Paycheck Protection Program (PPP)
Updated May 4, 2021
The funds for the Paycheck Protection Program (PPP) have been exhausted. The SBA portal will no longer accept applications from banks. With this announcement, the FNBO customer portal is now closed to PPP loan applications
Then you're in the right place. Once your covered period is over, you have ten months to apply for First Draw PPP Forgiveness.
The FNBO customer portal is open to First Draw Forgiveness.
Information from the following forms will be entered into the online portal:
You can prepare by reviewing the forms and ensuring you’re ready to enter the information digitally into the portal.
On February 5, 2021, the SBA released a new Interim Final Rule, consolidating prior rules and incorporating PPP changes resulting from the Economic Aid Act. We encourage you to review this rule as there are a few key considerations for first round PPP Forgiveness including the opportunity to select an 8- or 24-week Covered period, clarity on when payments on PPP loans will begin and details on the application forms and additional allowable covered period expenditures.
PPP Forgiveness Application Timing
Borrowers can apply for forgiveness any time up to the maturity date of the loan. However, if you do not apply for forgiveness within 10 months after the last day of your selected 8- or 24-week Covered Period, then PPP loan payments are no longer deferred, and you will begin making loan payments.
Following are examples of the forgiveness application timing requirement. Dates differ based both on the Loan Disbursement Date and the Covered Period selected (either 8- or 24-weeks). You will indicate your selected Covered Period on your electronic forgiveness application.
8-Week Covered Period
4/15/20 – Loan Disbursement Date
6/9/20 – End of 8-Week Covered Period
4/9/21 – Final Date Forgiveness Application can be submitted to FNBO before payments are no longer deferred.
24-Week Covered Period
4/15/20 – Loan Disbursement Date
9/29/20 – End of 24-Week Covered Period
7/29/21 – Final Date Forgiveness Application can be submitted to FNBO before payments are no longer deferred.
Following the forgiveness application submission, lenders have 60 days to review and submit to the SBA. The SBA has 90 days to review upon receipt from the lender, though in many cases currently, the SBA review has exceeded 90 days.
Check Your Forgiveness Status
All forgiveness applications must be submitted through the FNBO online portal. If you have submitted forgiveness information in the portal and are not sure if your application is complete and being reviewed, please login and check your status in the portal. If the submission status is “Received,” your application has been fully submitted for FNBO review. If your status is not yet “Received,” your application has not been electronically submitted or received into the portal.
For more details on PPP Forgiveness, please see this information from the SBA.
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