PAYCHECK PROTECTION PROGRAM (PPP)
As of Tuesday, May 4, 2021, the SBA is no longer accepting applications as the funding has been exhausted. If you have an outstanding application with Ameris Bank, you will receive notification regarding its status.
The SBA is accepting PPP loan forgiveness applications. Ameris Bank has provided all borrowers with access to our PPP loan forgiveness application through our online portal.
Once a borrower applies for forgiveness through Ameris Bank, borrowers will receive an email notification outlining their application’s progress and next steps. Borrowers may also log in to the Ameris Bank PPP portal at any time to check their application’s progress. When the U.S. Small Business Administration (SBA) approves the PPP loan forgiveness application, the borrower will receive an email notification and the progress status within the online portal will be marked “Forgiven.”
Below are important details regarding Ameris Bank’s PPP loan online portal:
Forgiveness for PPP borrowers with an Economic Injury Disaster Loan (EIDL) – the SBA originally indicated these funds would be deducted from their PPP loan forgiveness amount. However, the SBA recently changed their ruling and these EIDL advances will no longer be deducted from PPP loan forgiveness. If a borrower has made a payment toward their EIDL, these funds will be reimbursed by the SBA.
Only current PPP loan portal users will have access to log in to the Ameris Bank online PPP loan portal.
The deferment period for forgiveness has been extended to 10 months beyond the last day of the covered period or until the SBA remits forgiveness payment to the lender, whichever comes first.
For support, please contact your relationship manager or our Customer Service Center by calling 866-616-6020 and selecting option nine. Representatives are available to assist Monday through Friday from 9:00 a.m. ET to 4:00 p.m. ET.
All forgiveness applications must be submitted to Ameris Bank through the Ameris Bank PPP loan forgiveness online application portal.
ADDITIONAL SBA RELIEF INFO
Forgiveness for PPP borrowers with an Economic Injury Disaster Loan (EIDL) – the SBA originally indicated these funds would be deducted from their PPP loan forgiveness amount. However, the SBA recently changed their ruling and these EIDL advances will no longer be deducted from PPP loan forgiveness. If a customer has made a payment toward their EIDL these funds will be reimbursed by the SBA. At this time we have not received any additional guidance from the SBA as to when this reimbursement will occur.
EIDL Loans can be used for operational expenses to keep your business functioning with rates capped at 3.75% for for-profit businesses and 2.75% for non-profits with loan amounts up to $2 million.
Use loan funds to:
Retain workers and maintain payroll
Make mortgage payments
If your small business is struggling to meet its obligations, you might be looking for some debt relief options. This program will provide immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504 and microloans. Under it, SBA will cover all loan payments on these SBA loans, including principal, interest and fees for six months. This relief will also be available to new borrowers who take out loans within six months of the president signing the bill into law.
While the legislation has approved these funds, we are awaiting the details. When we have more information as to how quickly the SBA will take over making these payments and the process for this, we will post more information here.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. Unlike the Paycheck Protection Program, the RRF is administered directly through the SBA.
At Ameris Bank, we know that small businesses are the heartbeat of local economies. We’re working with the SBA to provide hardship relief loans to businesses. You’re not alone in facing these difficult times.
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides approximately $2.2 trillion of fiscal stimulus. As an SBA-preferred lender, we’re thankful for the opportunity to participate in this program and offer relief to our business customers.
This is not a complete description of all eligibility requirements. Additional program restrictions may apply. All loans are subject to credit approval.