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Small Business Relief Programs

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Paycheck Protection Program Frequently Asked Questions


Small Business Relief Programs

Over the past few weeks, the world has come to a standstill as national, state, and local governments have implemented social distancing to slow the spread of COVID-19. This has affected a number of our customers, many of whom have called us asking about programs and grants to help their business. To better inform everyone, we have compiled the following list of programs from the Small Business Administration, the Illinois Department Commerce and Economic Opportunity, and the Illinois Treasurer's Office. The varying programs have different approval limits, interest rates, and qualifications. We have put together a summary of those programs and a link to the representative websites for more details. If you have any questions, please reach out to us at any time.

Small Business Administration


SBA Paycheck Protection Program

While there continues to be many unanswered questions about the program as final guidance hasn't been issued on a number of key topics, if you have already applied and been approved for a Paycheck Protection Program loan through First Community Bank and Trust, please make sure you review the documents below. We understand that some of this information may evolve as further guidance is released, but we want to help you be successful in getting the maximum loan forgiveness at the end of the eight-week period.

If you have any questions, give us a call at (708) 946-2246.


Loan Forgiveness Details

Economic Uncertainty Rule

ADP PPP Scenarios


SBA Economic Impact Disaster Loan

The SBA provides low-interest disaster loans to businesses of all sizes and private non-profit organizations. Loans can be used to cover small business operating expenses. If you apply for an EIDL and ultimately choose to change your application to a Payroll Protection Program (PPP) loan, you can refinance into that program when it becomes available. However, you cannot use an EIDL to cover the same expenses as the PPP.

  • How can it be used? Funds can be used to support working capital (rent, payroll, accounts payable, etc.).
  • How do you apply? You can apply online with the SBA. You can apply for a $10,000 advance via the link below while your application is being processed. The $10,000 advance can be processed in as little as 3 business days and does not need to be repaid. Applications can take up to 21 days to review and up to 60 days to approve. Use the link below.
  • How much is available? Up to $2 million. Loans up to $25,000 can be done without collateral, while loans over that dollar amount would require some form of collateral.

Learn More: SBA Economic Impact Disaster Loan




Frequently Asked Questions


1)    Do you have a form you want completed each week for qualified disbursements?  There is no specific SBA requirement regarding how you keep track of you the funds are spent, but we are strongly recommending that each time you take a draw from the loan proceeds, you leave a very clear paper trail in a file as to how the funds were spent (using them only for the permissible purposes, which we included in your signing packet).


2)    When do we need to use the funds?  The funds need to be used for the permissible purposes starting on your note date and for the next eight weeks.


3)    Can we set up the monthly interest payment as an automatic debit from our checking account? All payments are deferred for six months, and that includes interest. We assume that all borrowers will have applied for forgiveness before then and the government will have paid off the loan long before the six months expires. We are not sure if the government is paying off the interest or not.


4)    Will we be able to see this new account from the website?  If you are enrolled in First eBiz, our commercial cash management product, you will see both the new loan and the new demand deposit account online.


5)    Can we transfer funds from the new deposit account to our operating account online? First eBiz users have been provisioned to allow transfers from the new deposit account to their operating account. The users who had rights for the operating account were given rights to these new accounts. If you would like a different set of users authorized, please contact Karen Burgess at


6)    When do we need to have all of our employees back to work? You must have all of your reported employees back to work before June 30, 2020. The idea, though, is to get them back sooner and use the loan funds to make those payroll payments.


7)    When can my company apply for forgiveness? You may apply for forgiveness after the end of the seventh week after funding.


8)    What will we need to do at that time? We don't have an official SBA form for that purpose yet, but we do know that you will need to certify that you have used all of the funds for permissible purposes and that at least 75% of the funds were used for payroll purposes. That is why keeping up to date documentation is so important, as this responsibility is completely the borrowers.


9)    We have good friends in business who are having a very difficult time with their banks getting their PPP loans processed and approved. Can you help them? We have begun taking referrals from our customers in situations like these and have helped non-customers get into the program. Please call Cameron Ohlendorf or Greg Ohlendorf to discuss.




Talk to a Business Loan Officer.

Call us at (708) 946-2246, (708) 258-0530 or send us an online message.

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