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Paycheck Protection Program

Update Wednesday, May 5, 2021

We were informed that funding for the Paycheck Protection Program has been exhausted. No further funds are available at this time. We will work with the Small Business Administration to determine how they will handle loan applications in process. We will contact all applicants that may be affected by this change in funds availability.  If you have any questions, please contact your loan officer. 

 

Update Friday, March 26, 2021

Both the House and Senate have passed new legislation that will extend the popular Paycheck Protection Program for an additional 2 months. The application deadline has been extended until May 31, 2021. We will provide additional information as we get closer to the new date. Most applications will be completed online. Contact your loan officer to obtain the application link or additional information. The most up-to-date information can be found on the Small Business Administration website.

 

Update Monday, March 22, 2021

 On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted, which reauthorized lending under the Paycheck Protection Program. The deadline for applications under this program is March 31st. In order for us to process and submit any remaining applications, our member-owners will need to complete their application by Friday, March 26, 2021.

Most applications will be completed online. Contact your loan officer to obtain the application link or additional information. The most up-to-date information can be found on the Small Business Administration website.

For those who have already applied for a loan, thank you for trusting us to meet your needs regarding the Paycheck Protection Program.

 

Update Wednesday, January 27, 2021

Recently, the Small Business Administration (SBA) released procedural guidance for lenders and borrowers that allowed existing Paycheck Protection Program (PPP) participants that applied prior to August 8, and have not had their loan forgiven to reapply and increase their existing PPP loan amount. Under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260, known as the Economic Aid Act, more than $285 billion dollars have been made available for PPP. In order to apply for an increase in your existing PPP loan, you will need to contact your loan officer. More information can be found on the SBA website at Paycheck Protection Program (sba.gov). We will continue to provide additional information as it becomes available.

 

Update Friday, January 22, 2021

In late December, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted which provided additional funds and new programs for the Paycheck Protection Program. These new programs were rolled out to eligible parties in a tiered process with some institutions receiving access last week. Earlier this week, the Farm Credit System including FCS Financial was allowed access to the SBA portal and we are currently working with our member-owners on the submission process.

Our initial experience has shown an increase in the amount of time it takes for SBA approval. The initial program provided almost instantaneous approval through the SBA portal. The new program is taking up to 72 hours for approval or requests for additional information. This is due in part to a process designed to identify and kick out fraudulent applications. SBA has secured the services of an outside vendor to review all applications prior to approval.

Just like the first program rollout, many people are concerned with funding levels. This link will keep you up-to-date with changes and funding levels. We will share new information as it becomes available.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Other new programs tied to the Paycheck Protection Program will be available soon. We will provide updates as we learn more.  For those individuals who received a PPP loan in 2020 and are waiting to submit a forgiveness application, please contact your loan officer to determine next steps.

 

Update Tuesday, January 19, 2021

The government has passed a new stimulus bill that authorizes additional funding and streamlined forgiveness for the Paycheck Protection Program (PPP). On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted, which reauthorizes lending under the PPP through March 31, 2021.

These SBA forgivable loan programs were created to assist small businesses in meeting payroll and other critical expense needs. These loans require a certification that current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.

FCS Financial is taking applications from current member-owners. Most applications will be completed online. Contact your loan officer to obtain the application link or additional information.

Updated First Draw PPP Loan Application

The “First Draw” PPP program is reopened with additional funding.  This is only open to borrowers that did not receive an initial PPP loan. 

Top-Line Overview of First Draw PPP Loans (Released 1/8/21)

Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)

Applying for an Increase to a First Draw PPP Loan (Recalculated First Draw)

Under certain circumstances, and if your original PPP loan has not already been forgiven, a client may apply for an increase in their original “First Draw PPP” loan amount. 

See pages 40 or 74-76 of Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)

Second Draw PPP Loan Application

A “Second Draw” PPP program is created and opened.  It is open to small businesses with 300 employees or less, that previously received a First Draw PPP loan. This program has slightly different rules than First Draw PPP loans and is targeted to borrowers that had a revenue reduction of 25% or greater in any quarter of 2020 versus the same quarter of 2019.  

Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)

Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21) 

Additional Resources

Paul Neiffer, Agribusiness Blog, wrote the Farm PPP Loan Flowchart. His post provides a list of questions and steps that will help agricultural producers determine if you qualify for a first or second PPP loan.

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