Citizens Trust Bank has built its reputation on being there for its customers and the communities they represent, especially during critical times.

This year the bank’s participation in the SBA Paycheck Protection Program (PPP) has provided financial assistance to more small businesses affected by COVID-19.

Since the reopening of PPP, we have received an extraordinary response from small businesses for PPP loan assistance.  We remain committed to servicing the applicants in the Citizens Trust Bank PPP Loan Application Portal.

Guiding our lending efforts to ensure enough time to process and fund all submitted PPP loans applications ahead of the SBA’s March 31, 2021 effective closing date, Wednesday, March 17, 2021 will be the last day to apply for a new PPP loan through the Citizens Trust Bank PPP Loan Application Portal. New PPP applications submitted after Wednesday, March 17, 2021 will regrettably, not be accepted.

Feel free to check this web page or, the SBA website HERE for the latest developments and/or revised program updates.

  • The PPP loan opportunity through the Citizens Trust Bank loan application portal is available to Alabama and Georgia business applicants only.
  • Refer to the Frequently Asked Questions below to determine your eligibility.

We’re happy to answer some Frequently Asked Questions

Only certain businesses are eligible to receive a PPP loan, and these specifications are different for first-time loan recipients and second-draw recipients.

To be eligible for a first-draw PPP loan:

  • Your business has less than 500 full-time, part-time, or seasonal employees.
  • Your business was operational before February 15, 2020 and remains operational.

To be eligible for a second-draw PPP loan:

  • Your business has less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location.
  • You can demonstrate a revenue reduction of at least 25% in the first, second, or third quarter of 2020 (when compared with the same quarter in 2019).
  • You have used or will use the full amount of the first-draw PPP.
  • Your business was operational before February 15, 2020 and remains operational.

Businesses eligible for first- and second-draw PPP loans include:

  • Sole proprietors
  • Independent contractors
  • Self-employed individuals
  • Certain non-profits (the new bill has expanded eligible businesses to include certain 501(c)(6) non-profit organizations)
  • Seasonal employers; the new bill has clarified the definition of these to be businesses that operate no more than seven months within a year or earn no more than a third of gross receipts within a six-month period
  • Faith-based organizations that have less than 150 employees
  • Housing cooperatives that employ less than 300 people

Here’s PPP under the Consolidated Appropriations Act, 2021 at-a-glance:

  • $284 billion has been allocated to PPP (including $138 billion of unspent loans from the first round that were reinvested) and the program has been extended to March 31, 2021
  • Second-draw loans are available for businesses with under 300 employees
  • Businesses eligible for PPP loans has been expanded
  • Loan limitations have been expanded for certain businesses
  • Forgiveness for loans under $150K have a new, simplified one-page application
  • While expenses eligible for forgiveness still require a 60/40 split of payroll costs/other eligible expenses, group health insurance benefits are now included in payroll costs (and these entail life insurances, disability benefits, vision, and dental insurance)
  • Eligible expenses for forgiveness have been expanded (for first-draw loans that have not yet been forgiven and for second-draw loans)
  • Borrowers can choose a covered period that is any period of time between eight and 24 weeks
  • PPP funding includes dedicated set-asides for community lenders (CDFIs and MDIs) and business that operate in low-income areas
  • A clarification has been made indicating that interest rates on PPP loans are non-compounding and non-adjustable
  • A clarification has been made indicating that forgiven PPP loans are not taxable and forgiven expenses are tax-deductible

First-draw PPP loan limitations:

The maximum amount a business that has not yet received a PPP loan can borrow is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs
  • $10 million

There may be exceptions to these limits for restaurants and other hospitality businesses.

Second-draw PPP loan limitations:

Any business that is applying for a second draw will be subject to more stringent limitations. The maximum second PPP loan amount is the lesser of:

  • 2.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year
  • 3.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year for any business that is classified under Code 72 by the North American Industry Classification System (NAICS). (This is a list of hospitality and entertainment businesses like restaurants, hotels, and casinos; click the link to get the full list.)
  • $2 million

I couldn’t get a first-round PPP loan. Should I try for one in the second round?

Yes, if you are eligible and can adhere to the terms of the loan. With the creation of the new bill, Congress has set aside allocations for community lenders and institutions that can help smaller businesses, businesses owned by POC, and those who operate in lower-income areas access capital.

A portion of funding is being directed to Community Development Financial Institutions (CDFIs) and Minority Depository Institution (MDIs). These are community lenders who have committed to expanding economic opportunity for underserved people. Not only are portions of the PPP allocated for these lenders, but also outside of PPP funds; $12 billion is being routed to CDFIs and MDIs. This means that even if the community lenders in your area aren’t supporting PPP, they may be offering other loans with federal funds under the Consolidated Appropriations Act, 2021.

Yes. Within 17 days of the enactment of this bill, the SBA is required to release guidance to lenders on allowing borrowers who have returned loans to access PPP capital.

Supporting Documents


The Borrower Checklist and Calculation Worksheet document includes  two (2) tabs: First Tab contains Checklist Information and SECOND TABprovides Loan Calculation Worksheet.  The Calculation Worksheet is a tool provided to assist in your calculation of your Average Monthly Payrollused  in determining your loan amount.


The Borrower Checklist

Gather and electronically save all the required checklist items to a convenient location on your home or office computer. You will be required to UPLOAD these documents through the CTB Loan Application secure link along with your completed loan application.

The Loan Calculation Worksheet

The information gathered from the Borrower Checklist should be used to complete the Loan Amount Calculation Worksheet. Completion of this information is required to process your loan request.

Document Downloads:

First-Draw Checklist and Loan Calculation Worksheetdesigned for and should be used by applicants who have not previously received a PPP loan

Second-Draw Checklist and Loan Calculation Worksheetdesigned for and should be used by applicants who have previously received a PPP loan.


The completed Borrowing Resolution documentation approves the business to engage in debt and denotes all signers associated with the loan transaction. The Borrowing Resolution is not required for self-employed individuals. Your own company resolution format is also acceptable.

Borrowing Resolution


By submitting a PPP Loan application, applicant(s) agree that the application is not complete until Citizens Trust Bank has received all the fully executed, required documents listed above.




Tips, Tools, Updates

For your convenience the following tips will help navigate through to a successful PPP Loan Application submission. This is a dynamic document. New tips and updates will be shared as needed. Refer to the following categories for common loan application/processing navigation tips. Click here




PPP LOAN FOREGIVENESS: For Existing Borrowers

NOTICE: On January 19, 2021, the SBA released new rules related to PPP Forgiveness for existing PPP Borrowers as part of the Economic Aid Act. The new rules include

  • A one-page application for borrowers who have received a PPP loan of $150,000 or less.
  • The form PPP Loan Forgiveness Application Form 3508S, requests information about the borrower’s loan amount, disbursement date, employee totals, covered period dates, amount of the loan spent on payroll, and the amount of the loan for which forgiveness is being sought.
  • Borrowers are not required to submit any supporting documentation with the application however, are mandated to maintain payroll, nonpayroll, and other documents that could be requested during an SBA loan review or audit.

The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you continue to watch for updates regarding the PPP and its guidelines, including any additional guidance that may be issued on loan forgiveness. You can find detailed information on the SBA and U.S. Treasury websites.

There are important guidelines outlined by the SBA for how you spend PPP funds and your eligibility for loan forgiveness.

  • All or some portion of the loan principal and accrued interest can be forgiven if you use the loan funds for purposes that fully meet the forgiveness requirements issued by the SBA.
  • The amount of your loan that is forgiven may be reduced if you do not completely follow the requirements.
  • The actual amount of the forgiveness will depend, in part, on your use of all the loan funds for forgivable purposes and whether you maintain employee and compensation levels during the required periods, according to the CARES Act, the Paycheck Protection Program Flexibility Act (PPPFA), recently-enacted legislation, and SBA rules.

We recommend that borrowers carefully review the CARES Act, PPPFA, recently enacted legislation and SBA rules, and consult with their attorney, accountant or other professional advisor(s) as they consider use of funds and their situations.

For additional information on recent updates to forgiveness rules, please refer to the new guidance released by the SBA.

  • Feel free to check this web page or the SBA website HERE for the latest developments and/or revised program updates.


We look forward to implementing the next action steps to support your PPP Loan application very soon. To better assist you and your loan request please contact our Citizens Trust Bank Commercial Banking lending professionals by email at Monday through Friday, 8:30 a.m. – 5:30 p.m., EST.