We wanted to take this opportunity to provide an update on our participation in the SBA’s Paycheck Protection Program (PPP).
May 28th Update: The Paycheck Protection Program is Back
Update: The Paycheck Protection Program has been exhausted on May 5, 2021
"After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications"
Visit https://www.sba.gov/ for more information.
Updated March 31, 2021
A bill was signed by President Biden on March 30th extending the current PPP round to May 31, 2021 or until the allotted funds have been depleted (roughly $80 Billion remains). The 2nd draw for PPP was scheduled to expire on March 31st.
For this round we have helped 158 local businesses receive over $6.8 Million to operate and maintain their employees!
Updated February 3, 2021
We are currently receiving approvals from the Small Business Administration (SBA) on a number of PPP loan applications previously submitted. As we receive these approvals, we are sending out documentation for E-Signature. If you receive loan documents related to your PPP application please complete or contact us for further assistance. Once this step is completed, we will begin disbursement of funds.
Updated August 8, 2020
On August 8, 2020 the Paycheck Protection Program closed. As such, Small Business Administration (SBA) is no longer accepting PPP applications from participating lenders. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses including payroll costs, interest on mortgages, rent, and utilities. The borrower is responsible for tracking and documenting eligible expenses over the forgiveness period from when loan funds are received and for submitting a request for PPP loan forgiveness.
Please note that the information regarding the PPP Program loan forgiveness provided here is based on that which has been released by the U.S. Treasury Department and SBA and is subject to change. All financial institutions, including First Citizens', are required to follow regulations to determine the loan amount that is forgivable. PPP loan recipients should stay informed of the latest information using the resources below.
The (SBA) recently issued instructions to lenders on the Paycheck Protection Program (PPP) forgiveness process. Lenders may begin submitting forgiveness applications to the SBA and we have created an online forgiveness loan tool to streamline and automate this process.
If you are ready to apply for forgiveness and have met the criteria for application timing (Please see “Frequently Asked Questions”), please start your forgiveness application by accessing the online tool.
To begin, you will need the Business TIN from your PPP application, your loan amount and the SBA loan number (located on your loan closing documents).
Our Business lenders are committed to helping you succeed. Please reach out to our lenders for questions or inquiries about your business banking and lending needs.
We appreciate your patience and understanding. The relationship with all of our business members are deeply important to us and we are proud to do all that we can to help you, your employees, and our community during this most difficult time.
For more information or details about this and other Small Business Administration funding options visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options