Recent Updates - SBA Paycheck Protection Program

Thank you for choosing First Community Bank to help process your PPP loan with the Small Business Association (SBA). We realize the impact these funds can have on your business during this trying time, and we are pleased to have been able to help. 

As new information relating to the PPP 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.

October 30^th Update

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.

https://firstcommunitysc.expressbankloan.com/2/#/match

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.

https://firstcommunitysc.expressbankloan.com/2/#/match

August 13^th Update

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 find out more about the spoofed website and phishing emails

August 5^th Update

Accepting PPP Loan Forgiveness Applications Beginning August 10^th 

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.

July 16 Update

SBA Disclosure of PPP Loan Information 

The Treasury Department and SBA have announced that they will be releasing select information relating to PPP borrowers.

For loans of $150,000 or more, the data released includes business name, type and address, as well as the business’s NAICS codes, demographic data, non-profit information and jobs supported. The loan amount will also be disclosed as one of the following ranges: $150,000 - $350,000, $350,000 - $1 million, $1 million - $2 million, $2 million - $5 million, and $5 million - $10 million.
 
The rules and information surrounding the Paycheck Protection Program continue to shift, but we remain committed to providing you with the most updated information possible. If you have any questions about your loan, our bankers are here to help.

June 23 Update

PPP Loan Forgiveness Information

For up-to-date information on the PPP loan forgiveness process, visit our PPP Loan Forgiveness Information  page. 

May 27^th Update

PPP Loan Availability & Forgiveness Application Information

Government guidance regarding the PPP continues to evolve, and we remain committed to providing you with the most up-to-date information. Below is a link to a document that contains the latest update on PPP availability and PPP Loan Forgiveness. 

PPP Loan Availability and Forgiveness Application Information

April 30^th Update

Eligibility Confirmation Information

As you may know, government guidance regarding PPP continues to evolve daily. Below is the latest information on PPP loan eligibility confirmation:

By applying for and accepting funds from the PPP, you, the borrower, attest that you met the eligibility criteria based on your business activity and ability to access other sources of liquidity at the time of application. Please note that our role in the process was to facilitate your PPP loan application to the SBA, and we were expressly authorized to rely on your certification. There has been new attention and guidance from the U.S. Treasury that retroactively updates the required borrower certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the borrower.” The eligibility requirements are listed in the "What you need to know" section of the main SBA PPP page.

If you applied for and received funds from the PPP, but now believe that you may not meet the eligibility requirements, government guidance provides that any PPP loan borrower that returns all of its PPP loan funds no later than May 18, 2020, (this is an extension from the original deadline of May 7, 2020) will be deemed to have made its certification in good faith, and thus avoid any consequences for the prior certification made. You may wish to consult with your legal counsel or other advisor to determine how to proceed. Please note that prior to being assessed for loan forgiveness, all loans, but especially those of $2 million or more, may be audited for eligibility by the SBA.

April 24^th Update

Congress has approved and President Trump has signed additional funding for the Paycheck Protection Program (PPP).  The SBA is accepting applications for this second round of the PPP beginning Monday, April 27th. If you submitted an application for this most recent round, you will receive an email from First Community Bank PPP Loans to indicate the SBA disposition of your application. If a pproved, you will also receive closing instructions and documents with that email.

For those who have not yet submitted their application, we are still accepting applications, but encourage you to do that as quickly as possible.  As a reminder, we cannot guarantee approval by the SBA for any application. As always, if you have any questions, your First Community banker is here to assist you.

April 23^rd Update

As discussed in our April 16^th update below, we stand ready and prepared to submit the PPP applications that we currently have on file to the SBA. These applications will be submitted as soon as Congress reaches final approval on an additional appropriation of funds to the PPP and the SBA begins accepting these new applications.

We have a large number of applications in our pipeline and believe that there is significant demand for PPP funding by businesses across the country. While we cannot guarantee approval by the SBA for any application, we continue to work with our customers to prepare new applications for submission. Please refer to the information below to learn more about how to get started. As always, your First Community banker is available to assist you.

April 16^th Update

The CARES Act, which the federal government signed into law on March 27, 2020, included $349 billion in small business loan assistance in the form of the Paycheck Protection Program (PPP). The Treasury Department and the SBA developed the guidance and documentation for the program and began accepting applications on April 3, 2020.  As of April 16, 2020, the complete appropriation has been committed and the SBA is no longer accepting new applications.

First Community Bank has been an active participant in the PPP providing access to this important program for our customers. While Congress is considering the potential for additional funding, we want to provide the following information to our customers:

• If your loan has been approved by the SBA, it will be closed and funded within ten days of the approval. Please remember to maintain accurate records of how you utilized the PPP funds, in order to be prepared to apply for loan forgiveness.  

• If you submitted an application, but did not receive approval by the SBA, your application is still in the pipeline and will be processed if Congress appropriates additional funding for the PPP.

• If you have not yet applied, please refer to the information below for more direction or contact your First Community banker. You can still complete the application package and be added to our PPP pipeline for processing if Congress appropriates additional funding for the PPP.