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On December 27, 2020, as part of a larger governmental funding bill, the Economic Aid to Hard Hit Small Businesses, Nonprofits and Venues Act (the Economic Aid Act) was passed. This will allow our bank to restart the Paycheck Protection Program (PPP). For customers meeting the new eligibility criteria, there will be an opportunity to apply for Second Draw PPP funding. Based on the most recent SBA rules, here are some eligibility criteria:
Similar forgiveness eligibility requirements will apply for the second round of PPP. Here are some of the second round PPP forgiveness eligibility requirements:
Our lenders look forward to helping your business during these challenging times. If you have questions, please contact your local Citizens Deposit Bank lender.
All PPP loans must be applied for and funded by March 31, 2021.