Good News, PPP 2.0 is here!
HVB is now accepting applications for the next round of PPP. Our team will be processing applications all weekend and will do our best to make the process easy and efficient for you. Unlike Round 1, the SBA will not be providing instant approvals. Once HVB submits your loan to the SBA, they have 2 business days to validate and decision.
· At this time HVB is only accepting applications from existing customers and as capacity allows, new customers from the Greater Philadelphia Area ONLY.
· Please be sure to submit your full legal business name, for returning customers this would be listed on your Round 1 PPP Note. (This will enable you to properly access your file with the SBA)
· The SBA site requires a 2-letter state abbreviation in CAPS – PA, NJ, DE
· DO NOT apply at multiple banks, this will trigger an alert in the SBA’s validation system and delay your loan processing.
· Please be on the lookout for follow up emails regarding the processing of your loan from “Huntingdon Valley Bank PPP”. We have been informed that some customers are receiving these emails in their spam folder rather than their inbox.
· Please note, if your Round 1 PPP Loan Forgiveness remains under SBA review, your PPP Round 2 application will remain in “Pending” until the SBA completes their review. The SBA has indicated that they will not approve the Second Draw PPP Loan and will not issue an SBA loan number until the First Draw PPP Loan review is complete but is working to resolve all reviews expeditiously. - PPP Round 2 - Q&A
For New Customers:
· Have your original SBA note handy when you apply at HVB
· The SBA Loan Number is 10 digits, be sure you enter all 10
· The Loan Amount and Current Outstanding Balance in our application should be the same amounts and need to match the note amount.
If you did not receive a PPP loan from HVB in Round 1 please click here
Additional Round 2 Information
Release Date: January 8, 2021 Contact: firstname.lastname@example.org; 202-270-3876
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said Administrator Jovita Carranza. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”
“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”
Key PPP updates include:
PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
The new guidance released includes:
PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
PPP ROUND ONE FORGIVENESS
When is my PPP Loan Forgiveness Application due?
The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. This date will be extended, and when approved, the same forms with the new expiration date will be posted.
Prepare in Advance:
• Read the instructions for whichever applicable SBA form pertains to your application (either the full SBA Form 3508 or 3508EZ). To determine which form is applicable, refer to the “Checklist for Using SBA Form 3508EZ” identified within the first page of Form 3508EZ instructions.
What to Expect:
A recommended decision to the SBA will be processed within 60 days of receiving a complete application. The SBA will then complete a secondary review and final decision within 90 days of receiving our recommendation. Overall, it may take up to 150 days to receive a final decision regarding forgiveness. SBA will automatically reduce the requested forgiveness amount by the amount of any EIDL advance taken by the company.
Additional information may be needed if errors are identified or if the application does not correspond with the documentation submitted. A representative of the team will notify you via email to revisit the Vikar portal to remedy such issues. If missing or incomplete information cannot be remedied, the forgiveness request may be partially approved or denied.
Information regarding the final disposition of your forgiveness request will be delivered in writing to you when the decision process is complete.
Please be advised that SBA may conduct an audit of your PPP Loan files at any time in SBA’s discretion up to six (6) years after the loan is forgiven or paid in full. If necessary, we will notify you and outline any required information to satisfy SBA’s review requirements. If SBA chooses to audit your forgiveness application while under our review, a decision regarding your application cannot be finalized until the SBA audit is complete.
Portal Log-In Instructions:
To begin the application, visit ppp.vikartech.com and enter your username and the temporary password provided to you.
Upon initial login, you will be prompted to change your password. In addition, to authenticate you as a user, the system will request your SBA Loan Number and First Disbursement date. The Loan Number is on your loan documentation. The disbursement date is the date your loan funded. Please have this information available upon initial log-in. If you cannot find this data, contact us using the support information below.
You may save your progress and revisit the portal at any time to complete and submit the application. Once the application is submitted, the data input fields will be locked, however, you may revisit the portal to monitor the status of your request at any time.
To access all posted forms, rules and tools posted by the US Treasury and SBA please go to: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
HVB's Helpful Information about the SBA's PPP Program
Click on the link below to view the HVB PPP Informational Webinar
For additional information, please visit the SBA’s Payment Protection Plan website
Please visit the SBA's website for additional resources regarding the PPP Program. This link provides information on Frequently Asked Questions for both lenders and borrowers for the Payroll Protection Program.
HVB's Frequently Asked Questions
PLEASE NOTE - HVB WILL NOT RECOGNIZE/PAY AGENT FEES FOR ANY APPLICATIONS RECEIVED ON BEHALF OF 3RD PARTY APPLICANTS.