MIDLAND, Texas — FirstCapital Bank of Texas has announced its plan to start giving out Paycheck Protection Program (PPP) loans for local businesses.
The bank will start this process once as soon as new guidelines are released by the U.S. Treasury and Small Business Association.
To be eligible for PPP loans, all employers must have no more than 300 employees, must or will use their full first PPP loan, and demonstrate at least 25 percent gross receipts from the first three quarters of 2020.
Applications submitted after January 1, 2021 will be allowed to use their fourth quarter gross receipts to help their eligibility.
The Texas Bankers Association says that eligible entities include certain non-profits, veteran organizations, businesses and independent contractors.
