Paycheck Protection Program
SBA PPP Application Process: May 5, 2021 UPDATE
After more than a year, funding for the Paycheck Protection Program has been exhausted. The SBA will continue funding outstanding approved PPP applications, but new qualifying applications will only be funded by participating community financial institutions including Certified Development Companies (CDCs), SBA Microlenders, Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs) until May 31, 2021, or until the remaining funds are exhausted. First Palmetto Bank is not classified as a community financial institution, therefore, we cannot accept any new applications. Please visit the SBA website here to find a list of eligible lenders.
SBA PPP Forgiveness Process: January 20, 2021 UPDATE
SBA has released updated loan forgiveness forms for the Paycheck Protection Program along with an updated interim final rule on PPP forgiveness and a new conflict of interest disclosure.
Streamlined forgiveness for PPP loans of $150,000 or less is now available by filling out the newly published 3508S Forgiveness Application which can be found HERE.
Loans exceeding $150,000 require Forgiveness Application 3508EZ or 3508, dependent upon circumstances. Here is a link to each updated form: Form 3508EZ and Form 3508. Contact your local banker if you have questions regarding your forgiveness application.
We encourage you to continue referencing official government websites so you can remain informed. A comprehensive list of official updates can be referenced at the US Treasury Website: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
Please continue educating yourself about the PPP program. You can access current information from the following:
US Treasury: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
SBA: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
First Palmetto Updates: https://www.firstpalmetto.com/ppp/
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We look forward to working with you on the Paycheck Protection Plan (PPP) process. Like you, we receive and interpret updated information as it is made publicly-available. Work is underway to incorporate the most recent round of guidance, and we'll continue to adapt as new guidance is released to serve you as efficiently as possible. Thank you for your patience as we navigate this process together. We appreciate the opportunity to serve you.
Important Disclosure Information: First Palmetto Bank will process your application for loan forgiveness as the originating lender for your PPP loan based on the guidance and parameters established by the SBA or US Treasury, which may be subject to change. The SBA and/or US Treasury, and not First Palmetto Bank, sets criteria for loan forgiveness, including eligibility criteria and the parameters that determine how much of your loan may be forgiven. The SBA or US Treasury may instruct First Palmetto Bank to hold your loan forgiveness application if it decides to conduct a review of your application, or it may instruct the Bank to deny your loan forgiveness application. In its guidance, the SBA has indicated the reasons why it may decide to review an application for loan forgiveness.