PAYCHECK PROTECTION PROGRAM
We hope your PPP loan was beneficial to your company and that it provided needed funds to continue operating your business and allowed you to continue providing your employees (and yourself) a paycheck. We are proud to have originated almost 1,500 PPP loans totaling $137 million and helping to save almost 15,000 jobs in West Texas.
You should have received an eMail from the Bank with specific information regarding the PPP Forgiveness Process. If you have NOT received a personal phone call, or eMail to let you know that it’s time to begin the Application for Forgiveness, please contact your Loan Officer.
On December 21, 2020, Congress passed a bill that will provide a simplified loan forgiveness application for loans of $150,000 or less. Therefore, for all borrowers with PPP loans less than $150,000, we continue to recommend you wait before beginning the forgiveness process. Furthermore, it is not recommended that you begin the Application for Forgiveness until you have maximized the use of your PPP loan proceeds (Used the funds over the 8-week or 24-week covered period).
In the meantime, please reach out directly to your Loan Officer with any questions or concerns regarding PPP loan forgiveness.
MODIFICATION OF YOUR PPP LOAN TERMS
You should have received a document that modified the repayment terms of your PPP Loan. In accordance with the Paycheck Protection Program Flexibility Act, you will not be required to make any payments of principal or interest on your PPP Loan before the date on which the SBA either remits the loan forgiveness amount on your loan to First United Bank or notifies the Bank that no loan forgiveness is allowed.
Refer to the SBA and U.S. Treasury sites for additional guidance.