Citizens Trust Bank has built its reputation on being there for its customers and the communities they represent, especially during critical times.

This year the bank’s participation in the SBA Paycheck Protection Program (PPP) has provided financial assistance to more small businesses affected by COVID-19.

Since the reopening of PPP, we have received an extraordinary response from small businesses for PPP loan assistance.  We remain committed to servicing the applicants in the Citizens Trust Bank PPP Loan Application Portal.

Guiding our lending efforts to ensure enough time to process and fund all submitted PPP loans applications ahead of the SBA’s March 31, 2021 effective closing date, Wednesday, March 17, 2021 will be the last day to apply for a new PPP loan through the Citizens Trust Bank PPP Loan Application Portal. New PPP applications submitted after Wednesday, March 17, 2021 will regrettably, not be accepted.

PPP LOAN FOREGIVENESS: For Existing Borrowers

NOTICE: On January 19, 2021, the SBA released new rules related to PPP Forgiveness for existing PPP Borrowers as part of the Economic Aid Act. The new rules include

  • A one-page application for borrowers who have received a PPP loan of $150,000 or less.
  • The form PPP Loan Forgiveness Application Form 3508S, requests information about the borrower’s loan amount, disbursement date, employee totals, covered period dates, amount of the loan spent on payroll, and the amount of the loan for which forgiveness is being sought.
  • Borrowers are not required to submit any supporting documentation with the application however, are mandated to maintain payroll, nonpayroll, and other documents that could be requested during an SBA loan review or audit.

The U.S. Treasury and the SBA have continually modified the PPP guidelines since the program started. We recommend that you continue to watch for updates regarding the PPP and its guidelines, including any additional guidance that may be issued on loan forgiveness. You can find detailed information on the SBA and U.S. Treasury websites.

There are important guidelines outlined by the SBA for 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 the loan funds for forgivable purposes and whether you maintain employee and compensation levels during the required periods, according to the CARES Act, the Paycheck Protection Program Flexibility Act (PPPFA), recently-enacted legislation, and SBA rules.

We recommend that borrowers carefully review the CARES Act, PPPFA, recently enacted legislation and SBA rules, and consult with their attorney, accountant or other professional advisor(s) as they consider use of funds and their situations.

For additional information on recent updates to forgiveness rules, please refer to the new guidance released by the SBA.

  • Feel free to check this web page or the SBA website HERE for the latest developments and/or revised program updates.


We look forward to implementing the next action steps for your PPP Loan forgiveness. To better assist you and your loan request please contact our Citizens Trust Bank Commercial Banking lending professionals by email at Monday through Friday, 8:30 a.m. – 5:30 p.m., EST.