Update on your PPP Loan Program 8/16/21
The Small Business Administration completely closed the portal for all new Paycheck Protection Program originations on May 28th, 2021. Overall, the SBA and lenders worked to originate over 11.6 million loans totaling nearly $800 billion in relief to the nation’s small businesses. Going forward, we are all focusing our attention on processing forgiveness applications for those PPP loans originated in 2020 as well as for those who have completed their covered periods for PPP loans originated in 2021. We encourage all remaining 2020 PPP loan borrowers to apply for forgiveness as soon as possible as your window for deferral is ending and you will have to begin making principal and interest payments.
UPDATE ON PPP LOAN FORGIVENESS:
Our PPP Customer Portal has been revised to accommodate the most current SBA Forgiveness Applications and workflow.
Please understand that all borrowers will need to log in and use this portal for all applications. The Bank will not be able to accept any paper, scanned or PDF filled applications.
2020 and 2021 Originated 1st Draw PPP Loans: For loan amounts of $150,000 or less, you do not need to upload supporting documentation although the SBA requires that you maintain this documentation should they request a review. For loan amounts greater than $150,000, you need to upload the required documentation for us to process your forgiveness application.
2021 Originated 2nd Draw PPP Loans: For loan amounts of $150,000 or less, the only supporting document you need to upload is one that that allows us to confirm the 25% reduction in gross receipts. For loan amounts greater than $150,000, you need to upload all required documentation, including the 25% reduction in gross receipts for us to process your forgiveness application.
If you are unsure if your completed Forgiveness Application has already been submitted to the SBA, or have additional questions, please give us a call at 540-773-5537 or email us at PPPHelp@BankofClarke.com.
Thank you,
Bank of Clarke County
HELPFUL RESOURCES
- Schedule-C Customer Portal Guide
- PPP-Loan Forgiveness Application and Instructions - Form 3508 3-11-21
- PPP-Loan Forgiveness Application and Instructions - Form 3508EZ 3-11-21
- PPP-Loan Forgiveness Application and Instructions - Form 3508S 3-11-21
- Customer Portal Guide Applying for Draw 1
- Customer Portal Guide Applying for Draw 2
- Customer Portal Guide for Forgiveness
- Notice about PPP 2nd Draw Loan Program with Bank of Clarke County (1/12/ 2021)
- Paycheck Protection Program Second Draw Loans Overview from the SBA (1/12/2021)
- Notice to All Bank of Clarke County Borrowers with a PPP Loan (October 6, 2020)
- Update 4 on the Paycheck Protection Program Flexibility Act (June 16 2020)
- Business Loan Program Temporary Changes; PPP – Revisions to First Interim Final Rule
- Interim Final Rule 3 Loan Forgiveness
- BoCC - What We Know (Updated 5-11-20)
- SBA PPP Program Interim Final 1
- SBA PPP Program Interim Final 2
Above documents are provided in Portable Document Format (PDF). To view the PDF documents requires the Adobe® Reader®