Thank you for choosing First Community Bank to help process your PPP loan with the SBA. We realize the impact these funds can have on your business during this trying time, and we are pleased to have been able to help.
As new information relating to the PPP is shared, we will post it here for your reference. Please check back often, or reach out to your banker if you have specific questions about your loan.
Government guidance regarding the PPP continues to evolve, and we remain committed to providing you with the most up-to-date information. Below is a link to a document that contains the latest update on PPP availability and PPP Loan Forgiveness.
As you may know, government guidance regarding PPP continues to evolve daily. Below is the latest information on PPP loan eligibility confirmation:
By applying for and accepting funds from the PPP, you, the borrower, attest that you met the eligibility criteria based on your business activity and ability to access other sources of liquidity at the time of application. Please note that our role in the process was to facilitate your PPP loan application to the SBA, and we were expressly authorized to rely on your certification. There has been new attention and guidance from the U.S. Treasury that retroactively updates the required borrower certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the borrower.” The eligibility requirements are listed in the "What you need to know" section of the main SBA PPP page.
If you applied for and received funds from the PPP, but now believe that you may not meet the eligibility requirements, government guidance provides that any PPP loan borrower that returns all of its PPP loan funds no later than May 18, 2020, (this is an extension from the original deadline of May 7, 2020) will be deemed to have made its certification in good faith, and thus avoid any consequences for the prior certification made. You may wish to consult with your legal counsel or other advisor to determine how to proceed. Please note that prior to being assessed for loan forgiveness, all loans, but especially those of $2 million or more, may be audited for eligibility by the SBA.
Congress has approved and President Trump has signed additional funding for the Paycheck Protection Program (PPP). The SBA is accepting applications for this second round of the PPP beginning Monday, April 27th. If you submitted an application for this most recent round, you will receive an email from First Community Bank PPP Loans to indicate the SBA disposition of your application. If approved, you will also receive closing instructions and documents with that email.
For those who have not yet submitted their application, we are still accepting applications, but encourage you to do that as quickly as possible. As a reminder, we cannot guarantee approval by the SBA for any application. As always, if you have any questions, your First Community banker is here to assist you.
As discussed in our April 16th update below, we stand ready and prepared to submit the PPP applications that we currently have on file to the SBA. These applications will be submitted as soon as Congress reaches final approval on an additional appropriation of funds to the PPP and the SBA begins accepting these new applications.
We have a large number of applications in our pipeline and believe that there is significant demand for PPP funding by businesses across the country. While we cannot guarantee approval by the SBA for any application, we continue to work with our customers to prepare new applications for submission. Please refer to the information below to learn more about how to get started. As always, your First Community banker is available to assist you.
The CARES Act, which the federal government signed into law on March 27, 2020, included $349 billion in small business loan assistance in the form of the Paycheck Protection Program (PPP). The Treasury Department and the Small Business Administration (SBA) developed the guidance and documentation for the program and began accepting applications on April 3, 2020. As of April 16, 2020, the complete appropriation has been committed and the SBA is no longer accepting new applications.
First Community Bank has been an active participant in the PPP providing access to this important program for our customers. While Congress is considering the potential for additional funding, we want to provide the following information to our customers: