April 1: Information You Need to Know
In early March, the Small Business Administration finalized the forgiveness process for all Borrowers with loans less than $150,000. We have updated our portal using this new guidance and updated the forgiveness forms. We have begun sending links to complete this process; the links will go out in waves based on Promissory Note date (which range from April, 2020 until August, 2020). Look for your email in the next 4-6 weeks. All applications must be submitted electronically through the portal, so please wait until you receive your link to apply.
If you have any questions regarding Forgiveness, please contact our Forgiveness team at PPPForgiveness@firstambank.com.
Applying for Second Draw
President Biden signed the PPP Extension Act of 2021, extending PPP funding until the end of May. To create a new application, our portal can be reached at: https://www.sageworksanalyst.com/loanapplication/start.aspx?customersid=53658. This portal will be open until May 21, 2021 at 5:00 p.m. CT to allow us to complete any pending files for SBA submission by May 28, 2021.
If you received a First Draw in 2021, you must wait 8 weeks from funding to apply for a Second Draw.
If your PPP loan request is based on your IRS 1040 - Schedule C, you must have been a First American Bank deposit customer prior to March 1, 2021 for us to process a PPP loan.
To contact our team with any questions you may have regarding your PPP application, please use our dedicated phone numbers only - Florida: (305) 400-3330; Illinois: (847) 586-2399; Wisconsin: (262) 553-4499 or email us at PPP@firstambank.com and we will get back to you as soon as possible.
For more information, please visit the SBA website: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program