The pandemic relief bill signed on December 27, 2020 revives the PPP Loan Program with additional funding. Following is the latest information:
Now that we have received the go-ahead from the SBA, we are ready to help you through the next phase of the PPP Loan Program.
First Draw PPP Loan
For existing Citizens Bank customers who did not receive a PPP Loan during the initial program phase in 2020
If you are interested in applying for a First Draw PPP Loan now, please contact PPPLoans@Citizenbank.bank with your business name and contact information to begin the process.
Top-line Overview of First Draw PPP
Second Draw PPP Loan
For existing Citizens Bank customers who received a PPP Loan during the initial program phase in 2020
You may be eligible for a Second Draw PPP Loan if your business sustained a 25% drop in gross receipts in any quarter of 2020 compared to the same quarter in 2019, or if you experienced a 25% drop in gross receipts for all of 2020 when compared to all of 2019 on an annual basis. There are other requirements contained within the program, so please see the Top-line Overview linked below.
If you received a PPP Loan through Citizens Bank in the initial phase of the program in 2020, you will receive an email from us shortly. If you do not receive an email from us by January 20, 2021, please send a request to Draw2PPP@Citizenbank.bank with your business name and a request to our application portal for Second Draw PPP Loans.
Loan Forgiveness Applications
We are continuing to accept forgiveness applications for the first round of PPP Loans. The bill that was signed includes plans to use the short form forgiveness application for loans of $150,000 or less. Previously the short form forgiveness application could only be used on loans of $50,000 or less. We are waiting to hear if the forgiveness process for loans of $150,000 or less will be exactly the same as the forgiveness process for loans of $50,000 or less.