Paycheck Protection Program Updates
Last Updated June 7, 2021
We’ve enjoyed partnering with our customers during the first and second round of the PPP process to date. Visit the SBA website for more information on the status of their current programs. Our portal is now open for PPP customers to submit their 2021 first and second draw Paycheck Protect Program loan Forgiveness application. Visit our PPP Forgiveness information page to get started.
- Simplified forgiveness for loans of $150,000 or less: A new simplified forgiveness process became available in late January and enabled borrowers to sign and submit a one-page certification.
- Forgiveness for loans greater than $150,000: Eligible expenses for PPP loans have been expanded to include: covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures. These changes broaden the definition of eligible expenses and could enable a borrower’s loan to be fully forgiven.
If you are still working on your forgiveness application for your Round 1 Paycheck Protection Program loan, here are a few reminders and SBA FAQ's that may be helpful. You can review the Paycheck Protection Program Forgiveness Application Form 3508, the Paycheck Protection Program Loan Forgiveness Form 3508s and the EZ Loan Forgiveness application as you are working through your application.
Since March 2020, we've experienced a global challenge that has required all of us to take care of ourselves, each other and our community in new ways. Nowhere has that been more evident than by rapidly building infrastructure to process and fund Paycheck Protection Program applications for local businesses.
Our employees were relentless in helping our customers, as hundreds of them volunteered overnight and weekend hours, allowing us to process every one of the more than 5,000 applications we received. This means nearly $600 million in funding and upwards of 80,000 of our neighbors' jobs protected. And because our average small business loan amount was $66,000, this allowed us to help strengthen so many of the businesses that make our communities great places to live and work.
But this has never been about us.
This is about customers like Bill and Fahad, who continue to develop and manufacture life-saving medical devices in the ongoing fight against COVID-19. Or Duane and Kate who have found new ways to open their venue virtually.
We've shared more stories of our customers so you can be inspired by the tenacity of business owners, who were relentless in fighting for what they are most passionate about - their employees.
It's our privilege to support local businesses. Thank you for allowing us to work alongside of you. We're here for you now and will continue to be.
President, First Commonwealth Bank