SBA PPP Loan Program – Now Accepting Applications:
The SBA submission window is open for the next round PPP loans effective Tuesday, January 19th. At the moment, we are still only accepting applications for existing customers. You can apply for the first time or as a second draw request (i.e. a second PPP loan).
If you are an existing customer and would like to apply for a PPP loan, please send an email to us at: SBA_PPP@unitybank.com and request a link. Please indicate the company name applying for the loan and whether you are applying for a PPP loan for the first time or if you already have a PPP loan from the first round.
We have already sent individual application links to all of our customers who have existing PPP Loans with us from the first round. If you have not received a link, please check you spam/junk email filters. If you cannot find the application link email after reviewing your filters, please email us at: SBA_PPP@unitybank.com and request a new link.
SBA PPP Forgiveness Update:
The revised streamlined attestation/application for forgiveness of all PPP loans less than or equal to $150,000 is expected to be finalized by the SBA on or before January 20, 2021. We will provide an update as more information becomes available. If you have any questions about your current PPP loan or about the new PPP program, please email: SBA_PPP@unitybank.com.
SBA 7(a) Loans:
Great news! The SBA is forgiving the first 6 months of principal and interest payments, capped at $9M per month, on new SBA loans approved between 2/1/21 and 9/30/21. The SBA guaranty fee has been waived for all loans approved before 9/30/21 resulting in a significant savings in closing costs. Further, borrowers who have already received 6 months of SBA loan payments in 2020 will receive an additional 3 months of payments beginning with their February payment, capped at $9M per month. After the 3 month period, certain hard hit industries will get an additional 5 months (also capped). Please email SBA_PPP@unitybank.com.
Continuing CARES Act Payments:
Borrowers who have received previous CARES Act P&I payments will receive an additional 3 months of payments beginning with their February payment, capped at $9M per month. After the 3 month period, certain hard hit industries will get an additional 5 months (also capped). New SBA loans approved between 2/1/21 and 9/30/21 will get their first 6 months payments made by the SBA, capped at $9M per month. SBA guaranty fee has been waived for all loans approved before 9/30/21. This will result in significant savings in loan closing costs.
SBA PPP Loan Deferrals
With the passing of the SBA PPP Flexibility Act on June 5, 2020, the covered period for all PPP loans was extended from 8 weeks to 24 weeks from the date the loan was funded. Additionally, the period for which loan payments would be deferred was extended to 10 months from the end of the covered period (or to the date SBA renders a decision on forgiveness, whichever comes first).