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Coronavirus Update

SBA Paycheck Protection Program - 2021

We're in this together.

And we stand ready to help.

January 19th Update

On January 19, 2021, the SBA announced a new requirement relating to the documentation borrowers must provide to demonstrate at least a 25% reduction in revenue.

Applicants with loan amounts greater than $150,000 will be required to sign and date—thereby attesting the accuracy of the information provided within—the first page of financial statements and initial all other pages of the documents provided to the SBA to validate their having at least a 25% reduction in revenues.

Below is a link supplied by the SBA that provides instructions on how to calculate revenue reduction and maximum loan amounts along with how to document your request.

How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (1.19.2021).pdf

 

SBA Now Accepting Applications

The SBA made their submission platform available to all banks, including First Community, on Tuesday, January 19, 2021.

  • Repeat PPP loan customers can submit their application in the FCB portal now and we will process and submit it to the SBA.

Sign in to the First Community PPP Portal - be sure you have your loan number, email address, tax ID number and social security number

  • New PPP loan customers should reach out to their local banker to get started.

Find your local First Community banker.

 

Things to Keep in Mind

  • There will be no immediate or real-time loan decisions. For this round, the SBA may take up to two days to provide a loan decision.
  • At the direction of the SBA, borrowers must meet certain eligibility requirements, certify their necessity for PPP funding and provide documentation in support of the assertion that they have experienced at least a 25% reduction in revenue.
    • For loans greater than $150,000, this documentation must be signed and dated in accordance with the requirement released on January 19, 2021 and provided with the loan application.
    • For loans less than or equal to $150,000, this documentation will need to be provided during the forgiveness application process.
    • Please see the SBA documents below for more information

SBA Guidance for Next Round of PPP

First Draw Loan Information

Second Draw Loan Information

 

Future Updates

We will update this page again when new information becomes available. If you have any questions in the meantime or if there is anything we can do to help, please do not hesitate to reach out to your First Community banker. 

 

Thank you for making our  bank your  bank. 

 

We care deeply about you and your business. As we navigate these unusual times together, we're here to be a reliable source of information and to guide you through the PPP application process. Due to eligibility limitations and overall levels of Congressional appropriation, we can't guarantee that the SBA will be able to approve everyone's application, but you can count on us to help however we can. We're here for you.