SBA Paycheck Protection Program
About the CARES Act
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).
First Bank & Trust Company is working with the SBA to finalize the process for accepting and submitting forgiveness applications. In the meantime, you may 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.