Business Relief Program

PPP First Draw

Paycheck Protection Program First Draw

Update April 1, 2021

The Paycheck Protection Program has been extended through May 31, 2021. 

Update March 5, 2021

The Biden-Harris administration has made several revisions to the Economic Aid Act, approved on December 27, 2020, to address how PPP Schedule C loans are calculated. Starting today, individuals who file an IRS Form 1040, Schedule C can submit their applications. The new borrower application forms with instructions can be found in Step 2 below for PPP First Draw loans. 

PPP funding is set to expire on March 31, 2021.

Update February 24, 2021

Due to changes in the Paycheck Protection Program 1st and 2nd draw loan programs, starting today through March 9th, only businesses with 19 or less employees can apply for relief through the program.

First Citrus Bank will continue to accept applications from businesses with over 19 employees; however, these will not be submitted to the SBA until March 10th. 

First Citrus Bank is an SBA Preferred Lender and works directly with the Small Business Administration (SBA). Below please find detailed information about the Paycheck Protection Program (PPP) First Draw Loan. The guidance is subject to final rules and regulations published by the SBA. For additional program information, please visit the Small Business Administration's (SBA) website.

Please follow steps 1-4 below.

Who Can Apply?

  • If you did not receive previous PPP Loan funds or if you returned some or all of your prior First Draw Loan funds.
  • Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees: including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.
  • Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.
    • Also eligible to apply for First Draw PPP Loans are businesses with a NAICS Code that begins with 72 (Accommodation and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees.

Schedule C

  • Individuals who file an IRS Form 1040, Schedule C can use gross income to calculate their PPP maximum loan amount.
  • Borrower must use Schedule C PPP application in Step 2 below.

Borrowers whose PPP loan has already been approved and funded cannot increase its PPP loan amount based on the new calculation.


How Will the Program Work?

  • First Draw PPP Loans can be used to help fund payroll costs, including benefits.
  • Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
  • If you need additional working capital funds, please speak with your Business Banker as this program is only available to cover payroll, rent, interest on mortgages and utilities.

What Are the Terms and Eligibility?

  • First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8-to 24-week covered period following loan disbursement:
    • Employee and compensation levels are maintained;
    • The loan proceeds are spent on payroll costs and other eligible expenses; and
    • At least 60 percent of the proceeds are spent on payroll costs.

PPP First Draw Loan Instructions and Submission

IMPORTANT: It is critical we have a complete package to give you the best chance to secure PPP funding.

Please follow steps 1-4 below.

Step 1: Please complete the contact information and follow the steps below

Step 2: Download and complete the below

  • First Draw PPP Fact Sheet
  • First Draw PPP Application OR Schedule C First Draw PPP Application
  • First Draw PPP Supporting Documentation Items
  • First Citrus Bank Account Funding Information

Step 3: Save First Draw PPP application and all supporting documentation to your computer

Step 4: Submit First Draw PPP application and supporting documentation in one download

IMPORTANT: It is critical we have a complete package to give you the best chance to secure PPP funding. Please follow all steps 1-4.

Submit completed and signed First Draw PPP application and ALL supporting documentation from a desktop computer using the below link.

** Please make sure you have initialed Question 5 and Question 6 on your application**

If you have questions regarding your PPP loan, please contact your banker or