Paycheck Protection Program

PPP Forgiveness Update 8/2/2021: The Peoples Bank has been closely following the newest announcement from the SBA regarding their new PPP Forgiveness portal and platform. We will continue to use our SBA-approved Forgiveness platform. This product is familiar to our PPP customers, and works in the same way as the SBA’s platform to create a streamlined approach to PPP forgiveness applications.


The Peoples Bank will be accepting PPP Forgiveness applications once the SBA reopens their system for the second round of PPP loan customers. We will contact our PPP customers with more details and a link to our forgiveness portal at that time. If you have any questions, please do not hesitate to contact us at SBAPPP@pbkc.com.

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PPP Update 4/1/2020: As of March 31, 2021, our PPP Portal is no longer accepting new applications. We are now focusing our efforts on the loan forgivenessprocess for our first-round PPP loan customers. We are proud to have assisted so many businesses during the PPP loan process and look forward to helping each one during the forgiveness process as well. As always, we thank our customers for the opportunity to serve them.

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PPP Update 3/24/2021: Our Peoples Bank PPP Loan Portal will be closing as of March, 31, 2021. After that time, we will no longer be accepting applications for the newest round of PPP Loans in order to focus on our first-round PPP forgiveness applications. If you are in need of a PPP loan, please email us at SBAPPP@pbkc.com before March 31, 2021 in order to have your application and documents submitted before that time.

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The Peoples Bank is pleased that the Consolidated Appropriations Act, 2021 (the “Act”) is fully approved and that we can soon begin assisting our business clients with Paycheck Protection Program (PPP) applications once again.

What happens next?

The U.S. Small Business Administration (SBA) is preparing rules to implement the changes to PPP, which will provide further guidance to applicants and financial institutions.

The Act stipulated timeframes for the SBA to provide instructions (starting from when the President signed the Act on December 27, 2020), which we will use to update our PPP online portal and processes.

Below are two of the key milestones outlined in the legislation:

•         Jan 6 – guidance and rules for first-time PPP and second draw borrowers

•         Jan 20 – establish streamlined PPP forgiveness form for loans under $150,000 

The SBA has not indicated when they will be ready to accept new PPP applications from financial institutions. We remain committed to providing you with the best experience and we will notify you when our online application portal is ready.

Key aspects of the streamlined loan forgiveness process won’t be available for a few weeks. However, The Peoples Bank will begin accepting PPP loan forgiveness materials from previous rounds of PPP loans when it does become available.

What can you do now?

Email us at SBAPPP@PBKC.com to secure your place in our queue of interested current customers. We recommend you begin gathering the following supporting documentation which may be required to complete your PPP application when The Peoples Bank opens our application portal:

•         Ownership information including your Tax Identification Number (TIN)

•         Copies of year-to-date payroll reports

•         Copies of 940, 941 or 944 payroll tax reports 


Helpful Links:

Top-line Overview of First Draw PPP

Top-line Overview of Second Draw PPP

Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide

PPP Myth vs. Fact

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Read about PPP Loan Forgiveness here. Beginning Monday, June 7, all lobbies will be open to the public. While appointments aren't required, they are still available for your added convenience by calling your local branch. Read more on reopening plans here.