SBA Paycheck Protection Program Updates

 

Your Safety is Our Top Priority:

PER STATE GUIDELINES, YOU ARE ASKED TO WEAR A PROTECTIVE FACE COVERING TO ENTER THE BANK.

We reserve the right to request that you temporarily remove your face covering so you can be properly identified.

During this time, lobby traffic is limited.

Germ Shields are placed at each teller counter and lobby desk.

If you have a fever or have tested positive for COVID-19 within the last 14 days, please use our drive thru.

Our staff will be wearing face coverings for the safety of each other and our customers.

We ask that you follow floor markers to adhere to social distancing guidelines by staying 6’ feet apart.

Hand sanitizer is available for customer use.

Public restrooms will not be available at this time.

Thank you for your trust and confidence in Feliciana Bank. We appreciate your understanding and assistance in keeping each other safe and healthy.

SBA Paycheck Protection Program

  • Loans are available to small businesses that employ 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. Loans are available to entities such as sole proprietors, independent contractors, gig economy workers, tribal businesses, 501(c)(3) non-profits, including religious organizations and self-employed individuals.Loans are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profits.
  • Applicants need to show they have suffered working capital losses due to the coronavirus disaster.The SBA offers working capital loans for payroll, accounts payable, and other bills that could have been paid had the disaster not occurred; could be used to pay fixed debts.
  • The loans are designed to assist with payroll that could have been paid had the disaster not occurred.95% of the loans previously issued have been for $500,000 or less but can go up to $2 million. The SBA will determine the loan amount.
  • 95% of the loans previously issued have been for $500,000 or less but can go up to $2 million. The SBA will determine the loan amount. 
  • Required documents: the signed and initialed Paycheck Protection Program Application Form, the signed Payroll Protection Supplemental Form, Spreadsheet of Payroll Cost Calculation to assist the borrower in the calculation of the monthly payroll cost and Documentation showing any funds received from an SBA Economic Injury Loan since 1/31/20. Additional information needed will be Monthly payroll reports by employee from 1/1/19 through 12/31/19 including: Gross salary/wages, Vacation/PTO/Sick Leave and Family Medical Leave Pay, Forms 940, 941, or 944 for State and Local Taxes, Documentation for Retirement Contribution; Documentation for Health Insurance Premiums; and Separation or Dismissal Payments.
  • Send all required documentation to sba@felicianabank.com

SBA PPP Forgiveness Application Information

The U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.

Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

PPP Forgiveness Application 3508EZ ( Revised 06.16.2020)

PPP Loan Forgiveness Application Form EZ Instructions (Revised 06.16.2020)

PPP Loan Forgiveness Application (Revised 6.16.2020)

PPP Loan Forgiveness Application Instructions (Revised 6.16.2020)

PPP IFR 3 and 6 revisions (6.16.2020) signed

See all PPP tools here, https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.

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