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Financial Assistance for Businesses

Updated 2/23/2021

Paycheck Protection Program – Changes Announced by Biden-Harris Administration

On Monday, February 22, 2021, the Biden-Harris Administration took steps to increase lending to small businesses in need and announced changes to PPP to further promote equitable access to relief. You can read the details available in the White House Fact Sheet.
 
Specifically, the White House said the SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees that begins on Wednesday, February 24, 2021 at 9 AM ET. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.
 
Four additional changes were announced to open the PPP to more underserved small businesses:

  • Allow sole proprietors, independent contractors and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants.

  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal.

  • Eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP.

  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use a Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

Paycheck Protection Program – Accepting Applications

Dollar Bank is looking forward to serving the businesses in our communities. Our team is focused on sharing resources and information to help businesses navigate what’s currently happening and prepare for what’s next.

We are accepting applications from customers for first and second draw PPP loans.

We will only submit applications for businesses under 20 employees starting February 24 at 9:00 AM through Tuesday, March 9. Applications from businesses with 20 employees or more will be accepted but, held in our queue until after the exclusivity period ends March 9.

Get started by completing our PPP Registration Form. This will make it easier for our team to communicate with you and provide application instructions.
 
To apply for a PPP loan through Dollar Bank, you will need an active Dollar Bank business checking account, due to customer verification requirements that apply under applicable rules. Please feel free to reach out to the most convenient Dollar Bank office near you and let them know you’ve completed the PPP Registration Form and would like to schedule an appointment to open a business checking account.

PPP Registration Form


This registration form is not a PPP loan application, nor is completion of this form a commitment to lend.


Our Most Common PPP Round Two Frequently Asked Questions

Please note: The SBA, in consultation with the Treasury Department, has recently provided some very important guidance that you should review:

  • Interim Final Rules covering rules and new requirements under the Economic Aid Act.

  • First Draw PPP Loan FAQs that address how to calculate maximum loan amounts and what documentation borrowers must provide – by business type.

  • Second Draw PPP Loan FAQs that address how to calculate revenue reduction and maximum loan amounts, as well as the documents borrowers must provide.

For full PPP program rules or other applicable terms, conditions and limitations, visit the SBA and US Treasury websites.

Paycheck Protection Program – First Time PPP Borrowers (First Draw)

For businesses that did not receive PPP funds in 2020. Note that the rules and eligibility requirements for new, first time PPP loans are different than those for second draw PPP loans. Program funds may be used on your payroll costs including benefits, interest on mortgage obligations, rent and utilities.
 
First time borrowers (including affiliates) general guidelines:

  • Employ not more than 500 employees

  • Eligible entities include businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors and small agricultural co-operatives

  • Up to 2.5x the average monthly payroll costs during the year prior to the loan (or the previous calendar year) up to a maximum of $10 million

  • Have not previously received a PPP loan

First Draw PPP Loan FAQs
Form 2483 – First Draw Borrower Application

We ask that customers don’t complete the SBA paper applications and submit to Dollar Bank - our application process is online only.

Paycheck Protection Program – Existing PPP Borrowers (Second Draw)

For businesses that received PPP funds in 2020. Program funds may be used on your payroll costs including benefits, interest on mortgage obligations, rent and utilities.
 
Second Draw borrowers (including affiliates) general guidelines:

  • Employ not more than 300 employees

  • Eligible entities include businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors and small agricultural co-operatives.

  • Must demo reduction in gross receipts for any of the first, second, third or fourth quarter of 2020 relative to the same 2019 quarter

  • The full amount of the first draw PPP loan must have been used prior to the disbursement of the second draw PPP loan

  • Up to 2.5x the average monthly payroll costs during the year prior to the loan (or the previous calendar year) up to a maximum of $2 million

  • For businesses in Accommodations and Food Services (NAICS Code 72), the loan maximum is up to 3.5x the average monthly payroll costs during the year prior to the loan (or the previous calendar year) up to $2 million

Second Draw PPP Loan FAQs
Form 2483-SD Second Draw Borrower Application

We ask that customers don’t complete the SBA paper applications and submit to Dollar Bank - our application process is online only.

Paycheck Protection Program: Loan Forgiveness

We are working to update our PPP loan forgiveness platform to reflect new guidance released by the SBA on January 19, 2021. This further simplifies the PPP loan forgiveness application process for loans of $150,000 or less. We will send an e-mail to borrowers once we start to accept the new PPP loan forgiveness applications in our digital platform. We expect to start accepting Forgiveness requests for 2020 PPP loans around March 5, 2021.

During this time, we have paused taking any new forgiveness applications to ensure that borrowers complete the most up-to-date application forms.

In preparation, 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

EZ Forgiveness Application (3508EZ Revised January 19, 2021) ‚Äč
Required Documents to Submit EZ Forgiveness Application

3508S Forgiveness Application (Revised January 19, 2021)
Required Documents to Submit 3508S Forgiveness Application

FAQs on PPP Loan Forgiveness from The U.S. Treasury and SBA

Please note that 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. 
 
For more information about this debt relief program, please refer to SBA’s website at www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief.

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.

UPDATES

SBA Undertaking Review of PPP Loans

The SBA updated their FAQs for lenders and borrowers on December 9 to address “Why are some PPP borrowers receiving a Loan Necessity Questionnaire (SBA Form 3509 or 3510)?” Please see Forgiveness FAQ # 53 (page 19) which has been added to the Frequently Asked Questions for Lenders and Borrowers participating in the Paycheck Protection Program (PPP).

SBA Releases PPP Loan Borrower Data

On December 1, the Small Business Administration released public data about Paycheck Protection Program borrowers—specifically, the borrowers’ names, addresses, exact loan amounts and who their PPP lenders were. This was done by court-order following lawsuits brought by media organizations seeking the data. Dollar Bank played no role in the decision to release this information.
 
Please be aware that some third-party businesses are now using this publicly released data to solicit business from PPP borrowers, specifically referencing the name of the lending institution. Some of these businesses are not disclosing that they are unaffiliated with the PPP lender, and others are implying a business relationship where none exists.

Helpful Links

While not managed or facilitated by Dollar Bank, we are providing these national, state and local links to information you may find helpful:

National
Small Business Administration (SBA) Coronavirus Relief Options
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

Ohio
Cuyahoga County: Small Business Resources
Hebrew Free Loan Association (HFLA) of Northeast Ohio’s Interest Free Business Loan
Honeycomb Crowdfunded Small Business Relief Loan

Pennsylvania
Richard King Mellon Foundation
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

Virginia
Chesapeake Virginia Economic Development
Virginia Beach Economic Development
The City of Norfolk Economic Development

Need Help?

Need Help?

Contact Us:
Paycheck Protection Program Team
888-601-2062

For PPP loans:
ppploan@dollarbank.com

For PPP forgiveness:
pppforgive@dollarbank.com

Dollar Bank representatives are available Monday through Friday from 8:30 AM to 5:00 PM.