The SBA’s Paycheck Protection Program
Update: On March 30, 2021, the Federal Government extended the Paycheck Protection Program (PPP) until May 31, 2021. Bank of Marin is continuing to accept new PPP2 loan applications, but may decide to stop taking new applications prior to the May 31 deadline. Please continue to check back here for updates.
On Tuesday, January 19, 2021, Bank of Marin opened our secure online portal to begin accepting applications for Round 2 of the Paycheck Protection Program (PPP2).
Existing Bank customers are now able to complete and submit a PPP2 loan application. If you need log in instructions, please contact your banker or local Bank of Marin office.
Our portal is now self-service so you can complete your application and upload documents in your own time and without the extra step of going through a banker.
The following are the main restrictions for PPP2 applicants applying for a second PPP loan:
- You must show a gross receipts reduction of 25% or more in at least one 2020 quarter vs same quarter in 2019 (e.g. 2nd quarter 2020 vs 2nd quarter 2019)
- You cannot have more than 300 employees (some exceptions for restaurants/ hotels/hospitality and select others)
- You must have used up all of your existing PPP1 loan funds prior to getting a PPP2 loan
PPP2 loans, like PPP1 loans, will be fully forgivable if used for eligible expenses as determined by the SBA, though the definition of eligible expenses has been broadened. Please note, however, that PPP2 applications will not get immediate approvals from the SBA. They have advised it could take two or more days before an approval is received.
The details of this program remain very fluid. We will work diligently to keep this page current with important changes and updates as they become available. You can also find the latest information on the SBA website or the U.S. Treasury site.