First-time PPP customer eligibilities include the following:
Second Draw (PPP-2) customer eligibilities are similar to the requirements for previous PPP loan requirements. Below is an updated summary:
Loan totals $150,000 and less
This will require certain payroll and expense documentation and proof of expense. Without ALL of the required information, the application may be considered incomplete.
Once you have compiled the necessary information and completed the appropriate application, you may submit your information to Armstrong Bank. Please respond to the previously received secure email from email@example.com to ensure sending a SECURE EMAIL to Armstrong Bank. Please follow the instructions in the email that you receive to open the secure email.
If you did not receive the previously sent secure email, please email firstname.lastname@example.org and a secure email will be sent to you.
Once you have provided the completed application along with the necessary documentation, Armstrong Bank’s PPP Forgiveness Team will review, contact you for additional information if necessary, and upload your request to the SBA. The SBA has been quite clear that they will require ALL of the supporting documentation in order to evaluate PPP Forgiveness.
The SBA has 90 days from the date Armstrong Bank forwards your file to determine forgiveness. This is the reason that it is important to fully and accurately complete the appropriate application and provide ALL requested supporting documentation.
Armstrong Bank will notify you with the SBA's decision on the amount of forgiveness once we are advised.
Once your application is submitted to us, the forgiveness process may take up to 150 days: a maximum of 60 days for Armstrong Bank to review, followed by up to 90 days for the SBA to review. We will be in touch should further information be required.