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New Paycheck Protection Program (PPP)

Economic Aid Act (EAA)

Paycheck Protection Program

More information about the PPP.

Paycheck Protection Program



Interim Final Rules


PPP as Amended by the Economic Aid Act

PPP Second Draw Loans

Loan Amount Calculation and Eligibility 3/3/2021

Calculation and Eligibility



PPP Forgiveness Application

To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you need to complete an application and submit back to your Macatawa Bank Commercial Relationship Manager with supporting documentation.

Forgiveness applications 


PPP Checklist

Checklist 


Helpful Resources

More information on resources & relief for small businesses.

Treasury.gov


Have questions?

We would be happy to help you with any questions. Call us at (877) 820-2265 or email us by filling out the contact form at the bottom of the page.

Contact us


COVID-19 Response Updates

Get the latest updates on and a complete listing of our branch and drive-thru availability.

COVID-19 Response Updates




New Paycheck Protection Program (PPP)

On December 27, 2020, the Economic Aid Act (EAA) was signed into law to provide financial relief to small businesses suffering from the impact of the COVID-19 pandemic. The EAA amends the Paycheck Protection Program (PPP) that was established earlier this year under the CARES Act. As before, PPP loans will be forgivable loans for specified purposes and designed to encourage businesses to keep employees on the payroll during the pandemic.

Macatawa Bank is participating in the renewed PPP loan program to ensure this critical funding is available to eligible small businesses within our community. The SBA will issue regulations to implement the Act shortly, and we will share details regarding the new application process once they are received. Please contact your Macatawa Bank Relationship Manager directly, or call (877) 820-2265 to get connected.


How is the new PPP different from the first time?

The EAA eligibility requirements are somewhat more restrictive, but the EAA also substantially expands permitted uses of the loan.

A business that already received (and fully used) a PPP loan can apply for a new PPP loan, subject to eligibility requirements. Notable changes to the business eligibility requirements include:

  • A limitation of businesses with 300 employees or less
  • A requirement that the business must demonstrate a decline in gross receipts of at least 25% in any quarter of 2020 as compared to the same quarter in 2019
  • The maximum amount of the loan to be issued under the EAA will be limited to the lesser of $2 million, or 2.5 times your average monthly payroll costs in either the calendar year or the 12-month period prior to the loan being made
  • The 2.5 multiple changes to 3.5 for restaurants, hotels, and others in the
    “Accommodations and Food Services” industry category

Permitted use of proceeds has been expanded to include, among other things, the purchase of essential goods from suppliers, as well as expenditures for personal protective equipment and compliance with pandemic-related requirements and guidelines for employee and customer health and safety. More details on permitted uses will be available shortly.

The proceeds of a PPP loan will be eligible for forgiveness if at least 60% was used for payroll costs and up to a maximum of 40% of the proceeds were used for the other permitted purposes. (Partial forgiveness is available if less than 60% of the proceeds were used for payroll costs.)

Applications for a PPP loan must be submitted no later than March 31, 2021, and PPP applications for loans of up to $150,000 will be simplified. (This includes the loan and the forgiveness applications)


Thank you for the trust you’ve placed in us.

It is our pleasure to serve you, and we are here to help. Please watch this page for the latest information on how we are aligning our resources to help customers during the COVID-19 pandemic. We encourage and recommend that you consult your tax advisor for additional guidance.

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