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Economic Aid Act

At Midland, we seek to provide you with up-to-date information regarding the 2021 Economic Aid Act 
and are proud to support its benefits to your specific business needs.

We are continuing to track legislation and will update this page as we learn more.

We are expecting to start taking applications on Tuesday, January 19th.

At Midland, serving our communities and providing financial services at a time when our customers need us most is what we do, we always have.

ppp imageThis page details the impact of the Economic Aid Act that was signed into legislation on December 27, 2020 and what it means to businesses specific to PPP Loans. Please continue to check this page for information and updates including our ability to accept applications for our customers in the coming days.

In round one of the Paycheck Protection Program, Midland helped more than 2300 businesses gain access to over $312MM in relief.  We are working diligently to ensure that our online portal and application process combined with the assistance of our dedicated Relationship Managers continues to be smooth in round two.  

For information on PPP Round One Loan Forgiveness, please visit our PPP Loan Forgiveness Page.

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Timing

clockThe SBA is rolling out the new PPP program in phases. Congress has allowed community and smaller lenders to begin processing applications first for borrowers in underserved communities. Specifically:

  • Some smaller lenders began taking applications on January 11th to first time PPP customers and January 13th for second loan customers.
  • Lending institutions with $1 Billion in assets or less are expected to start applications on Friday, January 15th.
  • All other participating lenders with assets over $1 Billion, including Midland, are expected to begin taking applications on Tuesday, January 19th.
  • We will update our page and open our online application portal as we know more and the SBA allows us to start taking applications for our customers.

 

How to Prepare

prepareYou may want to contact your accountant, attorney or other trusted advisors.

  • Midland customers will be allowed to use our online application portal similar to PPP round one. If you aren’t a Midland customer, but wish to open a business account, please contact customer care to be put in contact with a Relationship Manager serving your area.
  • Review the information and documentation outlined below to familiarize yourself with the new requirements and expected application.
  • Keep checking back here for updates.

 

General Eligibility Highlights 

The Economic Aid Act includes components for both first time PPP borrowers and businesses as second-time borrowers. The SBA has published a top line overview for each category that outlines general highlights for qualifying borrowers. We suggest that borrowers review these overviews for helpful guidance on topics such as the following:

  • Forgiveness Terms
  • Who Can Apply
  • Reapplying and Loan Increases

First Draw PPP Top-line Overview

Second Draw PPP Top-line Overview

These highlights will apply to many borrowers, but there are some exceptions. For full program details, visit SBA.gov and Treasury.gov.

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PPP Round Two Documents

The SBA has provided several documents that may be of use to begin the process of gathering information and preparing for submission of an application. Customers are encouraged to review this information. Applications will be taken via our online portal that will be available when we can begin accepting applications. 

 

PPP Round Two, First Draw

Sample Application*

Application Instructions

Demographic Information Form (optional)

 

PPP Round Two, Second Draw

Sample Application*

Application Instructions

Demographic Information Form (optional)

 

*Application for reference only. Midland customers will apply via our online portal when it opens as we begin accepting applications. 

Page content is for summary and informational purposes only. The information contained on this webpage does not constitute the rendering of legal, accounting, tax or other professional services or advice by Midland States Bank or any of their subsidiaries or affiliates, and is provided without any warranty whatsoever. The applicant understands that they may wish to consult with their own advisors. Midland States Bank is a Member FDIC and Equal Housing Lender.