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Paycheck Protection Program Updates

PPP Loan Forgiveness Update

On Thursday, October 8, the SBA and Treasury Department announced a streamlined forgiveness application process for PPP loans under $50,000. This is welcome news to the thousands of PPP loan customers that will benefit from a simpler forgiveness process. Secretary of Treasury Mnuchin stated, “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.” Click here to read the press release. 

The SBA issued IFR #25, Additional Revisions to Loan Forgiveness and Loan Review Procedures, which outlines the forgiveness process for loans of $50,000 or less. It also outlines our responsibilities regarding the review of your forgiveness documentation, particularly expenses submitted that are in excess of your PPP loan amount. The new, two-page application will soon be electronically available for United Community Bank PPP loan customers in the UCBI CARES Portal. Please note: United will not accept the SBA formatted application therefore customers should not complete and submit the paper version of the application. The application is available to view here for your convenience.

Paycheck Protection Flexibility Act

On June 5, 2020, the president signed the Paycheck Protection Flexibility Act into law. The new legislation makes PPP loans more flexible for borrowers. Among other changes, the new Act extends the time for borrowers to use the loan-- and still be forgiven-- from 8 weeks to 24 weeks. It also, and reduces the amount of the loan that must be used for payroll costs from 75% to 60%. For a detailed overview of the changes to the program and how this will impact your PPP loan forgiveness, click here

To view all previous PPP Loan and forgiveness updates, visit our archive page.

How can you get prepared?

Below is a list of documentation to begin collecting that support how the loan proceeds were spent. Click here for a guide to PPP loan forgiveness termonology and documentation. Please note that all of the documentation listed below will need to be uploaded digitally within the UCBI CARES Portal. Please take the time to scan your documents and get them ready for upload if they are not currently in digital form. High quality pictures of documents will be acceptable. 

  • Payroll reports from your payroll provider or bank account statements
  • 2019 State and Federal payroll tax filings (Form 941)
  • Payment receipts, cancelled checks, or account statements of any employer contributions to employee health insurance and retirement plans included in forgiveness amount request.
  • Documentation that shows the number of FTE employees you maintained during the historical reference period chosen.
  • Nonpayroll expense documentation verifying the existence of obligations prior to February 15, 2020, and receipts, canceled checks, or account statements verifying eligible payments
We highly encourage you to document all aspects of your loan, from start to finish, in the event that it comes under further review. As some of this guidance from SBA and Treasury may continue to change, we expect additional questions may arise. If you have questions about your good faith certification for your PPP loan, we recommend you reach out to your legal advisor for assistance. If you have any other questions, reach out to your banker and know that we’re in this together.

United CARES Act Resources for You

COVID-19 has significantly impacted nearly every business in our community. We have created CARES Act resources and tools to provide you with guidance to help navigate this unprecedented time.

Additional Lending Options

While PPP funds might be dried up, we are proud to offer an array of specialized, SBA lending options. If you are considering the best path forward for your business, our lending experts would be happy to talk you through your options and help find the right financial solution to help you keep the doors open and get your people back to work. 
If there is anything we can do apart from the Paycheck Protection Program to assist with your financial needs, please contact your banker or local branch. If you are interested in other possible financial assistance, the SBA has provided a list of relief options here.


Looking for archived PPP updates and news? 

  Click Here

United Community Bank will not pay fees to or otherwise compensate anyone acting as an agent of the business for advising on or assisting in the preparation of the Paycheck Protection Program loan application, forgiveness application or otherwise.

The information provided is accurate and updated as of June 10, 2020. Terms and conditions are subject to change.