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!

Now that your loan is approved, most of you are concerned and have questions about forgiveness. We hear you and that is the reason we created this PPP Resource Page.

We will use this page to share information with our customers and friends. For additional PPP information and updates, you may also visit www.Treasury.gov and www.SBA.gov.

PPP Forgiveness

Although we continue to anticipate changes with the PPP program, Georgia Primary Bank will begin accepting PPP Forgiveness applications on Thursday, October 1st from borrowers that desire to begin the Forgiveness process.

To help simplify the process, Georgia Primary Bank is providing a PPP Forgiveness platform which eliminates the need for paper applications, and reduces errors and processing time. As a result, we will only accept PPP Forgiveness applications via our software platform.

On Thursday, October 1st each borrower will receive an email with instructions on how to start the PPP Forgiveness application process. Each email will contain a personalized link that gives you access to our platform, your PPP loan information and instructions on how to complete one of the current SBA Forgiveness applications.

As mentioned earlier, legislative changes are expected and those changes could mean reduced documentation and/or revised applications for all PPP borrowers. Current legislative proposals suggest a very streamlined process for loans of $150,000 and below. Georgia Primary Bank encourages our borrowers with loans of $150,000 or less to delay submitting PPP Forgiveness applications, as you could greatly benefit from anticipated changes. If any changes are made to streamline the PPP Forgiveness process, we are unable to recall any applications that have been submitted to SBA. The personalized link within your email will remain active for 90 days, and you are welcome to submit when/if any legislative changes are made.

We continue to monitor all program changes and will notify you with pertinent information.

***The following information is based on current guidance from Treasury/SBA***

Paycheck Protection Program Flexibility Act

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

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Allows payroll tax deferment for PPP recipients.

Paycheck Protection Program Loan Forgiveness Application