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Paycheck Protection Program (PPP) Loans

Financial Relief for Businesses

Updated January 15, 2021, at 4:30 p.m.

Second Round of Funding

How can I apply?

If you have already received a PPP loan through MIDFLORIDA and wish to apply for a second loan, you have received an email with a personalized link to a secure application. Existing MIDFLORIDA members applying for their first PPP loan may apply via our secure portal.

Who can apply?

Businesses, some nonprofit organizations, self-employed workers and independent contractors are among those eligible. Existing PPP borrowers may apply for a second loan, provided they have 300 or fewer employees and can demonstrate they experienced a 25% reduction in gross receipts during a quarter in 2020 compared with the same quarter in 2019. First-time PPP borrowers will be subject to the program’s original eligibility rules, according to a senior staffer for Republicans on the House Small Business Committee. To apply though MIDFLORIDA, you must be a current Business Banking member.

How much is a business eligible to receive?

The maximum for second-draw loans is $2 million. Loan amounts will be based on an applicant’s payroll, consistent with the program’s first iteration.  Second-time PPP borrowers will be eligible to borrow an amount equal to 2.5 times their average monthly payroll costs.  A notable exception: Applicants in the accommodation and food services industries, as designated by the Small Business Administration, are eligible for loans that amount to 3.5 times their average monthly payroll.

What are the forgiveness requirements?

Borrowers are required to spend at least 60% of the funds on payroll to receive full forgiveness. The other 40% may be used on eligible costs. These costs include certain mortgage expenses, rent and utility payments. The bill expands forgivable expenses to include expenditures for personal protective equipment and other gear to protect workers; supplier costs; operations expenditures, such as software; and property damage costs due to public disturbances during 2020. The legislation also clarifies that businesses that received PPP loans may take tax deductions for the expenses covered by forgiven loans.

Anything else to know?

The bill provides a simplified forgiveness process for PPP loans under $150,000. These borrowers will need to complete a certification attesting they complied with program requirements, along with providing other information. 

Please refer to the SBA Treasury website for more information. If you have any further questions about PPP loans, please call our Business Services department at 863-262-3164.

PPP Loan Repayment

Please note that any businesses that received PPP loans with the first payment due six months from the Note date now have up to 16 months to start making payments. Members with affected loans received a letter the week of October 19, 2020.

PPP Loan Forgiveness

All businesses have received an email with a personalized link to a secure portal where the loan forgiveness application can be submitted. If you have not received the email, please contact us at