SBA Paycheck Protection Program

About the CARES Act

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) (Pub. L. 116-136) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic. The Small Business Administration (SBA) received funding and authority through the CARES Act to modify existing loan programs and establish a new loan program to assist small businesses nationwide adversely impacted by the COVID-19 emergency.

The CARES Act was enacted to provide immediate assistance to individuals, families, and organizations affected by the COVID-19 emergency. Among the provisions contained in the CARES Act are provisions authorizing SBA to temporarily guarantee loans under the Paycheck Protection Program (PPP).

About Paycheck Protection Program (PPP) Forgiveness
Section 1106(b) of the CARES Act provides that, subject to several important limitations, borrowers shall be eligible for forgiveness of their PPP loan in an amount equal to the sum of the costs incurred and payments made during the covered period.

First Bank & Trust Company is proud to have assisted over 2,600 businesses with the Paycheck Protection loan.  The information here is to assist you in the loan forgiveness process with the Small Business Administration (SBA). 

Process for Requesting Loan Forgiveness at First Bank & Trust Company

First Bank & Trust Company has elected to begin requesting PPP Loan Forgiveness applications beginning on August 20, 2020. Applications are not due on August 20th. Applicants have ten (10) months to apply from the end of their covered period.


Additional important instructions:

  • August 20, 2020 is the first day First Bank & Trust Company will begin requesting online applications.
  • Applicants have ten months to apply for forgiveness.
  • Applicants are not required to come to a First Bank & Trust Company office. You will receive an email from your personal First Bank & Trust Company loan officer that will include a link for access to your PPP Loan Forgiveness application.
  • No payments are due until PPP Loan Forgiveness is approved by the SBA as long as the application is made within 10 months from the end of your covered period. You will be notified by your First Bank & Trust Company Loan Officer when it is approved.
  • Please be patient. The entire process is lengthy. First Bank & Trust Company will use a special software program to complete each PPP Loan Forgiveness application that is submitted to the SBA. While First Bank & Trust Company Loan Officers will do everything they can to expedite the process, there is a potential window for an extended amount of time to pass until the Bank can receive proceeds back from the SBA once your application is submitted.  You will be notified should any of your loan amount not be forgiven.

You may also visit the SBA's website to see the application and gain an understanding of the process.  Please do not fill out an application or submit an application at this time. Your First Bank & Trust Company lender will contact you with instructions.


What can you do now to prepare for PPP Forgiveness?

Gathering the required documents ahead of time will make it easier when you apply for PPP forgiveness. Take the appropriate steps now to prepare by referring to this checklist of documents that you’ll need when you apply. You will be asked to submit documentation electronically, so in order to prepare for a smooth process, please take time to scan your documentation to get it ready for upload. Keep in mind the documents required for loan forgiveness may change.


For more information, visit the SBA site.

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