Support through the Coronavirus Response And Relief Supplemental Appropriations Act
Congress has recently approved the Coronavirus Response And Relief Supplemental Appropriations Act, this in addition to the Coronavirus, Aid, Relief, and Economic Security Act (CARES ACT), previously approved, a relief package including rebates for individuals, small business loans, increased unemployment benefits and a variety of tax breaks. The Paycheck Protection Program administered by the U.S. Small Business Administration (SBA) is once again accepting applications. Please contact your Business Lender with any questions. If you are unsure who to contact, please call us at 315-532-6399.
Paycheck Protection Program
On March 3, 2021, the U.S. Small Business Administration (SBA) published new guidance in response to The White House’s proposed reforms to the Paycheck Protection Program (PPP).
The enhancements cover a range of topics, including revisions to how Schedule C filers calculate their loan amounts, new applications for eligible applicants that file Schedule C and want to use gross income rather than net profit for the loan calculation, as well as updates to PPP eligibility.
How to apply :
We understand how important these changes can be to your business.
If you are a sole proprietor, self-employed, or an independent contractor that files a Schedule C, and…
- You are interested in using existing versions of the applications, please contact your loan officer or the loan department at 315-207-8062.
- You are interested in using SBA Form 2483-C or SBA Form 2483-SD-C because you are electing to calculate your loan amount using gross income, please contact your loan officer or the loan department at 315-207-8062 for details on how to submit an application
You have already applied for a PPP loan, which has not yet been funded, and would like to withdraw your application to utilize the SBA Form 2483-C or SBA Form 2483-SD-C, please contact your loan officer or the loan department at 315-207-8062.
- Unfortunately, any borrower whose PPP loan has already been funded (loan disbursed into your business checking account) as of March 2, 2021, cannot reapply based on the new calculation methodology. These loans have already been reported as “disbursed” to the SBA.
For all other potential borrowers, please contact your loan officer or the loan department at 315-207-8062.
PPP program changes eliminate restrictions for:
- Businesses owned or controlled by owners who have federal student loan debt that is currently delinquent or in default, and caused a loss to the government
Businesses with owners who have prior non-financial fraud felony convictions – if you have already applied and have been notified of ineligibility, the SBA is not permitting the elimination of this restriction to be applied retroactively
Pathfinder Bank will continue to share updates as they become available. Again, we appreciate your patience as we work through processing applications.
For the most up to date information and documents, please visit the SBA’s Paycheck Protection Program web page.