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We remain committed to helping individuals and businesses affected by coronavirus (COVID-19). Here you will find current information about relief efforts, Banking Center updates, and tips for protecting yourself during this period of heightened cyber-security attacks. Remember, you’re covered.

Paycheck Protection Program

Paycheck Protection Program

Small Business is how West Texas Works.

Please complete the form below and a First United Bank Loan Officer will get back to you with additional information and next steps to apply for a loan under the SBA Paycheck Protection Program.

There is no need to follow up, we will reach out to you.

FIRST UNITED BANK SBA – Paycheck Protection Program

On Friday, March 27, 2020 Congress passed the Coronavirus Aid, Relief and Economic Security Act, also known as the CARES Act. This $2.2 trillion stimulus package will provide aid for individuals, States, small businesses and businesses impacted by the coronavirus pandemic.

The CARES Act authorizes the Small Business Administration (“SBA”) to provide loan guarantees on loan commitments under the SBA’s 7(a) program through a new Paycheck Protection Program (“PPP”) under which loans (or a portion thereof) may be forgiven and are 100% guaranteed by the SBA.

This information is provided as an overview of the Paycheck Protection Program. All information is subject to SBA guidelines and subject to change.

The program is designed to encourage employers to keep their employees employed which would help the employees and affected small businesses to recover from this crises. The program is retroactive back to February 15, 2020, to help bring workers who may have already been laid off back onto payrolls.

At First United Bank, we are a Preferred Lender with the SBA, and we are ready to assist you with rounding up the necessary information so that you can get your business back on track.


  • Loan Details/Terms

    Loan Amount: Avg. Monthly Payroll Costs1 of the borrower multiplied by 2.5 (Maximum of $10 million).2

    Date: A “Covered Loan” is any PPP loan made between February 15, 2020 and June 30, 2020.

    Rate: 1.0% Term: Up to 2-years

    Payments: Payments are deferred for no less than six (6) months and up to one (1) year.

    Collateral: None required; Unsecured. Fees: None; Fees Waived

    Guaranty: No Personal guaranty; 100% guaranty by the SBA.

    Use of Proceeds: Loan Proceeds may be used for payroll costs, benefit costs, salaries, commissions and other compensations, mortgage interest (but not principal), rent, utilities and interest on debt incurred before February 15, 2020.

  • Loan Forgiveness

    The loan forgiveness amount is equal to:

    Payroll Costs (Not including the portion of the compensation for those earning above $100,000 in wages)

    • Mortgage interest payments
    • Rent
    • Utilities

    NOTE: These are expenses incurred or paid by a recipient (Borrower) during the “Covered Period” (8-week period beginning on the date of origination of a covered loan). The loan forgiveness amount is excluded from taxable income.

    The amount of loan forgiveness is reduced based on reductions in staffing or employee compensation. The legislation includes a provision such that employers are not penalized for compensation or staffing reductions that occurred between February 1, 2020 and thirty (30) days from the bill’s enactment (3/27), so long as the reductions are reversed by June 30, 2020.3


  • Gather the Required Documentation listed below or Click HERE to print.
  • Click HERE and submit the form to have a First United Bank Loan Officer contact you to begin the application process.

Required Documentation

  • Paycheck Protection Program

    This Checklist is provided to allow you to begin gathering the documents that will be required with your application for an SBA-PPP loan. It is subject to change and additional records may be required by the Bank to fulfill documentation requirements of the SBA.

    Corporate Records

    • Articles of Incorporation/Organization

    Business Financial Statement  

    • 2019 Profit & Loss (P&L) Statement
    • Current Interim YTD P&L Statement

    Payroll Information  

    • Payroll information for 2019 & 2020 by employee (including their salary, wages, and commissions)
      • IRS Form 940-Employer’s Annual Federal Tax Return
      • IRS Form 941-Employer’s Quarterly Federal Tax Return
      • IRS Form 943-Employer’s Annual Federal Tax Return for Agricultural Employees (if applicable)
    • Number of Full-Time Equivalent (FTE) employees (Information is on payroll records – Forms 940, 941 or 943). You will need to keep track of this information on a monthly basis AFTER the PPP loan has been established.

  • Required Borrower Debt Forgiveness

    This Checklist is provided to inform you of the documentation that will be required to process your Application for Debt Forgiveness.

    Payroll Information 

    • Documentation of qualified
      • Payroll Costs paid in the 8-Week period after Loan Origination Date (PPP Loan)  Payroll Costs, payments for vacation, parental, family, medical, sick leave, and severance pay
      • Current number of Full-Time Equivalent (FTE) employees

    Expense Information  

    • For the Debt Forgiveness calculation, you will need to keep track of all amounts paid for the following:
      • Interest on Mortgage Obligations
      • Rent (on a Lease Agreement)
      • Utilities (electricity, gas, water, transportation, telephone, and internet)
      • Interest on any other debt obligations (incurred before 02/15/2020)

SBA Disaster Loan Comparison

(1) Payroll costs are defined as: (1) the sum of payments of any compensation with respect to employees that is a—(A) salary, wage, commission, or similar compensation; (B) payment of cash tip or equivalent; (C) payment for vacation, parental, family, medical, or sick leave; (D) allowance for dismissal or separation; (E) payment required for the provisions of group health care benefits, including insurance premiums; (F) payment of any retirement benefit; (G) payment of State or local tax assessed on the compensation of employees; and (2) the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and in an amount that is not more than $100,000 in 1 year.

(2) New businesses may calculate the monthly payroll average as of January 1, 2020 through February 29, 2020 while seasonal businesses may calculate the average using the 12 weeks beginning on February 15, 2019 or from March 1, 2019 to June 30, 2019.

(3) The Loan forgiveness is subject to the requirements and restrictions in the CARES Act. The Borrower will be required to provide sufficient documentation for loan forgiveness.