Updated February 25, 2021
The Biden-Harris administration has implemented several PPP reforms to bring additional relief to the smallest businesses and those that have been left behind in previous relief efforts. While they are still working on passage of additional stimulus relief with the American Rescue Plan, these changes extend more resources to help small businesses survive, reopen and rebuild.
Specifically, the changes are:
We are currently accepting new applications under the new federal rules from existing customers who have their primary deposit relationship with us. You have until March 31 to apply as a new or returning borrower.
If you are a first-time PPP borrower, your relationship manager will instruct you on how to apply. Here’s what you need to know:
You are eligible for a first draw PPP loan if your business:
You can use your PPP loan on the following eligible expenses:
Your PPP loan may be eligible for forgiveness if:
Before you apply, please review our application tips document with guidance to make the process as smooth as possible:
For detail on eligibility from the SBA, please see their overview:
If you previously participated in our PPP process, we will email you as soon as our online application portal opens. You can also reach out to your relationship manager with questions. Here’s what you need to know:
Borrowers can apply if their first PPP loan has not yet been forgiven, but will need to certify they have used all the funds from the first draw. Borrowers can also apply if their first PPP loan has already been forgiven. You are generally eligible for a Second Draw PPP Loan if your business:
Visit our PPP Forgiveness page to learn more about the forgiveness process, and the program status.
If you have additional questions, please contact your relationship manager.