PAYCHECK PROTECTION PROGRAM (PPP)

We’re here to continue supporting our businesses

Citizens Bank is committed to helping our business customers during the COVID-19 epidemic. The Paycheck Protection Program, part of the new CARES stimulus package, is a federal loan program aimed at helping small businesses who have been severely impacted by COVID-19.

EFFECTIVE APRIL 27TH THE SBA IS AGAIN ACCEPTING APPLICATIONS FOR THIS PROGRAM.  PLEASE CONTACT YOUR COMMERCIAL LENDER IF YOU ARE INTERESTED IN SUBMITTING AN APPLICATION. IF YOU HAVE QUESTIONS WE CONTINUE TO BE AVAILABLE TO ANSWER THEM.

Please return to this page frequently for updates and information.

Quick Facts

Uses
Payroll, mortgage interest, rent and utilities, interest on debt incurred before 02/15/2020

Amount
Up to 2.5X business’s average monthly payroll 

Rate
Fixed 1.0% Annual Percentage Rate

Terms
No payments for first 6 months and a total 2-year term

Forgiveness
Up to 100% with approval (subject to validation of qualification)

How To Apply

  1. Contact your Citizens Bank Commercial Lender or call 317-831-0110 to be assigned to one.  Please note we will only be able to process applications made by businesses who had their primary commercial depository relationship with Citizens Bank as of February 15, 2020.
  2. Your Citizens Bank commercial lender will send you application information. Complete the Application package sent to you and return it to your Lender.  
    Rev. 04/27/2020

Resources


Additional PPP Resources

#15: House Approves Paycheck Protection Program Flexibility Act - Senate Recently Approved
As you may have seen in the media, the House approved the Paycheck Protection Program Flexibility Act last week, and the Senate approved it last... More
#14: SBA Publishes Additional Details Further Clarifying the Forgiveness Process
More
#13: Paycheck Protection Program Loan Forgiveness Application Now Available
Clarity on how a borrower will be evaluated for PPP loan forgiveness is beginning to take shape.  On the evening of Friday May 15th, the SBA and... More
#12: Two Recent PPP Rule Clarifications We Thought You'd Like to Know About

Two rule clarifications have come out this week that we want to convey to you.

More
#11: How Employee Headcount and Pay Cuts for Existing Employees Impact PPP Loan Forgiveness
There has been a great deal of discussion surrounding PPP loan forgiveness.  As we have said many times in this forum and in discussions with our... More
#10: Another Convenient Way to Get Your PPP Questions Answered
Realizing that the big question everyone would like to have explained (what will I need to submit for loan forgiveness?) remains unanswered by the SBA, we... More
#9: Insights on What Items and Amounts Can be Counted as “Payroll” for Loan Forgiveness
We continue to receive questions about what items and amounts can be counted as “payroll” for loan forgiveness.  Following are several... More
#8: Longer-Term Thinkers Among Us Ponder the Tax Ramifications of the PPP Program
While still awaiting additional information on loan forgiveness, other aspects of the PPP program are being updated, and some of the longer-term thinkers... More
#7: Initial PPP Announcements from the SBA
The SBA has begun to make announcements regarding their eventual review of PPP loan files.  While we still do not know what sort of forgiveness... More
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