Important Information for Business Owners
As part of the CARES Act, the SBA introduced the Paycheck Protection Program (PPP) to aid our country’s businesses. RBT is proud to help our customers through this process, and has provided loans to hundreds of businesses in our communities, helping them keep their doors open and workers employed. One of the key benefits of the program is potential forgiveness of your PPP Loan. While it is a very attractive benefit, navigating it can be quite challenging.
January 7, 2021
On January 6, 2021, the SBA and Treasury released Interim Final Rules regarding changes to the SBA PPP Forgiveness and Second Draw loans resulting from the Economic Aid Act signed on December 27, 2020.
If you received your First Draw PPP loan from Rollstone Bank & Trust, your RBT loan officer will contact you regarding qualifications and your next steps. If you did not receive your First Draw PPP loan from RBT, please contact us and we will help you with the process.
Information regarding qualifications for a Second Draw PPP loan can be found at www.sba.gov/ppp.
September 22, 2020
Beginning today, September 22, RBT will accept Forgiveness Applications for borrowers that have PPP Loans in excess of $150,000. If you have a PPP loan over $150,000, we will reach out to you with instructions on submitting your forgiveness application.
Congress is currently reviewing multiple bills that will automatically forgive loans of $150,000 or less, with a simple attestation of proper use. Since it is likely that one of these bills will pass, borrowers with loans under $150,000 should not submit an application for forgiveness.
If you have any questions, please contact your Loan Officer.
June 19, 2020
All information provided is based on current available guidance as of the date above. New guidance may be released at any time that could make this information obsolete. RBT will update the information as guidance is released, to ensure that you have the most current information available. Below are resources to help you navigate the forgiveness process and calculate your forgiveness amount.
You can also find more detailed information about the program on the SBA's website.
Disclaimer: The full principal amount of your loan plus interest is subject to forgiveness if certain conditions are met. It is your obligation, as the borrower, to understand the SBA’s rules. Other eligibility requirements may apply. If you have additional questions, please seek assistance from your own legal, accounting and tax advisors. Rollstone Bank & Trust cannot offer an opinion on whether the loan of any particular borrower qualifies for forgiveness. By signing Form 3508, you certify, as the Borrower, that the information you have entered is accurate and valid.