What Businesses Need to Know About the CARES Act
Centric Bank is here for Small Business.
Paycheck Protection Program (PPP)
Through the Paycheck Protection Program of the CARES Act, Centric Bank was able to provide nearly $215 million to over 1750 Central Pennsylvania and Greater Philadelphia businesses and entrepreneurs. We are extremely proud to play a role in providing much-needed capital to our community which ensured 23,000 local employees continued to receive paychecks. We know the importance of this funding, and we recognize the next step of the process is equally as critical.
In anticipation of the next steps, Centric Bank created a PPP Loan Forgiveness Portal for the purpose of navigating our customers through the process of and maximizing the extent of their loan forgiveness. This interactive and user-friendly new platform will provide an easy and tailored PPP loan forgiveness request, walking you through each step of the process. Through the PPP Loan Forgiveness Portal, you will enjoy:
- Simplicity - automated forgiveness calculator to estimate your forgiveness eligibility
- Security – safe and secure document upload capabilities
- Efficiency – ability to electronically sign the final loan forgiveness application
- Convenience – streamline the process so you can get back to business
You may have heard the Small Business Administration recently began accepting forgiveness requests from financial institutions. Like many other financial institutions, we believe Congress may still intervene to simplify the forgiveness process. In doing so, the requirements on the process may significantly be reduced and change the expectations placed on our borrowers. Centric Bank has made the decision to pause on the deployment of the new PPP Loan Forgiveness Portal process to allow any final changes to be made by the Legislative process.
We ask that you continue to hold your forgiveness requests until we contact you with final directions on the process. We appreciate your patience and are striving to make the next step of the Paycheck Protection Program as streamlined and simple as possible.
Please review our PPP Forgiveness Guidelines
for further information about the process. The latest guidance on PPP loan forgiveness from the SBA may be found at the links below. As further details become available from the SBA, we will share that information directly with businesses who have a PPP loan funded through Centric Bank.
Business Loan Program Temporary Changes; Paycheck Protection Program – SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
Business Loan Program Temporary Changes; Paycheck Protection Program – Requirements – Loan Forgiveness
Economic Injury Disaster Loans (EIDL)
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. You may learn more and apply on the SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources page.
We are here to help, so please do not hesitate to contact us if you have questions. You may reach a banker at 888.274.2033, or contact your banking officer directly. You may also complete this brief inquiry form and someone will be in touch within 24 hours.