The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law Friday, March 27th, 2020, allocating $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses.
As a community bank proudly supporting many small businesses throughout our footprint, we are dedicated to serving these business well. While this process has certainly been ever-evolving with daily and weekly changes, we remain committed to keeping our small business customers informed of all resources readily available to them and doing our best to guide you during this unprecedented time.
PPP Loan Forgiveness Update
as of July 31, 2020
Armstrong Bank is proud to have helped many of our customers and community small business partners receive Small Business Administration Paycheck Protection Program (PPP) loans. We understand these funds have been vital to support small businesses, their employees, and their families during these unparalleled times.
- The Small Business Administration(Opens in a new Window) (SBA) and U.S. Department of Treasury(Opens in a new Window) released a forgiveness application labeled form 3508EZ (short application) to be used for eligible business owners.
- SBA released an updated form 3508 (full forgiveness application) which now has a total of 5 pages, versus the 11 pages on the previous version.
- While the SBA has not defined final guidance for submissions, the applications referenced here and listed on the SBA's website are the most current. Please stay tuned for additional updates and additional guidance.
We encourage you to visit the SBA's website for more information. Thank you for your patience as we navigate this new process together.
We are truly STRONGER TOGETHER.
To learn more about the Paycheck Protection Program, please read the following official Information Sheet or visit our Armstrong Bank PPP page: