Pandemic Relief › Citizens Bank

PPP Loan Program

updated 1/19/2021

The pandemic relief bill signed on December 27, 2020 revives the PPP Loan Program with additional funding. Following is the latest information:

New PPP Loan Applications

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.

Top-line Overview of Second Draw PPP

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.

Direct Stimulus Payments

updated 1/8/2021

Direct deposit stimulus payments began posting to customer accounts on Monday, January 4, 2021.

If you are expecting a payment and haven't received it yet, you can check the status by using the Get My Payment tool on the IRS website.

The IRS also released a statement regarding the status of stimulus payments following a known issue with the delivery of payments.

If you received a stimulus payment via direct deposit in April 2020, or if you have received a Federal tax return via direct deposit in 2020 or 2019, you will most likely receive your stimulus payment in the same account this time (if you meet the government qualifications to receive a payment).

We have tools that can help you keep track of deposits coming in to your account at any time.

Use our Phone Banking service to find out if your stimulus payment is scheduled:

- Dial 262-363-6550
- Select option #3 for Future Dated Transactions
- Select option #1 to hear ACH transactions
- When prompted, enter your 10-digit account number, including any leading zeros
- When prompted, enter your 6-digit PIN
- If you're calling in to our new Phone Banking service for the first time, you will need to enter your full Social Security or Tax ID Number when prompted, then establish a new 6-digit PIN when prompted

Set an Account Alert to receive an email or text message to let you know your deposit has been received:

- Log in to Online Banking
- From the top main menu, select the Options tab
- On the Personal screen, under Modify Personal Settings, make sure your current email address and mobile number (alert address) are listed. A mobile number (alert address) is required to receive text message alerts.
- On the bar under the top main menu, select the Alerts option
- On the bar under the Alerts tab, select the Events option
- Under Alert Type, select Email and/or Text for Receiving Incoming ACH Credit
- Click/tap the blue Select button to save your changes