SBA Paycheck Protection Program Overview
The Paycheck Protection Program (“PPP”) delivers relief to small businesses and their employees who have been impacted by the COVID-19 pandemic. The PPP is administered by the Small Business Administration (“SBA”) and provides funds to small businesses, independent contractors, and self-employed individuals to help small businesses cover payroll costs, including benefits, as well as certain other expenses including mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage related to looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Please see the latest information available from the SBA here.
To date, CSB has closed nearly 800 PPP loans totaling approximately $160 million since the program’s introduction in April 2020.
Update on Recent Legislation and PPP SECOND DRAW LOANS
Following the SBA’s release of the first iteration of the PPP Loan Forgiveness Application on May 15, 2020, over the past several months the SBA has continued to release additional guidance to provide more flexibility for borrowers, more clarity for lenders, further details around the loan forgiveness application process, and simpler application versions. The recently signed COVID-19 relief bill containing the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) provides for updates to PPP and allocates additional funding to the PPP for both First Draw and Second Draw PPP Loans. To learn more, click here
PPP Loan Forgiveness
CSB’s forgiveness process for completing your PPP Loan Forgiveness Application, uploading documentation, and providing required certifications, is completely electronic. For more information on the CSB PPP Forgiveness Application process click here