CARES ACT & Paycheck Protection Program
Congress has recently passed additional funding for the Small Business Administration (SBA) Paycheck Protection Program (PPP). This is an addition to The Coronavirus Aid, Relief, and Economic Security (CARES) Act which was passed in early April to provide emergency economic relief for businesses negatively impacted by COVID-19.
We are currently accepting applications for the Paycheck Protection Program (PPP). This program authorizes banks to provide funding for qualifying small to medium-sized businesses toward employee job retention and certain other expenses.
Given the high demand for the program and the processes the SBA requires all banks must follow, we are providing the following information to help you facilitate your application. At this time, we are only processing applications for Fulton Bank business deposit and/or loan customers, including non-profit organizations.
How to prepare and apply
- Reference the U.S. Chamber of Commerce Emergency Loans Guide and Checklist (PDF).
- Review the documentation requirements.
- Independent contractors and sole proprietors: view additional definitions and important information for your application process.
- Securely submit your application along with all required documentation
- Complete all sections of the application. Incomplete submissions will not be reviewed.
- Ensure all information on your application is correct. Any changes to applications will require you to reapply.
PPP Loan Forgiveness: Information and Resources
Paycheck Protection Program (PPP) loans can be forgiven if certain conditions are met. Because the Small Business Administration (SBA) guidance on participation in the PPP is evolving, we recommend you maintain diligent records and consult your tax advisor or lawyer for direction specific to your business.
For the most up-to-date information, and answers to frequently asked questions, visit:
Important Updates (as of May 18):
- On Friday, May 15, 2020, the SBA released the PPP Loan Forgiveness Application. The application and instructions inform borrowers about how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
- We are not currently accepting applications for forgiveness but are finalizing our process with this new information. We will update this webpage and notify customers who have a PPP loan with us via email when we can begin accepting forgiveness applications.
- Please visit www.SBA.gov for the latest information and to view the application and instructions.
- SBA extended the repayment date for the safe harbor to May 18, 2020, to give borrowers an opportunity to review and consider Treasury.gov FAQ #46. Borrowers did not need to apply for this extension. This extension was promptly implemented through a revision to the SBA's interim final rule providing the safe harbor.
- Final Rule for loan increases, including official guidance on loan increases for seasonal employers
This page will be updated periodically so please check back frequently. For customers who have obtained a PPP loan from Fulton Bank, we will provide detailed instructions on applying for forgiveness when they become available.