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SBA Paycheck Protection Program

PPP Extension Act 2021 Extends PPP Application Deadline to May 31, 2021

On March 30, 2021 President Biden signed the PPP Extension Act of 2021 giving borrowers an additional two months to apply for PPP loans. Exchange Bank is accepting first and second draw PPP applications through May 31, 2021.


  • Borrowers may request a new PPP loan through May 31, 2021 or until SBA funding is no longer available.
  • Prior PPP loan borrowers may be eligible for a new PPP loan (“Second Draw PPP Loan”).
  • Funds are also available to first time PPP loan borrowers (“First Draw PPP Loan”).
  • Borrowers may choose 2019 or 2020 payroll costs to calculate their requested loan amount.
  • In order to apply for a PPP loan with Exchange Bank, a borrower must have a checking or savings account with Exchange Bank.
  • In order for Exchange Bank to efficiently process the hundreds of applications expected, each borrower must submit all requested information even if they previously submitted it for a prior PPP loan. Incomplete applications cannot be processed.
  • The entire application process including loan forgiveness will be handled through our PPP loan portal. Instructions for accessing the portal are below. The portal will guide you through the application process. A link to a loan applicant training video is provided below.
  • We highly recommend that you review the reference materials below and gather all required documentation as described in the Checklist of Required Documentation that is listed by borrower entity type.


  • Borrowers can use either their 2019 or 2020 payroll costs to determine their PPP loan amount.
  • In order to be eligible for a Second Draw PPP Loan, a borrower must have experienced at least a 25% reduction in gross receipts, annually or quarter-over-quarter, between 2020 and 2019.
  • If applicable, documentation reflecting the health insurance premiums paid by the company under a group health plan (including for the owners of the company) should be submitted for the same year as the payroll costs provided. Copies of the monthly invoices are required.
  • If applicable, documentation reflecting the retirement plan funding paid by the company should be submitted for the same year as the payroll costs provided.  Copies of work papers, schedules and remittances to the retirement plan administrator are required.
  • In the References section below, please review the list of the exact documentation required by borrower type as well as information on how to calculate your PPP loan amount.
  • You must also supply a copy of your driver’s license for every owner listed.

Click here to view Checklist of Required Documentation.


  • Applications will only be accepted electronically.
  • Please gather all documentation prior to starting the process.
  • Incomplete applications, or applications submitted without complete documentation, will not be processed; time permitting, the Bank will contact the customer to gather the additional information.
  • Tax and payroll documents submitted must be fully accessible (no password protected documents).
  • Please use Google Chrome or Microsoft Edge browsers as Internet Explorer is not supported.


Please reference links for additional facts from the Treasury pertaining to First and Second Draw PPP loans:


To begin the application process, please select the “Apply Now” button below. Applications will be processed in the order they are received.


For more information about SBA loan programs, please visit the Small Business Administration.  More information about the Paycheck Protection Loan Program and other resources for small businesses can be found on the U.S. Senate Committee on Small Business and Entrepreneurship website.

SBA PPP Loan Forgiveness Information

Loans issued by Exchange Bank are subject to approval with the Small Business Administration program and other eligibility guidelines. Certain restrictions apply to refinancing options and are subject to program terms. Refinances of existing SBA loans are excluded. Financing maximums and terms are determined by borrower qualifications and use of funds. Exchange Bank and its representatives do not provide tax advice. Consult an advisor regarding a particular financial situation. Credit products are offered by Exchange Bank.

Exchange Bank is committed to maintaining the security of your personal information that we collect. Please visit our Privacy & Security page to find out more.

IMPORTANT NOTES: Lender may require additional information. In addition, each borrower must certify that the documentation is true and correct, the amount for which forgiveness is being requested was used to make payments to retain employees and to make interest payments on covered mortgage obligations, covered rent obligations and covered utility payments. In addition, the SBA may request further information. There will be NO forgiveness if the documentation is not presented.