The Paycheck Protection Program (PPP) loan and application process are complicated, novel, and ever-changing as new rules and information are released by the Small Business Administration (SBA) and other governmental authorities continuously. The processing times for PPP applications are impacted by many factors, including, without limitation, information received from the SBA and borrowers, the number of applications submitted, and the availability of funding from the federal government for the PPP loan program. Some borrowers are more responsive than others, including in the application process.
PPP loan and application processing decisions by River City Bank, including timing and priority, necessarily must be made on a loan-by-loan basis. Please understand that River City Bank will process PPP loan applications in such order and manner as River City Bank may determine in its sole discretion taking into account, among other things, providing priority to existing River City Bank customers.
View the June 8th, 2020 press release from the U.S. Treasury and SBA on the Enactment of the Paycheck Protection Program Flexibility Act.
Did you take advantage of the Paycheck Protection Program? If so, it’s now time to figure out how to achieve maximum loan forgiveness. Over the past few months, we have partnered with accounting and legal industry leaders for a series of webinars aimed to help you navigate the PPP application process and better understand details of loan forgiveness.