Paycheck Protection Program Updates
Last Updated February 1, 2021
We've enjoyed being part of the PPP process so far and have invited our PPP customers into the second draw loan application process. FAQs for second draw loan applications are available.
Information about Preparing to Apply for Second Draw Loans
- Applicants will need to have a deposit account with First Commonwealth Bank prior to submitting the application.
- Existing Round 1 PPP customers will receive an email from us soon with information on accessing the online PPP portal.
- Using Chrome or Microsoft Edge, log in to the online PPP portal and answer a few general questions about your business, such as structure and ownership.
- You’ll then be asked a series of questions to complete the application. Be prepared to answer questions on how many employees you have, whether your business experienced a revenue reduction of 25% or greater in 2020 relative to 2019 and specific details on your loan eligibility dependent upon your initial PPP loan.
- Before submitting your application, remember to upload the required supporting documentation.
Once the SBA opens up applications to institutions our size, we will be submitting applications into their system. From there, we expect this process to take 7-10 business days.
- Simplified forgiveness for loans of $150,000 or less: A new simplified forgiveness process will be available in late January and will enable borrowers to sign and submit a one-page certification. We recommend customers with loans of this size wait for the new process before completing and submitting a forgiveness application.
- 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. Customers could benefit from these changes and we recommend they wait for additional SBA guidance prior to moving forward with PPP forgiveness.
To check on the status of your existing Round 1 application, please contact your banker or call us at 800.711.2265.
As you start to think about qualifications for forgiveness of your Round 1 Paycheck Protection Program loan, here are a few reminders and SBA FAQ's that may be helpful. While 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, we are following the SBA's ongoing guidance and will contact you directly when it's time to apply.
The Cybersecurity and Infrastructure Security Agency (CISA) is tracking an unknown malicious cyber actor who is spoofing the Small Business Administration (SBA) COVID-19 loan relief webpage via phishing emails. Learn more.
Since March, 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