The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief and Economic Security Act or CARES Act, which provides $2 trillion of aid and stimulus for both individuals and businesses. The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
On April 24, 2020, an additional package of $310 billion in funding was authorized for the Small Business Administration (SBA) PPP. This package aims to replenish the available funds to get PPP Loans to our nation’s small businesses.
On June 5, 2020, the PPP Flex Act was signed into law. This law provided additional flexibility to applicants and institutions. The changes include an extension of the applicable coverage period for expenses from eight weeks to 24 weeks (or December 31, 2020, whichever is sooner) after the application is approved. The term of any loan approved after June 5th has also been extended to a minimum maturity of five years.
On December 27, 2020, the Consolidated Appropriations Act was sign into law. It earmarked an additional $284 billion for a new round of forgivable PPP loans. This law allowed certain hard-hit businesses to request a Second Draw PPP loan, expanded eligibility for PPP loans, and expanded the forgivable expenses for some PPP borrowers.
Our Online PPP Forgiveness Portal will open on April 1, 2021 to accept Forgiveness Applications for Round One PPP Loans.
Resources for the Citywide Banks PPP Loan Forgiveness Portal
Log In & Launch Application
PPP Forgiveness Application 3508S
PPP Forgiveness Application 3508EZ
PPP Forgiveness Application 3508
Click here to view an important note before clicking on links within the videos. © 2021 nCino, Inc. All Rights Reserved.
Paycheck Protection Program Forgiveness Helpful Links
PPP Loan Forgiveness Application for Loans of $150K or Less – SBA FORM 3508S (For Reference Only)
PPP Loan Forgiveness Application for Loans >$150K – SBA Form 3508EZ (For Reference Only)
PPP Loan Forgiveness Application for Loans >$150K – SBA Form 3508 (For Reference Only)
IMPORTANT NOTICE: These FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. The information provided herein is not intended to constitute legal advice.
IMPORTANT NOTE WHEN CLICKING THROUGH TO EXTERNAL WEBSITES: When clicking on links within the video, you will be linking to another website not owned or operated by Citywide Banks. Citywide Banks is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Citywide Banks. Click to go back to video.