Funding is still available for the Paycheck Protection Program, and BancorpSouth continues to accept, process and fund applications within a few days of document execution. We’re here to help you get critical funding for your small business. To date, we have funded more than 13,000 loans for over $1.2 billion as a part of this program, and we are prepared to quickly process your application.

Download an application and contact a BancorpSouth Relationship Manager at a branch near you to get started.

If you need guidelines and information about PPP Loan Forgiveness, please visit our Loan Forgiveness page.


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As an SBA Preferred lender, BancorpSouth will provide small business loans through the Paycheck Protection Program (“PPP”). This program authorizes up to $660 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for all applicants.


This program is designed to provide economic support to businesses by offering loans to enable companies to retain employees and pay certain operational expenses incurred during the COVID-19 pandemic.


The PPP eliminates many of the requirements of a typical SBA loan and expands the types of businesses that are eligible for relief. The SBA continues to provide guidance regarding this program. Please check back frequently for updates. 


Review this informational video to learn more about the PPP.

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Below is a summary of the criteria for loans under this program.


When can I apply?

Small businesses with sole proprietorships, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses now. 

Where can I apply?

BancorpSouth is taking applications now. Download and complete the application here. Contact your Relationship Manager to submit your application. Please submit the information listed below with your application.


If you would like to be notified by email when the BancorpSouth PPP online application is available, provide your email address in the box below.  Check the box providing consent for BancorpSouth to share PPP information with you by email.


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pertaining to the Paycheck Protection Program (PPP).

What do I need to apply?  

You will need to complete the PPP loan application and submit the application with the required documentation before June 15, 2020. BancorpSouth is developing a streamlined process for the completion and submission of applications.  


What other documents will I need to include in my application?  

A copy of the following documents, as applicable to your business:


What can I use these loans for? 

You should use the proceeds from these loans toward your:

What counts as payroll costs?

Payroll costs include:

How large can my loan be?  

Loans can be for up to 2.5 times your average monthly salaries, wages or similar compensation.  That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.


How do I calculate my loan amount?
Use the calculator example below as a guide.

PPP Calculation


Who can apply?

All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).

For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries (click HERE for NAICS code 72 to confirm); or (2) that are franchises in the SBA’s Franchise Directory (click HERE to check); or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.

Business Operations

Covers business operations from 2/15/2020 – 6/30/2020; the loan must be originated by 6/30/2020.  Each applicant must provide evidence the business was in operation prior to 2/15/2020.




Do I need to first look for other funds before applying to this program?

No. The SBA is waiving the usual SBA requirement that you try to obtain some or all of the loan funds from other sources (i.e., we are waiving the Credit Elsewhere requirement).

How long will this program last?

Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap. 

How many loans can I take out under this program?

Only one.

How much of my loan will be forgiven?

You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

You will also owe money if you do not maintain your staff and payroll.


How can I request loan forgiveness?

You can submit a request to the relationship manager that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent and utility payments. The relationship manager must make a decision on the forgiveness within 60 days of the request.


What is my interest rate?

 1.0% fixed rate.

When do I need to start paying interest on my loan? 

All payments are deferred for 6 months; however, interest will continue to accrue over this period.

When is my loan due?

 In 2 years.


Can I pay my loan earlier than 2 years?

Yes. There are no prepayment penalties or fees.


Do I need to pledge any collateral for these loans?

No. No collateral is required.


Do I need to personally guarantee this loan? 

No. There is no personal guarantee requirement.

***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***


What do I need to certify?

As part of your application, you need to certify in good faith that:

For more information about fraud prevention and other COVID-19 related resources, visit our BancorpSouth Cares Resource Center.

Date Last Updated: May 6, 2020