Paycheck Protection Program - Funding Exhausted
The Small Business Administration funding for the Paycheck Protection Program has been exhausted.
Paycheck Protection Program - Loan Forgiveness
PPP Loan Forgiveness Applications for all round one and round two loans are currently being accepted in our digital platform.
We’re excited to share the progress we’ve made in supporting our PPP Loan Customers:
- 99% of round one loans have received forgiveness through our digital platform
- 94% of round two customers have completed their forgiveness application
- 94% of round two loans have received forgiveness through our digital platform
We’d like to encourage all customers to complete their forgiveness applications. To assist, we have a dedicated team standing by to help in case there are any questions when using our digital platform.
We recommend you familiarize yourself with the appropriate forgiveness application, including the necessary supporting documentation. We will not accept paper applications - our digital platform will guide borrowers through the information required and populate a personalized forgiveness application.
Resources for PPP Loan Forgiveness:
Our Most Common Loan Forgiveness Frequently Asked Questions
Full Forgiveness Application (3508 Revised January 19, 2021)
Required Documents to Submit Full Forgiveness Application
Required Documents to Submit EZ Forgiveness Application
3508S Forgiveness Application (Revised January 19, 2021)
Please note, if your business is affiliated with other businesses, and your PPP loan total across all affiliates is greater than $2 million, you must use Form 3508EZ or Form 3508.
Since the inception of the PPP, the U.S. Treasury and the SBA have continually modified the Program guidelines. It is your obligation, as the borrower, to understand the Rules. PPP recipients must continue to follow any new PPP Interim Final Rule, as released. Given the potential liability, we advise you to consult your legal and accounting professionals.
FAQs for Lenders and Borrowers
Business customer loan payments
Business and Corporate Banking customers who may need assistance with existing Dollar Bank loans should contact their lending officer directly.
SBA 7(a) loan payments
Debt relief assistance may be available to businesses participating in the SBA 7(a) loan program from the U.S. Small Business Administration (SBA) under Section 1112 of the Coronavirus, Aid, Recovery and Economic Security Act (CARES Act).
Per SBA Procedural Notice (Control No. 5000-20095) effective February 16, 2021, SBA has determined that the $3.5 billion that was appropriated to carry out Section 325 of the Economic Aid Act is insufficient to make the payments for the periods authorized by Section 1112(c)(1) of the CARES Act, as amended by Section 325 of the Economic Aid Act.
Therefore, SBA will adjust the number of months of 7(a) loan payments businesses qualifies for including principal, interest, and any associated fees owed towards current SBA 7(a) loans.
Business credit card assistance
Business credit card customers who may need assistance with their Dollar Bank business credit cards should call 1-800-346-2420, Monday through Saturday, 8:30 AM to 4:30 PM ET.
While not managed or facilitated by Dollar Bank, we are providing these national, state and local links to information you may find helpful:
Save Small Business Fund
Small Business Guide and Checklist, prepared by the U.S. Chamber of Commerce
Small business section of the Treasury Department CARES website
Jewish Healthcare Foundation
COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA)
Pennsylvania Department of Community and Economic Development