Apply for your PPP loan with Empire State Bank today!

Complete your digital application and submit instantly to Empire State Bank. Choose the application that applies to your business:

Empire State Bank Is Here To Help!

At Empire State Bank, we are committed to supporting small businesses. For over 15 years we have helped businesses in our local communities thrive and continue to assist small businesses in accessing these programs. Earlier this year, we helped 690 vulnerable small businesses obtain the stimulus funding they need to survive this ongoing crisis and protected more than 10,000 jobs. As your partner, Empire State Bank is committed to putting you first and providing the essential relief your business needs to navigate through these challenging times. Our Relief Team is equipped to help your small business receive funding through this program and to provide you with the high level of service that you are accustomed to.

Paycheck Protection Program

As a part of the Coronavirus Aid, Relief, and Economic Security Act, the Paycheck Protection Program provides small business loans with up to 100% forgiveness to help businesses impacted by COVID-19. The objective of this program is to help small businesses retain their workforce and assist with operational expenses. These loans are meant help cover employee salaries, total payroll support, rent, utilities, and other business related debt-obligations.


Who is Eligible For a PPP Loan

The primary purpose of PPP loans is to help businesses retain their existing staff and pay specific expenses. Businesses who use the funds to do this may be eligible for a 100% forgiveness incentive. 

Who is eligible for a Second Draw:

The funds can be used (in most cases) for the expenses below:

  • Entity previously received a First Draw PPP loan in accordance with the eligibility criteria in the Consolidated First Draw PPP Interim Final Rule,
  • Entity has used, or will use, the full amount of its First Draw PPP Loan (including the amount of any increase on such First Draw PPP Loan) on authorized uses on or before the expected date on which the Second Draw PPP Loan will be disbursed,
  • Entity employs 300 people or less employees (affiliation waivers still apply)
  • Entity had gross receipts during the first, second, third or fourth quarter of 2020 that were at least 25% lower than the gross receipts of the applicant (and affiliates) during the same quarter in 2019.
  • Entity was in operation on February 15, 2020 and has not permanently closed
  • Current economic uncertainty makes the loan request necessary to support the ongoing operations of the entity.

Who is eligible for a First Draw (new or increase):

The funds can be used (in most cases) for the expenses below:

  • An eligible recipient that hasn’t previously received a First Draw PPP loan,
  • An eligible recipient that returned all or part of an included covered loan may reapply for a covered loan for an amount equal to the difference between the amount retained and the maximum amount applicable,
  • An eligible recipient that did not accept the full amount of an included covered loan may request a modification to increase the amount of the covered loan to the maximum amount applicable,
  • An eligible recipient of an included covered loan that is eligible for an increased covered loan amount as a result of any interim final rule that allows for covered loan increases may submit a request for an increase in the included covered loan amount (cannot have received forgiveness. The following specific examples were provided:
                • Seasonal employer (average total monthly payroll cost expenditures for any 12-week period between February 15, 2019 and February 15, 2020)
                • Partnership
                • Farmers and ranchers

Eligible Uses For a PPP Loan

  • Payroll costs
  • Costs related to the continuation of group health care, life, disability, vision or dental benefits during periods of paid sick, medical or family leave and group heath care, life, disability, vision or dental insurance premiums.
  • Mortgage interest payments
  • Rent payments
  • Interest payments on any other debt obligations that were incurred before February 15, 2020
  • Refinancing an SBA EIDL loan
  • Covered operations expenditures (business software, cloud computing services, product/service delivery, processing/payment/tracking of payroll expenses, human resources, sales and billing functions or accounting/tracking of supplies, inventory and expenses)
  • Covered property damage costs (vandalism/looting occurring in 2020)
  • Covered supplier costs
  • Covered worker protection expenditures

How To Determine The Loan Amount

Your loan amount will be 2.5 times your average monthly payroll or 3.5 times your average monthly payroll (for businesses that fall under NAICS code 72).