Paycheck Protection Program Loan
Please utilize these resources and reach out to your Reliant Bank Relationship Manager if you have questions.
The loans funded under the Small Business Administration’s Paycheck Protection Program allowed small business owners to maintain payroll, hire back employees who may have been laid off, and cover applicable overhead during the Coronavirus (COVID-19) crisis. Reliant Bank is proud to have been a participant in this program and assist our small business customers.
The SBA began accepting forgiveness applications via the PPP Forgiveness Platform on August 10th. The PPP Forgiveness Platform is available only to PPP Lenders, not to PPP Borrowers. Therefore, the forgiveness application and supporting documents must be submitted to the PPP Lender for processing. Based on current guidance, Reliant Bank has taken the following courses of action:
PPP Loans GREATER Than $150,000:
Reliant Bank provided instructions via email on how to begin the forgiveness process. The email included a link to the digital forgiveness application(s) and client portal. Contact your Relationship Manager if you did not receive or cannot locate the emailed link.
PPP Loans LESS Than $50,000:
On Thursday, October 8, 2020, the SBA and US Treasury announced a simpler PPP forgiveness application (Form 3508S) for loans of $50,000 or less. The two-page application includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants MUST submit documentation verifying forgivable payroll and non-payroll expenses. In the coming weeks, Reliant Bank will send emails to borrowers that will include instructions and a link to the digital Form 3508S.
PPP Loans $50,001 - $150,000:
Reliant Bank is awaiting additional guidance from the SBA and US Treasury on processing forgiveness requests from borrowers with PPP loans between $50,001 and $150,000. No action is required by the borrower at this time.
If you wish to apply using the current guidance and applications (Form 3508 or Form 3508EZ) please contact your Relationship Manager, they will ensure that you receive an email that contains a link to the digital forgiveness application(s) and client portal for uploading supporting documents.
Please use the resources below to prepare for the forgiveness application process.
(This site is best viewed using Google Chrome)
On July 6th, the SBA and US Treasury announced that they were releasing loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges for loans in excess of $150,000.
(Full Press Release here: https://home.treasury.gov/news/press-releases/sm1052)
On November 5th, a federal judge ruled that the SBA must release the names, addresses and precise loan amounts for ALL Paycheck Protection Program loan recipients and all COVID-19-related Economic Injury Disaster Loan recipients. SBA must release the information by November 19th.
The local SBA office confirmed that the SBA will NOT contact PPP borrowers directly. The SBA will contact the Lender on record with any questions about a PPP loan.
Please disregard any phone calls or other correspondence claiming to be from the SBA. Correspondence about your PPP loan will come directly from Reliant Bank.