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. In the days ahead, your Loan Officer will be in contact with you either through a personal phone call or an email to let you know when it’s time to begin the Application for Forgiveness.
For all borrowers with PPP loans less than $150,000, we recommend you wait before beginning the forgiveness process. Currently, there are several bills with bi-partisan support in Congress that if enacted will further simplify 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).
MODIFICATION OF YOUR PPP LOAN TERMS
In the coming days, you will be receiving a document that will modify 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.