Update on the Next Round of the Paycheck Protection Program (PPP) - Updated 1/15/2021
PPP Portal Opens Up for Liberty Bank on January 19
On December 27, 2020, the President signed into law a $900 billion economic relief package to provide assistance to American consumers and businesses struggling as a result of the ongoing COVID-19 pandemic.
Set aside in this next stimulus package is $284 billion to fund a third round of the Paycheck Protection Program (PPP). Liberty Bank continues to monitor both the Small Business Administration (SBA) and U.S. Treasury regarding any additional guidance relative to the new legislation.
We are pleased to announce that on Tuesday, January 19, 2021, we will begin accepting applications for the next round of PPP loans. Please return to our website starting January 19 to access and complete an online PPP application for your business. We will be accepting applications from businesses in Connecticut and the following counties in Massachusetts: Berkshire County, Franklin County, Hampden County and Hampshire County.
Please note that you must meet the SBA’s requirements for PPP loan eligibility, which include, but are not limited to, the following basic requirements to be a first time PPP borrower or to qualify for a Second Draw PPP loan:
- First Draw Eligibility Requirements:
- Employ no more than 500 employees, unless applicant meets SBA size standards for their industry
- Were in operation on February 15, 2020
- Did not receive a PPP loan in 2020
- Second Draw Eligibility Requirements:
- Employ no more than 300 employees
- Demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019
- Have used or will use first PPP loan funds by the time the second loan is disbursed
- Were in operation on February 15, 2020
The last day to receive a PPP loan is March 31, 2021. As a PPP loan application can take up to two weeks to process, loan applications received after March 17, 2021 may not meet the March 31 SBA submission deadline and the loan would not be made. If you intend on applying for a PPP loan, we encourage you to apply as soon as possible and well before March 17, 2021.
As you prepare to submit your PPP loan application, please review these loan application tips to help you successfully submit your application. Further details relative to PPP eligibility can be found at www.sba.gov.
Just like we did for businesses who applied through us for PPP funding in 2020, our team stands ready to help you navigate every phase of the program. We encourage you to continue to visit our website as we will post frequent updates regarding PPP. If you have immediate questions, please contact PaycheckProtectionProgram@Liberty-Bank.com. Also, we encourage you to speak with your tax professional regarding specific guidance when it comes to your PPP loan eligibility and application.
If you have secured a loan from Liberty Bank for your business through the Paycheck Protection Program (PPP), we stand ready to assist you in the next phase of the PPP program: the loan forgiveness process. Our team will share information with you about the PPP program and how to have your loan forgiven. We will be sharing information through emails, frequently asked questions, and webinars.
Frequently Asked Questions (.pdf)
PPP Payroll Summary Workbook (Download .xlsx)
We also encourage you to speak with your tax professional regarding specific guidance when it comes to your PPP loan forgiveness.
December 2, 2020: SBA Update Regarding PPP Customer Information
As you may have read in the news, after losing its recent fight in federal court to keep PPP borrower and loan information confidential, the SBA will be releasing names, addresses and precise loan amounts for all Paycheck Protection Program (PPP) loan recipients. Please know that banks that issued PPP loans played no role in the decision to release this information.
As customer information becomes publicly available, we expect scammers will reach out to PPP borrowers under the guise of offering assistance with forgiveness. Please be vigilant and ensure you are speaking with a Liberty Bank representative with regards to your PPP loan. Please note that this important PPP loan program update and all of our communications to you regarding PPP loan forgiveness have been by email . Our ongoing communications to you regarding the PPP loan program will continue to be through email and we will only call you if you specifically ask us to do so. Be cautious in all of your PPP loan program communications and in particular any telephone conversations related to PPP loan forgiveness. Lastly, remember, Liberty Bank will never ask for personal customer information over the phone.
Webinar 1: Overview of PPP Loan Forgiveness
In this recorded webinar, Liberty Bank and Crowe LLP provide an overview of the PPP loan forgiveness phase. View the recording.
Webinar 2: How to Submit a PPP Loan Forgiveness Request
In this recorded webinar from Liberty Bank and PPP Loan Specialists from Crowe LLP, we will walk you through the forgiveness application, screenshots of the portal and help you identify if you qualify for the Standard or EZ Loan Forgiveness Application. View the recording.
Webinar 3: How to Submit a PPP Loan Forgiveness Request
This webinar focuses specifically on how a Liberty PPP borrower can use the Crowe portal to apply for PPP forgiveness. View the recording.
Webinar 4: Updates to the PPP Loan Forgiveness Process
This webinar, recorded on October 20, 2020 focuses on updates to the PPP Loan Forgiveness process.
View the recording
Download the slides
Liberty Bank is continually monitoring the guidance being published by the Small Business Administration (SBA) regarding PPP loan forgiveness. We will continue to share forgiveness application and program updates with you as they are released by the SBA.
Thank you for choosing Liberty Bank as your financial partner in securing a PPP loan. We look forward to guiding you through the next phase of the PPP process.