Paycheck Protection Program (PPP) | Lead Bank

Paycheck Protection Program Loans Round 1.0

Your small business is important to you and to our communities. The Federal CARES Act is designed to support small businesses through this difficult time. The Paycheck Protection Program (PPP), signed into law on March 27, 2020, is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is nearly a $350 billion program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans, made by approved banks. The funding is meant to help retain workers, maintain payroll, and cover rent/mortgage/utility expenses. On July 4th, 2020, President Trump signed off to extend the date providing businesses another five weeks to apply for fund through the PPP. There is still about $130 billion in PPP funding available. This additional funding will allow small businesses previously unable to secure funds under the PPP an opportunity to obtain forgivable loans to keep employees on the payroll. We are no longer taking PPP Round 1.0 applications. 

How it works

  • Who’s eligible?  Small businesses including sole proprietors, independent contractors, self employed individuals, nonprofit organizations, tribal business concerns, and Veterans’ associations, that:
    • Employ 500 or fewer people except for in certain industries.
      • Click here for the applicable SBA employee-based size standards for those industries
    • Were in business on or before February 15, 2020.
    • Had employees to whom they paid salaries and for whom they paid payroll taxes.
    • Independent contractors, self employed.
    • You may review SBA business size and industry NAICS code standards that qualify a business for SBA programs here.

  • Who can make PPP loans?  Only SBA approved lenders, like Lead Bank, can offer these loans.


  • What does the loan cover?
    • Operating expenses, such as payroll, rent, lease payments, utilities, and mortgage interest obligations.
    • Payroll costs that may include wages, salaries, retirement contributions, healthcare benefits, insurance premiums, covered leave, and other expenses.
    • Interest on other debt obligations incurred before February 15, 2020.


  • How is the loan structured?  The amount of the unsecured loan can be 2.5x average monthly payroll (excluding independent contractors) up to a maximum of $10 million. No payments for first 6 to 12 months, loan forgiveness for qualifying expenses, and terms up to 10 years on remaining balance.