Citizens Bank is proud of our participation in the SBA Paycheck Protection Program and very pleased with the support and aid it has provided to our borrowers. To date we have approved over 200 PPP loans totaling over $19,000,000 which combined has allowed our borrowers to protect and continue to pay over 2,200 employees.
Based upon the original 8-week covered period, certain borrowers have already begun to discuss with us their application for loan forgiveness. While Citizens Bank is ready to begin accepting applications for loan forgiveness, borrowers may find it beneficial to delay their application and continue monitoring the changes that are coming from Congress, the SBA and the Treasury Department.
As was seen by the passage of the Paycheck Protection Program Flexibility Act by Congress on 6-3-20 (currently awaiting President Trump’s signature) legislative changes are presently occurring and others appear possible that may be beneficial to borrowers.
Whatever you decide about your forgiveness application, Citizens Bank makes two commitments to our PPP borrowers:
- We will approach the PPP forgiveness process in an efficient and methodical way.
- We will seek to fully understand and follow the final rules in a way that will allow our borrowers to obtain the maximum possible forgiveness, and put them in a position to successfully defend their application if their file is pulled for SBA audit.
The PPP has been a challenging process for you and for Citizens Bank. We expect the forgiveness process to present similar challenges, but our care and expertise will bring all our borrowers through with the best possible results.
We will continue to provide information as soon as possible after publication.Citizens Bank recommends that you consult your outside advisors and experts in all matters relating to the PPP and loan forgiveness. We will work to provide you timely and accurate information, but the burden for obtaining forgiveness rests on the borrower. All information provided in this format or any other communication regarding the program is believed to be accurate, but no guarantee is or can be made by any Citizens Bank representative.
Please submit your questions to firstname.lastname@example.org. Include the name of your business in your e-mail. We will endeavor to answer in a timely way with the best information currently available.