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.
This page has been updated to provide information about the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), which was signed into law on June 5, 2020. We expect additional guidance from the Small Business Administration (SBA) prior to lenders implementing changes related to the PPPFA. In the event of any discrepancies between the information on this site and the SBA’s site, please follow official SBA guidance.
Updated 07/28/2020: The SBA announced their PPP Forgiveness Platform will go live and begin accepting forgiveness applications on August 10, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. Congress is still conducting discussions concerning improvements to the loan forgiveness application process. We hope to have more information by month-end.
Assuming there are no delays from the SBA, we will open our loan forgiveness application portal to borrowers and send you a direct communication that explains how and when you may initiate a loan forgiveness request through our digital portal. Invitations to begin the loan forgiveness process will be released to borrowers via email in stages beginning mid-August–September 30, 2020.
First Foundation Bank will be utilizing an 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. In the meantime, please see below some important reminders and updates from the PPPFA regarding your loan:
The deferral period has been extended. Interest will accrue from the date of initial disbursement, however, payments will be deferred as described in this paragraph. 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”).
Please be sure to reference this page and check it regularly, as we plan to update it as information becomes available from the SBA.
Additionally, 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.