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At Security Federal, the health and financial well-being of our customers, employees, and communities is our top priority. As your financial institution, we are committed to assisting you through any disruptions that may arise as a result of COVID- 19.  If you have experienced financial hardship, please reach out to your relationship manager, request an appointment or contact us at 1-803-641-3000 so we can help.

Paycheck Protection Program 

The Federal Government approved an additional round of COVID-19 relief funding on December 21, 2020.  $284.6 billion of the $900 billion economic aid package is Paycheck Protection Program (PPP) funding for small businesses (available as a “First” or “Second” Draw).  See SBA Coronavirus Relief Options

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, has opened the PPP loan portal on Monday, Jan. 11, 2021 at 9 am ET., it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.  

Security Federal is proud to be a participating CDFI Bank--we will be processing “First Draw” applications as of Jan. 11, 2021 and will process “Second Draw” applications beginning Wednesday, Jan. 13, 2021 at 9 am ET.

PPP  First Draw Overview (New PPP applicants only)

PPP Second Draw Overview (Existing PPP borrowers only)

  • Second Draw Requirements
    • Small business with 300 or fewer employees
    • Eligible businesses have sustained a 25% drop in revenue in any quarter of 2020 when compared to the same quarter in 2019
    • The small business must use or have used the full amount of their first PPP loan
  • Max loan Amount: 2.5 times the average monthly payroll based on the 2019 calendar year or a one year look back, capped at $2 million.
    • NAICS 72 Businesses (Accommodations and Food Services) are eligible for 3.5 times average monthly payroll, capped at $2 million
  • Eligible entities must be businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, small agricultural co-operatives.
  • Top-Line Overview Second Draw PPP
  • SBA Form 2483-SD Second Draw Application   

Simplified Forgiveness for Loans under $150,000

  • If your original PPP loan was under $150,000, a simplified application for forgiveness should be released by the SBA within the next two weeks. Please wait to complete your forgiveness application until the new process has been released.
  • For those with loans over $150,000, you may submit forgiveness applications using current applications and procedures

For assistance, please contact your local Security Federal Banker or contact our Customer Service Center at 866.851.3000.

Fee waivers or deferred loan payment assistance

    • Contact your banker or call 1-803-641-3000 to request

Assistance for your Employees – Free Financial Counseling

Security Federal Bank offers free financial counseling for all of your employees.  Financial Counselors are available and ready to assist individuals in all of our markets.  Counselors can help with a wide variety of personal financial issues such as budgeting, credit score management, debt consolidation, etc.  They can also help displaced employees access the available public resources.  For further information and to set up an appointment with one of our Counselors, please call our Customer Service Center at (803) 641-3000.

Links to Other Resources

SBA Assistance

  • Disaster Loans
    • The U.S. Small Business Administration is offering federal disaster loans for businesses, private non-profits, homeowners and renters.  Information about the different programs available can be found at the link below:
  • Economic Injury Disaster Loan
    • The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in all 50 states and territories.  The loans are for businesses suffering economic injury as a result of the Coronavirus (COVID-19).  A few key elements of the loans include:
  • Eligible entities may qualify for loans up to $2 million
  • Interest rate of 3.75% for small businesses and 2.75% for non-profit organizations
  • Long-term repayment options (up to 30 years)
  • Religious and Charitable Organizations are not eligible

Small Business Development Centers

Small Business Development Centers are located throughout South Carolina and Georgia.  Representatives are available to help with SBA Disaster Recovery Loan applications or other needs.

South Carolina Centers:

Georgia Centers:

South Carolina Departments of Commerce

The South Carolina Department of Commerce, through the Emergency Support Function (ESF) 24, is actively engaged in supporting the business community for impacts of the coronavirus (COVID-19) and is available to answer non-medical questions related to industry support.

The Department of Treasury has released some helpful information for lenders and borrowers, as well as the loan application. You can access that information at