May 5 Update
SBA No Longer Accepting PPP Loan Applications
On May 4, 2021, the SBA announced that PPP funds have been depleted and it is no longer accepting loan applications, except selectively through Community Development Financial Institutions (CDFI) and Minority Financial Institutions (MFI) until those specified funds are also exhausted.
In line with this announcement, please note:
First Community is no longer able to accept or process new PPP loan applications from clients.
Clients with applications that have been submitted to First Community or the SBA, and are currently pending, will be notified of their application status from their banker.
For the latest information on PPP please visit the SBA website.
March 30 Update
Small Business Assistance Program Extended
The Paycheck Protection Program (PPP), which was set to expire March 31, has been extended until May 31, 2021 or until funds are depleted. The PPP Extension Act of 2021, approved by both the House of Representatives and Senate, was signed by President Biden today.
The extension includes no additional program funding so it’s likely the estimated remaining $78B may be depleted by mid to late April. We suggest applying early if you plan to do so.
First Community Bank will continue to accept first draw and second draw loan applications for businesses affected by the coronavirus pandemic. Eligible borrowers who meet the loan terms may have their loans forgiven.
For questions or to apply, connect with a
March 19 Update
Paycheck Protection Program Slated to End This Month
The Paycheck Protection is still making emergency loans to businesses impacted by COVID-19. With the program set to expire March 31, 2021, we encourage you to apply now for a first draw or second draw loan if you plan to do so.
Unless the program is extended by Congress, First Community Bank will stop accepting applications on Wednesday, March 24, 2021, to allow time for loan processing.
While the U.S. House has passed legislation to extend the program through May 31, 2021, as of this notice publication, the extension has not passed the Senate or been signed into law. Unless that occurs, we will abide by the program’s original expiration date. Updates will be posted here if the time frame is extended.
March 10 Update
New Applications Simplify First Draw PPP Loan Forgiveness Process
The SBA released new forgiveness applications for first-draw PPP borrowers on March 5. The new applications are easier for borrowers with loans of $150,000 or less as they require fewer calculations and no additional documentation.
The updated applications are available in our forgiveness platform and include any data saved in a previous application. To view or restart your updated application, just log in to the forgiveness platform using the authorized signer’s email, business TIN, and personal SSN.
We encourage you to apply for loan forgiveness as soon as possible. When your application is complete and ready to be submitted to the SBA, please select “Submit for Review” at the end of the application.
Please contact your banker with any questions.
February 24 Update
Paycheck Protection Program Funds Still Available
The Paycheck Protection Program is still open to businesses impacted by COVID-19. Of the allotted $284 billion in program funds, about half — $142 billion — is still available. The program is slated to end on March 31.
Due to upcoming changes in the application portal, First Community Bank is pausing processing of new PPP loan applications for businesses with more than 20 employees for two weeks, beginning February 24.
For questions or to apply, connect with a commercial banker.
January 25 Update
SBA Continuing to Accept PPP Loan Applications
Since the SBA opened their application portal last week, allowing us to submit our customers’ completed applications, we have had the privilege of helping more than 300 local business owners apply for a PPP loan.
While we have been working hard each day and continue to do so, we stand ready to help even more local businesses secure these much-needed funds.
Sign in to the First Community PPP Portal - be sure you have your loan number, email address, tax ID number and social security number
January 19 Update
New SBA Loan Requirement – Revenue Reduction
On January 19, 2021, the SBA announced a new requirement relating to the documentation borrowers must provide to demonstrate at least a 25% reduction in revenue.
Applicants with loan amounts greater than $150,000 will be required to sign and date—thereby attesting the accuracy of the information provided within—the first page of financial statements and initial all other pages of the documents provided to the SBA to validate their having at least a 25% reduction in revenues.
Below is a link supplied by the SBA that provides instructions on how to calculate revenue reduction and maximum loan amounts along with how to document your request.
Things to Keep in Mind
We will update this page again when new information becomes available. If you have any questions in the meantime or if there is anything we can do to help, please do not hesitate to reach out to your First Community banker.
We care deeply about you and your business. As we navigate these unusual times together, we're here to be a reliable source of information and to guide you through the PPP application process. Due to eligibility limitations and overall levels of Congressional appropriation, we can't guarantee that the SBA will be able to approve everyone's application, but you can count on us to help however we can. We're here for you.