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Paycheck Protection Program (PPP) Updates

Paycheck Protection Program (PPP) Updates

Paycheck Protection Program (PPP) Updates

Last updated 1/19/21: Added recommended browsers for application portal

Paycheck Protection Program

The Paycheck Protection Program (PPP) is a federal relief program developed and overseen by the Small Business Administration (SBA), and executed by participating banks such as Bank of Canton. Borrowers who use PPP funds for certain eligible expenses can have that debt forgiven when program conditions are met.

Deferral Extension

The SBA extended the initial deferral period for principal and interest payments on PPP loans to ten (10) months after initial loan disbursement. Accordingly, Bank of Canton will continue to temporarily defer all billing for PPP loans. Borrowers will not receive a bill during the deferral period.

Applying for PPP Loans & Loan Forgiveness

Below you’ll find PPP application links and information. The “New PPP Loans” section is expanded by default; scroll down and click/tap the “PPP Loan Forgiveness” header to expand that section.

PPP Applications


Additional PPP Funding Available

The SBA released guidelines in early January 2021 for another round of PPP loans.

Businesses that did not receive a prior PPP loan may now apply for a First Draw PPP loan, subject to specific first-draw eligibility criteria.

Businesses that did receive a prior PPP loan may apply for a Second Draw PPP loan, subject to specific second-draw eligibility criteria regarding number of employees and provable lost revenue. In addition, businesses must have used, or will use, the full amount of their previous PPP loan.

Applying for a New PPP Loan

Our streamlined online application portal can be used for both First Draw and Second Draw PPP loans. Using our portal, you can:

  • Upload your information electronically
  • Save your work and return later
  • E-sign documents
  • Submit questions to third-party CPA (we encourage you to discuss questions with your financial professional(s) as well)

For the best experience, we recommend using either Microsoft Edge or Google Chrome. Other browsers may not be fully compatible with all the features & functionality of the portal.

Start Loan Application

 

A video tutorial is also available for applicants.

View Tutorial

 


Deferral & Forgiveness

Current SBA PPP rules state that payments are deferred on PPP loans until each customer’s forgiveness application has been evaluated or the forgiveness window has expired, whichever comes first. In order for our PPP borrowers to have their loan debt forgiven, they must apply for forgiveness and have their application approved by us and, ultimately, the SBA.

Applying for Forgiveness

PPP loan borrowers can apply for forgiveness using our streamlined online application portal. Using this portal, you can:

  • Upload your information electronically
  • Save your work and return later
  • E-sign documents
  • Submit questions to third-party CPA (we encourage you to discuss questions with your financial professional(s) as well)

For the best experience, we recommend using either Microsoft Edge or Google Chrome. Other browsers may not be fully compatible with all the features & functionality of the portal.

Start Forgiveness Application

 

The video below previews the application process on the portal.

Monitor for Updates

Congress and federal agencies may continue to revise the PPP and publish additional program updates. PPP borrowers should continue to monitor for program developments, as changes may impact their loan and forgiveness amount. Bank of Canton will continue to follow all program requirements and SBA guidance for the PPP.