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Paycheck Protection Program

Assistance for Small Businesses

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On 12/28/20 President Trump signed into law the stimulus package that renews the Paycheck Protection Program (PPP) created as part of the March 27 CARES Act that aided millions of American small businesses until PPP expired on Aug. 8. 

Guidance was provided by the SBA on January 6 and on January 11, the SBA began accepting applications from CDFIs, Minority Owned Banks, CDCs and Microlenders for first time borrowers and existing PPP Borrowers seeking a Second Draw.   

The SBA has not begun accepting applications from any other institutions nor have they provided a date when they expect to do that.  

First Foundation Bank will be accepting applications for New PPP loans to existing customers only and Second Draws using an online portal only. If you are interested in applying, please contact your banker who can provide an invitation to the portal once it becomes available. You may also contact SBAPPPInquiries@ff-inc.com.  

Please note that the online portal for Second Draws is different than the one used for Forgiveness Applications.  

Paycheck Protection Program Second Draw

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses.

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

New Paycheck Protection Program loans for first time borrowers

First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Who Can Apply

First Foundation Bank is accepting applications from existing clients only.  Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.   Please refer to the SBA’s website for specific requirements.  

How and When to Apply

Existing FFB clients can apply for a First Draw PPP Loan until March 31, 2021 using our online portal once it becomes available. Please check back for updates.  

Paycheck Protection Program loan forgiveness (Updated 12/28/2020)

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

Apply Online
  • You should have received an email from us with an invitation to our PPP Forgiveness Online Portal. 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. 
  • If you did  not receive an email, please contact your banker or use the email below.
  • 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 uses 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. 

Eligible Expenses:

The updates to the Act make more expenses considered allowable if you used your Paycheck Protection Program (PPP) funds to pay for them. Expenses such as software, accounting, and investments in personal protective equipment may be allowable under certain conditions. More information will be made available by the SBA.  

The SBA has set up a good resource where you can learn more about "eligible expenses" and how certain loan items will be calculated. 

SBA PPP Resource

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 sbapppinquiries@ff-inc.com.

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.

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Deposit and loan products offered by First Foundation Bank, Member FDIC and Equal Housing Lender. NMLS #793235.

Investment and Advisory Services provided by First Foundation Advisors, an SEC-Registered Investment Advisor. Trust Services and Insurance Services are offered through First Foundation Bank. First Foundation Insurance Services license number #0H38553.

Investment, Insurance, and Advisory Products and Services:

  • ARE NOT FDIC INSURED
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  • MAY LOSE VALUE
  • ARE NOT A DEPOSIT
  • ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY