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The SBA issued additional information concerning the rollout of the PPP programs over the weekend. Please see below for additional details and how PeoplesBank is preparing to assist clients with PPP lending needs.The SBA announced that the PPP lending round for both First Draw Borrower Applications and Second Draw Borrower Applications will open on Monday, January 11th. However, this opening date is reserved for a limited number of financial organizations known as CFI’s, which does not include community banks and larger banks. The purpose of this earlier CFI round is to encourage lending to new PPP borrowers in previously underserved markets. The opening date to process applications with community banks has not yet been announced, although we anticipate it may be later this week or early next week.Even though PeoplesBank cannot submit your information to the SBA yet, we are providing some of the tools released by the SBA below so that you can begin to prepare any information needed to apply. Please refer to the “Top-Line Overview” for high level information on the First Draw PPP loans if you have not previously borrowed under the PPP Program or if you are eligible for an increase to your first PPP loan. The “Top Line Overview of Second Draw PPP Loans” is for borrowers that already have borrowed under the PPP program and would like to apply for a second loan. There are some additional eligibility restrictions for “Second Draw” PPP loans, including the requirement of documenting a 25% reduction in revenues in a quarter of 2020 compared to the same quarter in 2019, maximum of 300 employees, and borrowers must use their full first round PPP loan before disbursement of a second draw PPP loan. Please read through the details in the links below as well as previously released SBA guidance to determine your eligibility. Despite some additional Second Round PPP requirements released by the SBA like support of the 25% revenue reduction and new application forms, an advantage of borrowing from PeoplesBank again for your Second Draw PPP loan is that you don’t have to resubmit entity information, open another new deposit account, or provide additional payroll information needed to justify the loan amount, as it’s the same information that was provided for your Round One PPP loan.PeoplesBank plans to open up an electronic portal for clients to apply for PPP loans and will provide more detail as the SBA releases more specific information on the updated application process. Please do not submit paper forms to us yet, as we will plan to roll out an electronic format for a more efficient process. We will continue to keep you updated and we will make sure we are prepared to quickly service your PPP requests. We look forward to continuing to partner with you through this challenging time.Form 2483 – First Draw Borrower Application (Updated 1/8/21)Form 2483-SD – Second Draw Borrower Application (Released 1/8/21)Top-Line Overview of First Draw PPP Loans (Released 1/8/21)Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21)We have created a summary of the “PPP Second Draw” Program, which can be accessed via the link below. This information highlights some of the changes in the bill, but is not comprehensive. Details could change based on the SBA’s guidelines that have yet to be released.
Summary of PPP Second Draw Program
We encourage you to continue to monitor the Treasury and SBA websites for:
SBA will officially begin using its updated forgiveness forms in its platform starting March 5, 2021. Two key updates on the forgiveness forms include the new eligible costs permitted to be used for forgiveness and allowing the streamlined 3508S form to be used by borrowers with loans up to $150,000.
The deadline to submit the existing versions of the forgiveness forms is March 4, 2021. Any existing form submitted after March 4, 2021 will be rejected by the SBA platform.
PeoplesBank will be removing the forgiveness application feature from its portal temporarily as of March 3 to begin to update our system to comply with the changes in the SBA platform. We will communicate when the new applications are available in our portal.
Additional resources pertaining to the Economic Aid Act and PPP (including application forms, lender guidance, and PPP program rules) can be found on SBA’s PPP website or the U.S. Treasury PPP website.
The SBA routinely updates their website with additional guidance and FAQs.
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