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Important Paycheck Protection Program updates

The SBA opened Shuttered Venue Operators Grants (SVOG) applications to assist operators of live venues, live performing arts organizations, museums and movie theatres, as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief, as those eligible entities are some of the first that had to shutter their doors a year ago in response to the COVID-19 pandemic. Apply directly through the SBA and discover additional information with the Shuttered Venue Operators Grants (SVOG) applications link above.
 

The Paycheck Protection Program (PPP) had been extended to May 31, 2021; however, funds are now depleted. At this time, we can no longer accept applications. 

 

PPP Loan Forgiveness update

You may now apply for forgiveness of your 2021 PPP loan. Please do not apply for PPP loan forgiveness until your selected covered period has ended. Your forgiveness application CANNOT be processed until the covered period has ended and you will need to resubmit a loan forgiveness application. You can find the updated, simpler applications as well as helpful information on how to prepare to complete the electronic application here. Please note: loans are not automatically forgiven and you must apply for loan forgiveness.

 

We recently hosted a webinar detailing information around revenue reduction for loans $150,000 and below. Please access the event recording or slideshow presentation from the live event.

 

Paycheck Protection Program (PPP) Quick Links

Program details

PPP FAQs

PPP loan forgiveness FAQs

First draw and second draw loan comparison

The information represents a high-level comparison of the two programs. Borrowers are encouraged to review the Interim Final Rules released by the SBA on 01/06/2021 for complete information.

 Requirements   PPP First Draw Loans   PPP Second Draw Loans 
General Requirements

Employ no more than 500 employees
Meet the SBA size standard for the industry in which which the business operates or the SBA alternative size standard.

Employ no more than 300 employees 
Have used full amount of PPP 1st Draw prior to disbursement.
Demonstrate 25% reduction in gross receipts in any quarter of 2020 versus 2019 (via tax returns). 
Application Form

SBA 2483
SBA 2483-C (for Schedule C applicants)

SBA 2483-SD
SBA 2483-SD-C (for Schedule C applicants)
Revenue Loss Proof

Not applicable

For loans $150,000 and less, certification at application, provide supporting documentation at forgiveness application (comparable tax returns).
For loans >$150,000, provide comparable tax returns or quarterly financial statements.
Other Documentation Documents to support the loan amount and proof business was active on 2-15-2020 (see IFR released 1-6-2021 for details). Documents to support the loan amount and proof business was active on 2-15-2020 (see IFR released 1-6-2021 for details). If using same lender, borrower does not resubmit information already on file from the PPP 1st Draw Loan.
Eligibility Businesses, certain non-profits, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, and independent contractors. Religious organizations and ag related businesses are also eligible (IFR released 1-6-2021 details eligibility more specifically). Businesses, certain non-profits, housing cooperatives, veterans' organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small ag cooperatives.  Religious organizations are also eligible (IFR released 1-6-2021 details eligibility more specifically).
Ineligibles

Any businesses not included above including businesses on the existing SBA list of ineligibles (IFR released 1-6-2021 details eligibility more specifically).

 Lobbying organizations, think tanks, affiliated with People's Republic of China, entities who received a grant under the Shuttered Venue Operator Grant program. Companies not in operation on 2-15-2020 are not eligible (other eligibility criteria on first draw loans also apply).
Franchises Must be listed on SBA franchise registry  Must be listed on SBA franchise registry 
Maximum Loan Amount
NAICS Code 72		 2.5X average monthly payroll
2.5X average monthly payroll
$10 million is maximum loan amount		 2.5X average monthly payroll
3.5X average monthly payroll
$2 million is the maximum loan amount
How to Calculate Loan Amount Seasonal Refer to IFR released 1-6-2021 for details or refer to application instructions Refer to IFR released 1-6-2021 for details or refer to application instructions
Multiple Locations Certain industries can apply maximum employee count to individual locations. Certain industries can apply maximum employee count to individual locations.
Affiliation Rules SBA affiliation rules generally apply (with certain exceptions). SBA affiliation rules generally apply (with certain exceptions).
Fees None for lender or borrower
Cannot charge borrower a packaging fee		 None for lender or borrower
Cannot charge borrower a packaging fee
SBA Guaranty 100% 100%
Term 5 years (early PPP had 2 years until 6-5-2020) 5 years
Rate 1% 1%
Collateral None None
Personal Guaranty None None
Payments Deferred until 10 months after the borrower's selected covered period ends. Deferred until 10 months after the borrower's selected covered period ends.
Demographic Information Optional on application Optional on application
Availability Ends on 5-31-2021 Ends on 5-31-2021
Loan Forgiveness Spend at least 60% of PPP funds on payroll costs Spend at least 60% of PPP funds on payroll costs
Eligible Costs Payroll costs, covered mortgage, rent and utility payments, covered operations expenses, covered property damage costs, covered supplier costs and covered worker protection expenses incurred during the covered period. (IFR released 1-6-2021 goes into additional detail) Payroll costs, covered mortgage, rent and utility payments, covered operations expenses, covered property damage costs, covered supplier costs and covered worker protection expenses incurred during the covered period. (IFR released 1-6-2021 goes into additional detail)
Covered period Borrower may select any covered period between 8 and 24 weeks after origination. Borrower may select any covered period between 8 and 24 weeks after origination.
Forgiveness applications:
$150,000 and less
$150,001 and above
3508S

3508EZ or 3508 long form
3508S

3508EZ or 3508 long form
EIDL Advances

Requirement to deduct repealed
Any loans already forgiven with a reduction will be paid to the bank with interest by the SBA.

 Requirement to deduct repealed
Other Not applicable Forgiveness of first draw loan is not required to receive second draw loan.

Additional details on the 2021 program

We encourage you to read the following information pertaining to program details, such as eligibility, forgiveness, and other information provided by the SBA and Treasury Department.

Applying for PPP Loan Forgiveness

You may now apply for forgiveness of your 2021 PPP loan. Please do not apply for PPP loan forgiveness until your selected covered period has ended. Your forgiveness application CANNOT be processed until the covered period has ended and you will need to resubmit a loan forgiveness application.

We look forward to helping you apply for forgiveness of your Paycheck Protection Program loan. We have reopened our automated process which will allow you to complete the PPP loan forgiveness application online and upload any required documents. This will make applying for forgiveness easy and will negate the need for you to complete a paper application from the Department of the Treasury’s website.

You will receive an email with a personalized link which you may use to apply for loan forgiveness. Please login to the portal within 24 hours of the email receipt in order to ensure accessibility. If you do not receive an email, you may visit the portal for access.

Important considerations before you apply for PPP loan forgiveness:

  • Applying for PPP Forgiveness with First Financial Bank will walk you through the forgiveness application process, provide details on the supporting documentation you will need in order to apply and offers links directly to the SBA and Department of the Treasury websites.
  • After submitting your application, you will receive a separate email that must be completed with the DocuSign in order for the process to continue. EZ filers must certify at least one of the bottom two initial locations on page 2.
  • There have been, and could continue to be, updates from the SBA and Department of the Treasury on the PPP loan program. We will continue to update our pages and links accordingly to assist the best we can.
  • First Financial Bank has created the videos below to assist you through the automated loan forgiveness process.
  • To prepare for 2021 forgiveness, view this recording and slideshow presentation from our revenue reduction webinar to assist you with the loan forgiveness process for 2021 PPP loans. Additional revenue reduction information can be found here.

You should only apply for forgiveness once per loan. It is important to read the materials, gather your documents and prepare to complete the forgiveness application ahead of time. If you have any questions, please reach out to our special PPP loan client mailbox SBAForgivenessQuestions@bankatfirst.com.

Please continue to check this page for regular updates. Thank you for choosing First Financial Bank as your financial partner.

Questions? We're here to help.

Payment relief for current First Financial SBA loan clients

First Financial Bank is offering deferment on many loan payments, which provides support and relief to our existing SBA loan clients. In addition, the stimulus relief program provides some relief for some existing SBA borrowers. Be sure to review SBA guidance for the most recent stimulus legislation and debt relief assistance available. You may receive a letter from the SBA outlining the program; however, if you are eligible for borrower relief from the stimulus, you will receive a letter from First Financial Bank detailing guidance specific to your loan. If you have any questions, please review our Frequently Asked Questions (FAQs), contact your banker, or email us at SBAForgivenessQuestions@bankatfirst.com.

More resources

Explore all COVID-19 banking center information

Traditional SBA loan options

All loans and deferments subject to credit review and approval.

Information accurate as of 05/05/2021.

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