PPP Resources

Georgia Primary Bank thanks you for trusting us to process your Paycheck Protection Program (PPP) loan. As a community bank our goal is to serve our community and we did just that! Our staff answered the call and was able to approve over 465 PPP loans totaling more than $53 million, during the first round of the program!

The PPP Resources Page was created to help answer questions regarding loan forgiveness. For additional PPP information and updates, you may also visit www.Treasury.gov and www.SBA.gov.

PPP Forgiveness – Second Draw

  • Although we continue to anticipate changes with the PPP program, Georgia Primary Bank will begin accepting PPPSD Forgiveness applications on Friday, July 9th from borrowers that desire to begin the Forgiveness process. On Friday, July 9th each borrower will receive an email with instructions on how to start the PPPSD Forgiveness application process.

PPP Forgiveness – First Draw

  • All of our PPP First Draw borrowers should have received an email with instructions on how to start the PPP Forgiveness application process. This email contained a secure link that provided access to our platform, your PPP loan information and instructions on how to complete the SBA Forgiveness application. (Please contact your lender if you did not receive an email.)
  • Georgia Primary Bank encourages all PPP First Draw borrowers to complete and submit the appropriate Forgiveness application at their earliest convenience. All revised PPP Forgiveness applications are now available. Please use the secure link within your email to access our platform and your Forgiveness application.
  • Which Forgiveness application should you use?

    1. SBA Form 3508S – for use on PPP loans with a total loan amount of $150,000 or less. The new 3508S requires fewer calculations and less supporting documentation.
    2. SBA Form 3508EZ – for self employed, sole proprietors or independent contractors. Also for borrowers who did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number of hours of their employees.
    3. SBA From 3508 – to be used by any PPP borrower who does not meet the criteria for forms 3508S or 3508EZ.

PPP Recap

    1. Georgia Primary Bank is unable to accept and process PPP forgiveness documents not submitted via our PPP forgiveness platform. Please use the link received via email to complete your PPP forgiveness application. Once completed and submitted back to Georgia Primary Bank, please allow 3-7 business days for review and processing. Your PPP lender will contact you with any questions or to request additional information.
    2. Treasury/SBA are now requiring a Loan Necessity Questionnaire for loans to borrowers and its affiliates with an original principal amount of $2 million or greater. If you have a loan or combined loans to affiliates over $2 million you will need to complete one of the following SBA Form 3509_For Profit or SBA Form 3510_Non Profit.
    3. PPP loan level data was released to the public by the SBA on Dec 1. The information released by SBA included the name of each borrower and the amount of the PPP loan proceeds received. Please be cautious of vendors and/or marketing agencies contacting you trying to sell goods or services.
    4.As of June 5, 2020, the Paycheck Flexibility Act (PPFA) is law. Click to read the entire Bill – Paycheck Protection Program Flexibility Act

      Highlights from Paycheck Protection Program Flexibility Act:

      1. The Act will extend maturity to 5 years for all loans made after June 5, 2020. Existing PPP loans may be modified at the agreement of both lender and borrower.
      2. Changes restrictions on Use of Proceeds from 75/25 to 60/40 for payroll and non-payroll expenses. Borrowers must use 60% of PPP loan funds for payroll costs. As of now, Forgiveness is dependent upon at least 60% being used for payroll costs.
      3. Extends the 8-week covered period to the earlier of 24 weeks or Dec. 31, 2020. Existing borrowers may not choose any other covered period; they must choose either 8 weeks or 24 weeks as their applicable covered period. Note: CARES Act restrictions apply throughout the 24-week covered period.
      4. Extends deferral period on principal and interest payments. No payment is due until forgiveness determination is granted by SBA. The Act outlines that the deferral period will end on the date that the lender receives forgiveness payment from SBA.
      5. The Act outlines rules for Forgiveness cutbacks. Borrowers are allowed to include in their FTE count employees terminated for cause or for whom an offer to rehire was made but refused. The Act also allows borrowers to avoid forgiveness cutback if they can document an inability to return to previous levels of business activity due to the need to comply with HHS, CDC, OSHA requirements or guidance.
      6. Allows payroll tax deferment for PPP recipients.