not permanently closed and;
Your business is an eligible business:
- Businesses with no more than 300 employees (including affiliates), including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors, or
- Businesses with NAICS codes starting with 72, such as hotels and restaurants, and new businesses must have no more than 300 employees per location, and;
Your business experienced at least a 25% reduction in gross revenue/receipts for any one quarter in 2020 relative to the same quarter in 2019 or the full year 2020 relative to 2019 and;
Your business must have used the full amount of your existing PPP funds by the time your second draw PPP loan is funded

The SBA includes additional eligibility and loan information, depending on your business type and/or situation. Learn more at the SBA.gov.

Frequently Asked Questions

Documentation Requirements

Subchapter S and C Corp

SBA Form 2483 (first-time borrowers) or 2483-SD (second-draw borrowers)
If second-draw loan is greater than $150,000, income statements and/or bank statements documenting 25% decrease in gross receipts
IRS Form 941 or other tax forms containing similar information
State Unemployment Tax Act (SUTA) reports
If a payroll provider was used, statement from payroll provider documenting wages
Evidence of employer-paid retirement and health contributions
Payroll statement or similar documentation from the pay period that covered February 15, 2020, to establish you were in operation

Partnerships

SBA Form 2483 (first-time borrowers) or Form 2483-SD (second-draw borrowers); 2019 or 2020 IRS Form 1065, including Schedule K-1
If second-draw loan is greater than $150,000, income statements and/or bank statement documenting 25% decrease in gross receipts
IRS Form 1065, including Schedule K-1
IRS Form 941 or other tax forms containing similar information
State Unemployment Tax Act (SUTA) reports
If a payroll provider was used, statement from payroll provider documenting wages
Evidence of employer-paid retirement and health contributions
If employees, payroll statement or similar documentation from the pay period that covers February 20, 2020
If no employees, an invoice, bank statement or book of record to establish business was in operation on February 15, 2020

1040 Filer With No Employees

SBA Form 2483 (first-time borrowers) or 2483-SD (second-draw borrowers)
If second-draw loan is greater than $150,000, income statements and/or bank statements documenting 25% decrease in gross receipts
IRS Schedule C or Schedule F – depending on type of business
Invoice, bank statement, book of record that covers period on or about February 15, 2020
IRS Form 1099-Misc evidencing nonemployee compensation (box 7)

1040 Filer With Employees

SBA Form 2483 (first-time borrowers) or 2483-SD (second-draw borrowers)
If second-draw loan is greater than $150,000, income statements and/or bank statement documenting 25% decrease in gross receipts
IRS Schedule C or Schedule F – depending on type of business
IRS Form 941 or other tax forms containing similar information
State Unemployment Tax Act (SUTA) reports
If payroll provider was used, statement from payroll provider documenting wages
Evidence of employer-paid retirement and health contributions
Payroll statement or similar documentation from pay period that covered February 15, 2020
IRS Form 1099-Misc evidencing nonemployee compensation (box 7)

Trustmark does not offer tax or legal advice, and the information on this page does not address all provisions of the CARES Act. Trustmark recommends that borrowers consult their tax advisors and/or legal counsel with questions about the PPP, CARES Act, and how the borrower’s specific financial situation may impact the borrower’s eligibility to qualify for forgiveness of a PPP loan.