Pandemic Updates

First State Bank cares about the health and well-being of our customers, our community, and our team members.

As the impact of the Coronavirus continues to affect our Keys community, our nation, and our world, please be assured that we are also focused on continuing to provide service to our customers. We have taken and will continue to take steps to ensure that we deliver the level of quality, excellence, and timeliness you are accustomed to, although the ways in which we deliver our service to you may change.

Please know the Keys' Hometown Bank is here to help you as we have been since 1955. We will get through this together.  We are #KeysStrong!

SBA Payroll Protection Program (PPP) - Draw 2 

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits.

Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Draw 2 - For those that have received and “exhausted” PPP funds:

  • 1% Interest Rate
  • No collateral
  • 5 year maturity
  • May only have one 2nd Draw PPP Loan

Targeted Eligibility - A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
  • For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.

IFR provides that a borrower that was in operation in all four quarters of 2019 is deemed to have experienced the required revenue reduction if it experienced a reduction in annual receipts of 25 percent or greater in 2020 compared to 2019 and the borrower submits copies of its annual tax forms substantiating the revenue decline.

Example provided by SBA guidance: A borrower with gross receipts of $50,000 in the second quarter of 2019 and gross receipts of $30,000 in the second quarter of 2020 has experienced a revenue reduction of 40 percent between the quarters, and is therefore eligible for a Second Draw PPP loan (assuming all other eligibility criteria are met).

Full Forgiveness Terms - Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.

Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses

  • For borrowers in the Accommodation and Food Services sector (visit the US Census page to confirm NAICS 72), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Required Documentation Checklist:

  • Completed SBA PPP Draw 2 Application 2483-SD 
  • Your Business NAICS Code: 
  • Secretary of State/Sunbiz or Articles of Incorporation/Organization of each borrowing entity
  • Copy of Owner'/Authorized Signer's Driver’s License
  • 2019 Tax Returns (n/a if provided in 1st Draw)

*Because this is considered a new loan, the Federal Government requires all borrowers to provide a copy of their ID and legal entity documents. We apologize if these were previously provided, however this must be submitted with all new loan applications.

As with all PPP funds, First State Bank will make every effort but cannot guarantee that any request we receive will be submitted before Federal funding runs out.

If you would like to apply for a second draw, please fill out a contact request through the button below and we will contact you. 

Contact Me Regarding PPP Draw 2

SBA Payroll Protection Program (PPP) - Draw 1

SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protections costs related to COVID-19, uninsured property damage costs casued by looting or vandalism during 2020, and certain supplier costs and expenses for operations. 

Full Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursements:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs. 

Who Can Apply

  • Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees - including nonprofts, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors - can apply.
  • Entities with more than 500 employees in certain industries that meet SBA's alternative size standard or SBA's size standards for those particular industries can also apply.*

Reapplying and Loan Increases

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.

How and When to Apply

Borrowers can apply for a First Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligivle non-bank lender, or Farm Credit System institution that is participating in PPP. All new First Draw PPP Loans will have the same terms regradless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found by visiting the SBA Payroll Protection Prgram page

Ensuring Access for All 

SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $15 billion is set aside for First Draw PPP loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept loan applications from community financial institutions starting on January 11, 2021. The PPP will open to all participating lenders shortly thereafter. 

Visit or for more information and details, including the comprehensive program rules. 

*Also eligible to apply for First Draw PPP Loans are businesses with a NAICS Code that begins with 72 (Accommodations and Food Services sector) or eligible news organizations with no more than 500 employees per physical location, as well as housing cooperatives, 501(c)(6) organizations, or destination marketing organizations with no more than 300 employees. 

SBA PPP Draw 1 Application

If you would like to apply for a second draw, please fill out a contact request through the button below and we will contact you. 

Contact Me Regarding PPP Draw 1

Location Updates

Out of an abundance of caution the Bank has temporarily consolidated our locations to strategically place our staff at branches that have both drive-thru and lobby access and are most convenient to the majority of our customers and to ensure proper social distancing as well as safety, cleaning and sanitizing protocols are maintained based on the expert recommendations encouraged and emphasized by our local, state, and national governments.

All ATMs remain in service. Courier service in the Upper and Middle Keys continues. Our local Call Center remains ready to serve. And of course, all Online and Mobile Banking services are available and encouraged as a means of social distancing.

Full-Service Locations - Lobby, Drive-Thru, ATM, and Night Drop Services Available

  • Key West Main Office - 1201 Simonton Street, Key West - Walk-Up Window Available
  • Key West Boulevard Office - 3406 N. Roosevelt Blvd, Key West
  • Big Pine Office - 30515 Overseas Hwy, Big Pine
  • Marathon Office - 6900 Overseas Hwy, Marathon  
  • Islamorada Office - 81621 Old Hwy, Islamorada
  • Key Largo Office - 97670 Overseas Hwy, Key Largo
  • Tradewinds Key Largo Office - 101433 Overseas Hwy, Key Largo

Drive-Thru Only Locations - Drive-Thru, ATM, and Night Drop Services Available

  • Stock Island Office - 5450 MacDonald Ave, Stock Island

Temporarily Closed Locations - ATM and Night Drop Service Available

  • Winn-Dixie Office - 2778 N Roosevelt Blvd, Key West
  • Summerland Office - 24794 Overseas Hwy, Summerland Key - Safe Deposit Box Access by Appointment 305-872-4778

Temporarily Closed Locations - ATM Service Available

  • Old Town Office, 444 Whitehead Street, Key West

Call Center - 305-296-8535

  • Extended Hours Mon - Fri: 8 AM - 6 PM / Sat: 9 AM - 4 PM

We have taken the following precautions to help protect our employees and our customers while inside our offices:

  • Face masks are required of everyone (employees/customers/vendors/visitors) entering any of our lobbies or other facilities
  • Safety shields have been installed at all teller windows and customer service stations
  • Social distancing markers have been placed in each lobby
  • Surfaces are wiped down by staff throughout the day
  • Hand sanitizer is available at every location
  • Daily temperature checks are required of all employees in Key West offices
  • Buildings are thoroughly cleaned and sanitized on a regular basis

Stimulus Checks

To check the status of your 2nd Stimulus Check, visit the IRS website at: down and click the "Get My Payment" button. 

What's the easiest way to see if your Stimulus Check has arrived in your First State Bank account? 

Set up an IRS Alert!

  1. Login to Online or Mobile Banking
  2. Go to: Menu -  Settings - Alerts
  3. Select: New Alert - History Alert
  4. Account - Select account that stimulus check should be deposited into
  5. Transaction - Select Description
  6. Description - Enter IRS
  7. Delivery Method - Choose Secure Message, Email, Phone, or Text 
  8. Frequency - Every Occurance

We've got several additional easy ways to check your account, anytime of the day or night:

  • Login to Online Banking above or Mobile Banking to view balances and see all transactions including recent deposits
  • Call our automated Telephone Banking service at 305-293-0000 to get information like your balance or last 10 deposits
  • Use Text Banking to check your balance - Text BAL to 226563. Not enrolled yet, do it now in Online or Mobile Banking

SBA Payroll Protection Program (PPP) - Forgiveness

SBA Guidelines for Using Your PPP Funds (updated 7/1/20)

The SBA has made the following important changes to the PPP program. 

  • Extends the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who received PPP loans before June 5, 2020 may elect to use an eight-week (56-day) covered period.  
  • Lowers the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness.
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provides a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increases to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extends the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).

Payroll Costs (per the Interim Final Rule updated 6/12/20)

Payroll Costs May Include:

  • Compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation
  • Cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips)
  • Payment for vacation, parental, family, medical, or sick leave
  • Allowance for separation or dismissal
  • Payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement
  • Payment of state and local taxes assessed on compensation of employees
  • For an independent contractor or sole proprietor - wages, commissions, income, or net earnings from self-employment or similar compensation

Excluded Payroll Costs Include:

  •  Any compensation of an employee whose principal place of residence is outside of the United States
  • The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary
  • Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees
  • Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127)

Eligible Covered Expenses

  • Interest (but not principal) on mortgage obligations incurred before Feb 15, 2020
  • Rent payments on leases dated before Feb 15, 2020
  • Certain utility costs for services that began before Feb 15, 2020

Foregiveness Documentation

Required Documentation:

  • PPP Loan Forgiveness Application, SBA Forms: 
    • 3508S - Intended for borrowers with PPP loans of $50,000 or less
    • Total loans from all business affiliates cannot exceed $2 million.
  • 3508EZ - Intended for borrowers who meet one of three criteria on the 3508EZ Instructions
  • 3508 - Intended for borrowers who are not eligible to use the 3508S or 3508EZ forms
  • Evidence of payroll costs
  • Evidence of average full-time equivalent number of employees
  • Evidence of restoring the full-time equivalent number of employees
  • Evidence of covered utilities expenses (if applicable)
  • Evidence of covered rent expenses (if applicable)
  • Evidence of mortgage interest expenses (if applicable)

Examples of Documentation:

  • Copy of payroll checks
  • Payroll summary from a 3rd party (i.e. ADP, PayChex)
  • Lease agreements with copies of rent payments
  • Mortgage statements showing interest expense
  • Documentation showing your attempt to rehire employees that declined to return

Recommended Practices:

  • Maintain a separate account for tracking purposes
  • Maintain or increase your full-time equivalent employee count
  • Document use of all funds

*All updates above are taken from the SBA and are provided to assist borrowers in preparing for the loan forgiveness application and should not be considered absolute or complete. Guidance provided by the SBA is subject to change. The best resource for the most updated information is Treasury.Gov/Cares.

Healthy Banking Practices - Skip the Trip!

To help you to reduce your exposure, be sure to take advantage of all of the ways that you can bank with First State Bank from your home, office, or vehicle to maintain social distancing.

Online and Mobile Banking

  • Check account balances and pending items in real-time
  • Transfer funds to another account or bank
  • Make loan payments
  • Pay bills
  • Deposit checks
  • View, search, and sort transaction history
  • View online and mobile transactions
  • View statements, checks, and deposit slips
  • Manage email, text, and phone alerts
  • Send and receive secure messages
  • Request address change
  • Request stop payment
  • Reorder checks

Cash Needs & Purchases
First State Bank (FSB) Debit Cards, Night Drops, and ATMs

  • Use your FSB debit card to get cash at any FSB ATM or Publix Presto! ATM with NO ATM fees.
  • Use your FSB debit card to get cash back from your purchases.
  • Deposit cash at any FSB ATM or Night Drop.
  • Use your FSB debit card to shop online or by phone and have items delivered directly to you.

Telephone Banking and Call Center - 305-293-0000

Our 24-hour automated Telephone Banking service allows you to get balances, transfer funds, or manage your debit card all over the phone. For additional help, our local Call Center Representatives are available Monday through Friday from 8 AM - 6 PM and Saturdays from 9 AM - 1 PM.


Get the ball rolling on a new residential loan or personal loan. You can start your application online from your computer or mobile device. 

Additional Relief Resources

To further assist you, we have provided below some additional outside resources that may be helpful to you during this time.



Protect Yourself from Scams - Security Resources