Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”
Friday, May 22, 2020
Friday, May 22, 2020
For almost 100-years, Citizens Trust Bank built its reputation on being there for its customers and the communities they represent, especially in the midst of critical times. The Bank’s actions during global COVID 19 crisis, especially through its participation with PPP application process were essential to saving small businesses and the communities they support for years to come.
Citizens Trust Bank’s participation in the SBA PPP ensured a greater opportunity to access the assistance needed for the communities most critically affected.
As the CARES Act Paycheck Protection Program (PPP) moves to its loan forgiveness phase, Citizens Trust Bank has received word that the SBA PPP Loan Forgiveness Application has been released.
Based on further guidance and guidelines set forth by the SBA, our goal is to provide the most efficient forgiveness application implementation. We encourage all PPP loan recipients to be prepared. Review the PPP Loan and Forgiveness Details below to become familiar with the information needed to request forgiveness.
Thank you for putting your trust in us.
Loan Details and Forgiveness
The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you review the SBA and U.S. Treasury websites to stay up to date on PPP guidelines for how you use your PPP funds throughout the loan process.
There are important guidelines outlined by the SBA on how you spend PPP funds and your eligibility for loan forgiveness. All or some portion of the loan principal and accrued interest can be forgiven if you use the loan funds for purposes that fully meet the forgiveness requirements issued by the SBA.
The amount of your loan that is forgiven may be reduced if you do not completely follow the requirements. The actual amount of the forgiveness will depend, in part, on your use of all of the loan funds for forgivable purposes and whether you maintain employee and compensation levels during the required periods.
The latest developments and revised guidelines for the forgiveness provisions of PPP loans will continue to be monitored.
Borrowers’ Guide to Understanding the CARES ACT, includes frequently asked questions, and other program details.
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