During this trying time, we thank you for trusting First Community Bank to help process your PPP loan with the Small Business Administration (SBA).
The updates below include the most impactful changes to the PPP loan forgiveness requirements and processes that we would like to highlight for you. As new information is shared, we will post it here for your reference. Please check back often, or reach out to your banker if you have specific questions about your loan.
Updated Information on the PPP Forgiveness Process
We have now had several clients successfully complete the forgiveness process and as more borrowers prepare to submit forgiveness applications, we would like to share a few things we have learned in hopes of making the process more convenient for all borrowers.
As a reminder, the forgiveness process consists of:
EIDL Loans and PPP Forgiveness
Change in Forgiveness Period
Supporting Documentation Requirements
Simple Application Now Available
For borrowers with loans at or under $50,000, Form 3508S, the “simple application”, is now available in the First Community forgiveness platform and can be accessed using the link below.
For borrowers with loans greater than $50,000, it is still our recommendation that you familiarize yourself with the forgiveness process and begin your application as soon as you are ready. Please review the application instructions so that you are familiar with the documentation requirements and the information that will need to be uploaded to support your application.
For your convenience, we have included the link to the First Community forgiveness platform below.
Streamlined Loan Forgiveness Application Announced by SBA
On October 8th, the SBA announced a streamlined loan forgiveness application for PPP loans totaling $50,000 or less. As a result we are offering further guidance on when borrowers should consider applying for loan forgiveness.
Please note that if you have already begun the application process, these recommendations may not necessarily apply to you, and you will have already been updated on your application status through the digital application platform.
In the meantime, you can review the two-page application here.
If you have already submitted your forgiveness application using the EZ form, we will continue to process your existing application unless the SBA advises otherwise. As we continue to learn more about the streamlined forgiveness process, we will share all relevant updates on this page.
When you are ready to apply, we invite you to take a moment to look at a few video tutorials on our website that explain the key points of the forgiveness application. You can access the videos using the link below.
Phishing Scam Involving the SBA
We were recently made aware of a scam involving phishing emails that appear to be sent by the SBA but are actually sent by malicious cyber actors hoping to obtain login credentials. The phishing email includes a link that leads to a spoofed version of the SBA COVID-19 loan relief webpage.
Please view the Department of Homeland Security alert to learn more about the spoofed website and phishing emails
Accepting PPP Loan Forgiveness Applications Beginning August 10th
The U.S. Treasury and the SBA have announced plans to begin accepting applications for PPP loan forgiveness.
Beginning Monday, August 10, 2020, PPP borrowers can access the First Community Bank digital forgiveness platform using the following link: https://firstcommunitysc.expressbankloan.com/2/#/match.
With access to the forgiveness platform, borrowers may begin to familiarize themselves with the forgiveness process, but as a reminder, each PPP borrower has up to 10 months following the end of their Covered Period to apply for forgiveness.
Application Deadline Extension
The period in which business owners can apply for PPP loans has been extended to August 8, 2020. In order to meet the SBA's deadline, all applications through First Community Bank must be submitted by close of business on August 5, 2020.
Time to spend PPP funds has been extended from eight (8) weeks to twenty-four (24) weeks
Payments will be deferred through the covered period and until the SBA decisions the forgiveness amount
The deadline to apply for loan forgiveness has been extended to ten (10) months following the covered period
The PPP loan forgiveness process continues to evolve daily, but our goal of making it a positive experience for you remains the same. Rest assured that we will communicate more information as it becomes known. In the meantime, please reach out to your banker with any questions you may have and continue to refer back to this page. Thank you for choosing First Community Bank to assist you with your banking needs.
Below are related links for your reference: