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 recently announced that they will accept forgiveness applications via the PPP Forgiveness Platform beginning August 10th (subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system). 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 is recommending the following courses of action:
PPP Loans GREATER Than $150,000:
Reliant Bank will provide instructions via email on how to begin the forgiveness process. The email will include a link to the digital forgiveness application(s) and client portal. In the interim, contact your Relationship Manager with any questions.
PPP Loans LESS Than $150,000:
Congress is currently reviewing a bipartisan bill (S.4117) called “The Paycheck Protection Small Business Forgiveness Act”. If passed, “The Act” would allow small businesses who received a PPP loan of $150,000 or less to obtain automatic forgiveness by submitting a one-page attestation form. The simplified forgiveness form is intended to allow small business owners to focus on their business rather than on completing the current, complex forgiveness application. Reliant Bank is in favor of delaying the acceptance of forgiveness applications from borrowers with loans of $150,000 or less in anticipation of the passing of “The Paycheck Protection Small Business Forgiveness Act”. The Bank is closely monitoring the actions of Congress and will communicate next steps as they become available to those borrowers whose PPP loans are less than $150,000. However, should you wish to apply for forgiveness under the current forgiveness process, 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)