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.
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: