What a journey these past six months have been as we have navigated together the updates and processes around PPP to support you and your business. Our Bankers strive to listen and understand the questions you have and, in doing so, relay what information will best serve you. Please find information below in regards to PPP.

What to Expect

$150,000 Loans and Under: 
Legislation is pending that may ease the forgiveness process for PPP loans of $150,000 or less. We will accept applications for those loans after we receive additional guidance.  

Loans Above $150,000: Will I need to call the bank or will my Banker call me when I need to start applying?
Your Banker will reach out to you to introduce your Bank of Central Florida PPP partner and to determine your intended time frame for applying for forgiveness. When you are ready to apply, we will provide you with a secure link to upload your application and supporting documentation. 

Do I choose 8 OR 24 Weeks? 
If you are currently in the process of filling out the PPP loan application, you will see the requirement of reporting an 8 week or a 24 week covered period. You MUST choose one or the other – interim covered periods are not allowed by SBA. 

Should I seek an advisor? 
We strongly recommend consulting with your tax advisor before proceeding with the forgiveness application as there may be an impact to your tax liabilities.  

We recommend that you gather the required supporting documents prior to completing your 3508 or 3508 EZ application and follow the instructions carefully while completing the application. Borrowers are required to retain copies of all supporting documentation for forgiveness for six years.***  

What if I'm selling the business? 
If you are selling your business and have a PPP loan, both seller & buyer should consult with their respective advisory teams to ensure the sale agreement appropriately addresses the PPP loan.