The SBA resumed accepting applications for the Paycheck Protection Program on Monday, April 27, 2020 and we are currently able to submit new applications for PPP loans.
APRIL 30, 2020: We anticipate receiving additional guidelines regarding the mechanics on forgiveness of PPP loans. In the meantime, please be aware that Treasury Secretary Mnuchin recently provided some guidance on loan forgiveness and has emphasized that borrowers are responsible for meeting the required certifications for PPP funds. You can find the latest guidance related to the Paycheck Protection Program on the SBA and US Treasury websites and in the US Treasury PPP Frequently Asked Questions document. If you have questions, please contact a First Mid Commercial Lender. You may also refer to our Borrower Checklist and FAQ for additional information.
APRIL 27, 2020 – 4:30 pm: The First Mid lending team is in contact with SBA representatives and will remain steadfast in submitting applications on behalf of our customers. However, the speed with which we can submit applications to the SBA is greatly affected by the system performance and availability. While bound by these limitations, we will work diligently to serve as many small businesses as possible.
APRIL 27, 2020 – 9:30 am: Beginning today, the SBA is accepting new PPP applications. We will continue to submit new applications until we receive word that the second round of funding has been depleted. We are here to help businesses survive this difficult time and can assist with this process.
APRIL 16, 2020: We were informed today by the SBA, that the Paycheck Protection Program (PPP) funds are now depleted. Unfortunately, until more funding is approved, we will not be able to accept any applications. All indications are there will be additional funding in the near future; therefore, all pending applications that have not been approved will be held until that time. We are happy to have helped more than a thousand businesses get funding and look forward to helping many more.
RECORDED WEBINAR AVAILABLE
With various programs available through Federal and State Governments in response to the Covid-19 pandemic, First Mid wants to keep businesses informed of the options for financial assistance.
On March 31, 2020 we hosted a webinar that outlined the various programs available at that time, including the Paycheck Protection Program (PPP). A recording of that webinar can be viewed by completing the brief contact information below.
See our PPP Borrower Checklist and FAQs (PDF)
This document includes a checklist of information needed to apply and answers to frequently asked questions.