SBA Solutions to Help Your Business

As a local lender, First Service understands the value that small businesses bring to our community, and we want to help you through this difficult time. The Small Business Administration has recently released the Paycheck Protection Program (PPP) to provide relief for small business owners financially impacted by COVID-19. While much of the guidance and infrastructure for this program is not in place yet, we are working through this to help you as quickly as possible. If you're a member, we're offering the following solutions in partnership with the Small Business Administration.

SBA Paycheck Protection Program


First Service is working in conjunction with the Small Business Administration (SBA) to offer loans through the Paycheck Protection Program (PPP) to our members. Some details of how this program will be administered are still being decided by the SBA, but this program is designed to provide a direct incentive for small businesses to keep their workers on the payroll. These loans will come directly from First Service and will be guaranteed by the SBA.

Members who had an account as of April 2, 2020, are eligible to apply for through First Service.

SBA Official Logo

First Service is offering loans through the SBA's Paycheck Protection Program to business owners who:

  • Were in business as of February 15, 2020
  • Typically have less than 500 employees
  • Had employees to which they paid salaries and for which they paid taxes or that paid independent contractors

If you need assistance applying, you can contact our team by calling 713-676-5299 or writing to Someone will be in touch with you typically within the same business day.

Loans through the Paycheck Protection Program can be used to pay the following:

  • Payroll, rent/lease payments, utilities, and mortgage interest (for their business property, not personal residence) obligations
  • Payroll cost that may include wages, salaries, retirement contributions, healthcare benefits, insurance premiums, covered leave, and other expenses
  • It’s important to notate that only funds used for payroll purposes are eligible to be forgiven

Businesses with 500 or fewer employees whose principal place of residence is in the United States and businesses that meet SBA revenue-based size standards for their industries are eligible to apply.

Additionally, qualifying tax-exempt nonprofit organizations may also be eligible to apply.

A business with more than 500 employees may be eligible to apply per the SBA's revenue-based size standard corresponding to its primary industry. Additionally, businesses may qualify for the program as a small business concern if they meet both of the following SBA requirements:

  1. The maximum tangible net worth of the business is $15 million or less.
  2. The business' average net income after Federal income taxes (including carry-over losses) for the two full years prior to its application is no more than $5 million.

The exclusion of compensation in excess $100,000 annually applies only to cash compensation. Non-cash benefits may still be included as payroll expenses. This includes the following benefits:

  • Employer contributions to defined-benefit or defined-contribution retirement plans
  • Payment for the provision of employee benefits consisting of group health care coverage (includes insurance premiums)
  • Payment of state and local taxes assessed on employee compensation

This loan can be applied to all payroll costs. This includes costs for employee vacation, parental, family, medical, and sick leave. However, sick and family leave wages being refunded per CARES Act sections 7001 and 7003 are not eligible to be covered by this loan.

The amounts that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the business's payroll costs for this application.

Economic Injury Disaster Loans


First Service is also working to help qualifying members apply for an Economic Injury Disaster Loan emergency advance. This loan is designed to provide up to $10,000 of economic relief to businesses that are currently experiencing a temporary loss of revenue because of COVID-19.

This is available to organizations affected by COVID-19 that meet the following eligibility requirements:

  • Must be a sole proprietorship, independent contractor, self-employed person, private non-profit organization, or 501(c)(19) veterans organization
  • Must have less than 500 employees or meet the SBA’s size standards for their industry

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.


Additional Resources


This is a difficult time for many in our community, but First Service is doing all we can to continue supporting small businesses. Here are some additional resources that may benefit you:

  1. Coronavirus (COVID-19): Small Business Guidance & Loan Resources

  2. What the FTC Is Doing to Protect Businesses Against Coronavirus Scammers

  3. Coronavirus Emergency Loans Guide and Checklist
    - Prepared by the U.S. Chamber of Commerce

  4. Assistance for Small Businesses
    - Prepared by the U.S. Department of the Treasury