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PPP Loan Forgiveness Archive

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June 5 Update:
President Signs Legislation

After overwhelming support for the Paycheck Protection Flexibility Act in both the House and the Senate, the president has signed the legislation into law. Read the details of the legislation and what it means for your business' forgiveness process here

June 3 Update:
Senate Passes Legislation

The Senate passed the Paycheck Protection Flexibility Act on June 3, 2020, and the president is expected to sign it into law in coming days. We are closely following the progress of this legislation and will provide updates as they become available. Read the details of the proposed legislation here

Once we have clarity on the final PPP loan forgiveness rules, we will be prepared to work with United’s PPP loan borrowers to begin the forgiveness application process. In the meantime, click here for some steps you can take to prepare for the forgiveness process. 

May 28 Update:
House Passes Legislation

On May 28, the House of Representatives passed the Paycheck Protection Program Flexibility Act (H.R. 7010). The Senate will now consider the bill which, if enacted, would modify certain PPP loan forgiveness provisions.

We will continue to monitor the legislation and provide updates if a final bill is signed into law.

May 15 Update:
Loan Forgiveness Application

On May 15, 2020, the Small Business Administration (SBA) released the application for Paycheck Protection Program (PPP) loan forgiveness. We are still waiting for the final guidance to determine next steps, but in the meantime click here to read the SBA’s press release to better understand what will be required.

Note: United’s PPP borrowers will not be submitting the SBA’s version of PPP Loan Forgiveness Application or any of the forms and schedules associated with it. Therefore, if you have your PPP loan with us, we ask that you do not submit this form, whether by email or other means, to your banker. Instead, you will be emailed a link to a secure portal to complete the loan forgiveness application process.2

May 13 Update:
Treasury guidance for loans less than $2 million

The Treasury released new guidance regarding the review of PPP borrowers’ required good-faith certification. According to this new information, “any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” 

This provides a safe harbor for borrowers with PPP loans less than $2 million since their good-faith certification will not be reviewed. 

The SBA also extended the deadline to the safe harbor for businesses that have access to other sources of capital to repay their PPP loans. Borrowers that repay the loan in full by Monday, May 18, 2020, will be deemed by the SBA to have made the required certification of economic need in good faith.

Click here to read Treasury’s answers in their entirety (see question 46 and 46) along with other frequently asked questions about PPP loans. 

May 5 Update:
PPP Loan Update Panel Discussion

Lynn Harton, Chairman and CEO of United Community Bank, led a panel discussion on Tuesday, May 5, with Brad Rustin (Partner with Nelson Mullins), Rich Bradshaw (Chief Banking Officer, United Community Bank) and Marion Crawford (Chief Marketing Officer, United Community Bank). All comments made during the webinar were current as of May 5, but some details may have changed since.1

1 Legal Disclaimer: These programs were created to provide an overview of certain aspects of the PPP program. The information provided does not, and is not intended to, constitute legal advice; instead, all information is for general informational purposes only. Information contained herein is subject to change and may not constitute the most up-to-date information. It is recommended that you contact your legal advisor to obtain advice with respect to any particular legal matter, and you should not act or refrain from acting on the basis of information contained herein without first seeking advice from your attorney. Only your individual legal advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. All liability with respect to actions taken or not taken based on the contents hereof are hereby expressly disclaimed. The content herein is provided "as is;" no representations are made that the content is error-free.

 

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 4, 2020. Terms and conditions are subject to change.