Paycheck Protection Program
The Small Business Administration (SBA) has announced that it is currently offering Paycheck Protection Program (PPP) loans originated only by participating community financial institutions, including certified development companies (CDCs), SBA microlenders, minority depository institutions (MDIs) and community development financial institutions (CDFIs). The SBA is no longer offering PPP loans originated by commercial banks like Orrstown. The PPP application portal stopped accepting applications. Loan applications that have not yet received an SBA loan number have not been approved.
We encourage you to visit the SBA website for additional disaster relief programs that may be available to you, such as:
- COVID-19 Economic Injury Disaster Loan
- Restaurant Revitalization Fund
- Shuttered Venues Grant
The SBA also has a list of CDCs, microlenders, CDFIs and MDIs on its website that are able to currently process PPP applications.
Paycheck Protection Program Loan Forgiveness
An important benefit of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) is the opportunity to receive loan forgiveness.
Before you apply for loan forgiveness, we encourage all borrowers to familiarize themselves with the PPP forgiveness terms established by the SBA.
To begin the loan forgiveness process, please reach out to your designated Orrstown Bank Relationship Manager to get started.Thank you for trusting Orrstown Bank with your PPP loan. We are working hard to make the forgiveness process as fast and smooth as possible. As always, feel free to contact your Orrstown Bank Relationship Manager if you have any questions regarding your PPP Loan.
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue.
These loans are administered through the SBA. You can learn more and apply today by visiting the SBA’s EIDL website.