UPDATE: JCB's PPP Loan Forgiveness page is now available.
UPDATE: The Small Business Administration (SBA) has announced that the Paycheck Protection Program (PPP) Forgiveness Platform will soon be open to accept Loan Forgiveness Applications. On Monday, August 10, subject to extension of any new legislative amendments to the forgiveness process necessitating changes to the system, JCB will begin accepting PPP Loan Forgiveness requests. All lenders must complete the review of the application and issue a decision to the SBA, along with the required documents, no later than 60 days after receipt of a complete application from the borrower. Please note that you do not have to apply for forgiveness immediately. You may opt for the 24-week covered period and apply after that period is up. JCB continues to monitor for any updates or changes to the SBA loan forgiveness guidance and will communicate any significant changes to the forgiveness process as such information is made available. If you would like to review the in-depth details in connection with the Paycheck Protection Program and the forgiveness process, we encourage you to visit the SBA Paycheck Protection Program webpage.
UPDATE: The SBA and Treasury Department have officially announced they will publicly release certain information about Paycheck Protection Program borrowers. The SBA said it will disclose business names, addresses, dollar ranges for loan amounts, and other information for PPP borrowers with loans of $150,000 and up, which account for nearly three-quarters of PPP borrowers. Dollar-amount disclosures will provide ranges from $150,000-$350,000 up to $5 million-$10 million. For the full press release, click here.
UPDATE: A Paycheck Protection Program reform law was signed by President Trump on Friday, June 5, which affects the original terms of the program. While further guidance and clarification from the SBA and Treasury Department is likely, for more information tap the "PPP Flexibility Act of 2020" bar below...
UPDATE: The SBA and Treasury Department have released the PPP Loan Forgiveness Application and instructions. For more information and to download the application and instructions, tap the "Loan Forgiveness" bar below...
UPDATE: The SBA will resume accepting Paycheck Protection Program loan applications at 10:30 a.m. on Monday, April 27. The SBA issued an interim final rule with additional guidance on the program authorizing $310 billion in additional PPP funds with at least $30 billion of funding dedicated for loans from institutions like JCB with under $10 billion in assets.
UPDATE: The Treasury and SBA have released a statement announcing that the $349 billion in PPP funds have been exhausted as of 10:45 a.m. on Thursday, April 16. The SBA will no longer be processing PPP applications. Customers who have received an SBA loan number will still have their PPP funds disbursed within 10 days of their approval. The SBA will not maintain a queue for PPP applications while waiting for additional funding; however, JCB will continue to accept inquiries and will contact those customers if additional funding for the program becomes available.
Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. The PPP will provide short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of the COVID-19 pandemic.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
The Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight (8) weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020, or until funds made available for this purpose are exhausted.
To begin the application process, please complete and submit the form below. After submission, you will receive a secure e-mail from JCB with the loan application, list of required documentation, and other information - including instructions on how to securely upload your completed application and necessary documents. To minimize delays, please check your Inbox (and Junk or SPAM folders) frequently and respond ONLY when the application has been FULLY completed and ALL required documentation can be included.
Please note that the information below is subject to change based on additional guidance from the SBA. We anticipate a large volume of inquiries about and applications for this program. To expedite the process, we may work with third party affiliates to assist in administering the program.
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