We hope this page provides answers to many of your Paycheck Protection Program questions. Our entire team is ready to help small business owners navigate the PPP process. If we can help you with PPP loans or any other business needs you may have, please contact your lender or your business banker. If you do not have a lender or business banker, you can call the bank directly or complete the inquiry form.
The Small Business Administration (SBA) is now processing new PPP loan requests and second draw loan requests.
This round of PPP funding includes loans to eligible small businesses that did not previously receive a PPP loan as well as a “second draw” option for eligible borrowers who have previously received a PPP loan. The SBA provided the following one-page overviews of the two PPP options and the updated loan application forms:
*To be eligible for a second draw of PPP funds, a small business must have 300 or fewer employees and must have sustained at least a 25% drop in revenue in any quarter of 2020 when compared to the same quarter in 2019. Additionally, a business must use or have used the full amount of their first PPP loan.
We are also pleased to help you with SBA Disaster Relief program/loans. For more information about this, please click the button below.
Please fill out this form and we will contact you as soon as possible about the SBA Paycheck Protection Program. We appreciate your patience as we are receiving a high volume of inquiries.
Not available in all regions.
In late December, the President signed legislation to supply the latest round of Covid-19 relief, including significant economic aid for small businesses.
Specific aspects of the package include the following:
We are awaiting guidance from the Small Business Administration (SBA) and plan to begin accepting new PPP loan applications in the coming weeks. Please review the Paycheck Protection Program (PPP) and Small Business Relief document for additional information.
The SBA released another PPP Loan Forgiveness Application, SBA Form 3508S, for use by PPP borrowers applying for loan forgiveness on PPP loans with a total loan amount of $50,000 or less, except for those borrowers that together with their affiliates received loans totaling $2 million or greater. This application is the streamlined application that has been discussed for several months.
Per the SBA, "Form 3508S requires fewer calculations and less documentation for eligible borrowers. Borrowers that use Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages. Form 3508S also does not require borrowers to show the calculations used to determine their loan forgiveness amount."
With these updates, there are now three PPP Loan Forgiveness Applications: 3508S, 3508EZ, and 3508.
With the passing of the PPP Flexibility Act in June, the rules were amended to extend the deferral period. Please review the Borrower Notice – PPPFA Changes to Deferral Period for a summary of those changes and rest assured that you will not be asked to make a payment on your loan until you have been given ample time to request forgiveness in accordance with the current PPP guidance.