Assistance for Small Businesses
Paycheck Protection Program loan forgiveness
If you received your Paycheck Protection Program (PPP) loan from First Foundation Bank, here is what you need to know.
If Your PPP Loan Was Less Than $150,000
No action is required at this time. We are awaiting guidance from the SBA on a streamlined forgiveness process for borrowers whose PPP loan was less than $150,000.
If Your PPP Loan Was $150,000 or Greater
Update 09/30/20: First Foundation Bank is monitoring legislative proposals that may make it easier for many of you to request Forgiveness. We are also in the process of opening our loan forgiveness application portal to borrowers based on the date loans were funded.
- You’ll receive an email from us when the online application is available. You have time—there is no immediate need to apply for PPP loan forgiveness. See “Deferral Period” below for payment information. You have until the maturity date of your loan to submit an application.
- Once you start your online application, you’ll be able to save and come back to it as you prepare it.
- You will want to wait to submit your PPP loan forgiveness application until you have collected and uploaded all your required documents.
First Foundation Bank will be utilizing our automated system for submitting loan forgiveness requests to make the process as efficient as possible. It will be important to utilize the online process as it will provide the proper steps to collect the necessary information and related documentation. It will also be updated live as changes are made by the SBA to ensure that you always have the most recent information and forms.
The deferral period has been extended. Interest will accrue from the date of initial disbursement, however, payments will be deferred as described as follows:
- If you apply for loan forgiveness, no payments are due on your loan until the tenth (10th) day of the month following either (i) the date SBA remits the forgiven portion of the loan to us or (ii) the date we notify you that loan forgiveness was denied.
- If you fail to apply for loan forgiveness, then no payments are due on your loan until 10 months following the end of the Covered Period (as defined below).
Loan Forgiveness/Covered Period
The Covered Period has been extended. You may apply to us for loan forgiveness in the amount due on your loan in an amount equal to eligible costs incurred by you during the twenty-four (24) week period beginning on the date of first disbursement of your loan (“Covered Period”).
The SBA has set up a good resource where you can learn more about "eligible expenses" and how certain loan items will be calculated.
We strongly encourage the use of the online process when it becomes available to have your request processed as the use of other applications may delay your forgiveness request.
Questions? Email us at [email protected].
Paycheck Protection Program
We are no longer accepting loan applications for the Small Business Administration Paycheck Protection Program (PPP).
California, Nevada, and Hawaii businesses seeking assistance
Please be advised that assistance for businesses may be available through the SBA's Economic Injury Disaster Loan Program. This is a self-directed program through the SBA.
Please visit https://www.sba.gov/funding-programs/disaster-assistance to inquire about available options and the application process.
Main Street Lending Program
Unlike the Small Business Administration's Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP), the Main Street Lending program is a federal relief program aimed at larger companies. At the current time, First Foundation Bank is focused on assisting existing borrowers with loan forgiveness under the original PPP lending program, and is not participating in the Main Street Lending Program.