PAYCHECK PROTECTION PROGRAM
New and Second Draw Loans
The U.S. government passed a stimulus package on December 27, 2020 that includes new funding for the Paycheck Protection Program (PPP) with the goal of helping smaller businesses that have been hit by COVID related closures and restrictions. The legislation reopens the program for first time borrowers seeking a first draw PPP loan and creates a second draw PPP loan option for existing PPP borrowers.
FIRST DRAW AND NEW PPP APPLICATIONS
To apply for your first PPP loan or if received your first PPP loan at another financial institution – please fill out our online inquiry to start the process.
SECOND DRAW APPLICATIONS
To apply for a second PPP loan, please contact your First Bank Loan Officer to start the application process. Contact information is located on your previous loan documents. You may also call customer service at 800-478-6101.
- Sole Proprietor, Single Member LLC and Independant Contractors
- Partnerships and Multi-Member LLC
- S-Corporation and C-Corporations
- Non Profits
- FAQs on Revenue Reduction, Max Loan Amount Calculations for Second-Draw PPP Loans
Loan Forgiveness Instructions and Applications
EIDL ADVANCE NOTICE (Updated 1/8/2021)
Effective immediately, the Small Business Association (SBA) will no longer deduct Economic Injury Disaster Loan (EIDL) Advances from forgiveness payments remitted to PPP lenders. This change will be applied to SBA forgiveness payments with a status of “Payment Confirmed” dated December 29, 2020 or later.
For those loans where SBA automatically remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date.
SBA will identify forgiveness payments that were reduced by EIDL Advances and automatically remit a reconciliation payment to the PPP lender.
FORGIVENESS INFORMATION (1/19/2021)
SBA has released a new easy forgiveness form for PPP loans on January 20, 2021.
Most borrowers with loans $150,000 and below will use the SBA Form 3508S Please read through the instructions and application to see if you qualify for this application.
Most borrowers above $150,000 will use the SBA Form 3508EZ. Please read through the instructions and application to see if you qualify for this application.
For those larger borrowers that do not qualify for the SBA Form 3508EZ, please use the SBA Form 3508 (revised June 16, 2020).
DEFERRAL PAYMENT GUIDANCE (Updated 10/14/2020)
The original payment deferral period (6 months) on your PPP loan has been extended to the date that the SBA submits forgiveness payment to the lender. This deferral will be automatic in accordance with federal regulations. If borrowers do not apply for loan forgiveness, the deferral period automatically ends 10 months after the end of the borrowers covered period. If you have a remaining balance after the SBA has remitted forgiveness payment to the bank, you can either payoff the remaining balance or a please contact First Bank for further assistance.
The SBA has provided common questions and answers concerning the PPP loan. Please see their FAQ (updated October 7, 2020).
For any additional questions on the forgiveness of your PPP loans, please contact the First Bank PPP Team at [email protected]