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