PPP News & Updates
Recently, the Small Business Administration (SBA) announced they are developing a Paycheck Protection Program (PPP) loan forgiveness platform.
The SBA is permitting lenders to choose whether or not they want to participate.
At this time, Fulton Bank is opting out of the platform. You should continue to apply for PPP loan forgiveness through the email invitation you have already received.
Visit our website to help you prepare to complete your forgiveness application.
Contact us with any questions about the forgiveness process, or if you no longer have your invitation to apply email.
Effective May 4, 2021, the SBA notified us that funds have been depleted and they are no longer accepting applications. And, any application in process that has yet to be approved by the SBA will not be funded.
Alternative options may be available for your business through the Small Business Administration.
The Paycheck Protection Program new application stage has been extended to May 31, 2021.
We are currently accepting applications for Fulton Bank business customers with deposit and/or loan account(s) in good standing.
The Paycheck Protection Program new application stage is expected to end on March 31, 2021. In order to process applications currently in review, we are no longer accepting new applications.
We will update this page should we begin accepting new applications at a later date.
We are currently accepting applications for PPP first draw, second draw, and loan increase.
New applications are available for Schedule C tax filers. Before applying, carefully review to submit the appropriate PPP Application for your business.
We are temporarily not accepting PPP first draw, second draw or loan increase applications at this time.
The Small Business Administration issued a new Interim Final Rule (IFR) on March 3, 2021 which includes updated applications for all PPP programs. Our team is working to update our process to comply with the IFR before continuing to accept new PPP applications.
PPP loans already submitted will continue to be reviewed and are not impacted by this latest IFR.
The White House has released reforms to the Small Business Administration (SBA) Paycheck Protection Program (PPP). A 14-day period during which only certain businesses may apply begins Wednesday, February 24, 2021. Read the full press release.
We will post updates as the SBA provides additional guidance.
On January 19, 2021, the Small Business Administration (SBA) released new guidance and forms for the Paycheck Protection Program (PPP) loan forgiveness process. Among the changes are new forgiveness application forms.
If you haven’t yet applied for loan forgiveness, you may want to consider waiting until we clarify the most recent guidance and update our process and forms accordingly. If you have applied and did not receive a decision, we will continue to process your application and contact you by email if additional information is required.
We are now accepting PPP applications. Visit our PPP Applications page to view requirements and apply.
The SBA has announced that banks, including Fulton Bank, can begin submitting PPP first and second draw applications beginning Tuesday, January 19, 2021. Continue to check back for updates.
The SBA, in consultation with the U.S. Treasury Department, opened the Paycheck Protection Program loan portal to participating CFIs on Monday, January 11, 2021 at 9 am ET. CFIs include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.
The SBA has not yet announced when larger banks, including Fulton Bank, will be permitted to take PPP applications.
Continue to check back for updates as additional information becomes available.
On December 27, 2020, legislation was enacted adding additional funding and making other changes to the Small Business Administration (SBA) Paycheck Protection Program (PPP). We recognize how important this program is to businesses like yours and want to provide an update.
- Fulton Bank will be a participating bank.
- Our PPP team is diligently working to develop our process as information continues to come in from the SBA on the guidance for this program.
- We anticipate applications will be accepted soon.
- Our customers will receive an email communication when our application is available.
- We will continue to update our website so check back often.