Paycheck Payment Program (PPP) Loan Funding Has Run Out for Conventional Banks
On May 4th, the SBA announced that PPP Funds have been exhausted for conventional banks. We are no longer able to take First or Second Draw PPP Loan applications. While the PPP deadline is May 31st, there was the possibility that funds could run out prior to that deadline.
GCB is working hard to keep our customers informed about the SBA Paycheck Payment Program. If you have specific questions please reach out to your Commercial Lender.
New Forgiveness Applications Available Soon
The Small Business Administration (SBA) is releasing new Forgiveness Application forms. In addition to the new 3508S form for Borrowers with loans under $150,000, they will release new 3508EZ and 3508 Standard forms. Any Borrowers that have not yet started their Forgiveness applications will have access to the new forms starting on 3/5/2021.
NOW ACCEPTING APPLICATIONS
FOR FORGIVENESS & 3RD ROUND PPP (Paycheck Payment Program) LOANS
The Small Business Administration (SBA) reopened the PPP Program. In our continued efforts to support our customers and local businesses, GCB is accepting applications for Forgiveness; as well as, First Draw and Second Draw PPP Loans.
A First Draw is for businesses that have not received a PPP Loan to date. A Second draw is for businesses that have received a PPP Loan. Forgiveness of the First PPP Loan does not have to be forgiven to apply for a Second Draw.
PPP Forgiveness Application is Open
We are pleased to announce that PPP Loan Recipients may initiate and submit the Forgiveness Application. GCB has partnered with Fidelity National Information Systems (“FIS”), a Fortune 500 company, to assist in processing your Forgiveness Applications. FIS has developed an automated online portal to handle applications.