Mercantile is an SBA Preferred Lender and we stand ready to help!
Please Note: PPP funds have been depleted. We are no longer able to accept applications.
From its introduction in April 2020, the PPP program has been reauthorized and amended as needed in response to the duration of the pandemic. The resources provided here have been updated to include the most recent program forms as of March 3, 2021, and additional information and resources are available from both SBA.gov and Treasury.gov.
First Draw PPP Loans
- PPP Borrower Application Form (3/3/21)
- PPP Borrower Application Form for Schedule C Filers Using Gross Income (3/3/21)
- How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide - By Business Type (1/17/21)
Second Draw PPP Loans
- PPP Second Draw Borrower Application Form (3/3/21)
- PPP Second Draw Borrower Application Form for Schedule C Filers Using Gross Income (3/3/21)
- Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (1/19/21)
Please note: if your application is under $150,000 we will still need your supporting documents as we anticipate they will be needed for your loan to be fully forgiven. You will also notice that those with a NAICS code of 72 are eligible to receive 3.5 times payroll, while everyone else is limited to 2.5 times.
If you have any other questions please feel free to contact your Mercantile lender, otherwise, you may submit your signed and completed application along with all supporting documents.
PPP Loan Forgiveness
PPP borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
You can apply for forgiveness once you have used all loan proceeds for which you are requesting forgiveness any time up to the maturity date of the loan. However, if you do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and you will need to begin making the payments.
- For PPP loans of $50,000 and under, please refer to Form 3508S. Please review the form's instructions, complete the application form, and provide all necessary documentation to your Mercantile Lender.
- For PPP loans over $50,000 please refer to Form 3508 or Form 3508EZ. Instructions for both are included with their respective application links.
Please make sure you complete the entire application form, sign it, and provide all necessary documentation to your Mercantile Lender. In the meantime, if you have any questions please reach out to your Lender for assistance.
Thank you for trusting us to help you and your business through these challenging times. We continue to receive guidance and updates from the SBA, and as received, we will keep you informed as well.
Please contact your lender with any questions or for any additional assistance.