SBA Paycheck Protection Program
First Republic is pleased to provide to our PPP borrowers the below helpful resources and information to prepare for the forgiveness application.
These resources are designed to provide you with considerations based on the Small Business Administration’s (“SBA”) Loan Forgiveness Application and the forgiveness guidelines for the Paycheck Protection Program (“PPP”) as currently understood. It is very important to take note that the SBA may issue further guidance with respect to forgiveness of PPP loan amounts.
Borrowers must continue to consult with their tax, accounting and legal advisors while completing the Loan Forgiveness Application and all related schedules and worksheets. First Republic is providing informational resources to help support clients through the process, but cannot provide tax, accounting or legal advice.
First Republic will begin to accept loan forgiveness applications for our PPP borrowers in July. Please continue to check this page for updates.
Important Note: The Paycheck Protection Program Flexibility Act of 2020 was signed into law on Friday, June 5, introducing new favorable parameters for borrowers. With the release of the Small Business Administration’s new interim final rules and a revised forgiveness application on June 17, we are updating the following resources accordingly. We will share revised versions shortly.
- SBA Paycheck Protection Program: Loan Forgiveness Checklist (updated June 20, 2020)
- Loan Forgiveness Interactive Deck (updated June 2, 2020)
Important information regarding your Paycheck Protection Program (PPP) loan
This information reflects First Republic’s understanding of the PPP regulations as of the date hereof. The PPP regulations are subject to change and uncertainty as to application. First Republic has no obligation to update this information or to provide you any supplemental information for any changes made to or further guidance provided with respect to the PPP regulations after the date hereof or otherwise.
First Republic is providing this information for convenience purposes only. Applicant is responsible for determining eligibility for the PPP loan and forgiveness, filling out the application and providing true and correct information to First Republic. First Republic is not acting as Applicant’s advisor in determining whether Applicant qualifies for a loan or forgiveness, whether the information Applicant provides is correct, or otherwise. That is Applicant’s responsibility. First Republic and the SBA are relying on Applicant, as the borrower, to determine whether Applicant qualifies for the loan or forgiveness and whether the calculations and information provided are accurate and complete. While the headings and information included here are based on the applicable PPP regulations, such headings and information are provided for convenience purposes only. Applicant is solely responsible for its use of this information and ensuring that it complies with the PPP regulations.
First Republic cannot guarantee forgiveness of your PPP loan, and loan forgiveness is subject in all respects to the PPP regulations. Forgiveness of your PPP loan is only available for eligible uses of proceeds under the PPP regulations. Forgiveness of your PPP loan is not automatic, and you must request it. You will be required to provide documentation in accordance with the PPP regulations and certify that the forgiveness amount qualifies under the PPP regulations, in addition to complying with such further processes, procedures and requirements that First Republic may require. First Republic will not apply for loan forgiveness for you, and you are responsible for understanding the PPP rules applicable to loan forgiveness. You will remain responsible under the PPP loan for any amounts not forgiven. First Republic will, through an online portal, intake your application and supporting documentation and confirm your application is complete before requesting on approval from the SBA on your behalf. First Republic is not advising you on your eligibility for your PPP loan, the PPP regulations, loan forgiveness or any other aspect of the PPP. It is your sole responsibility to determine and certify as to your eligibility for loans and loan forgiveness and compliance with the PPP regulations. The SBA and First Republic will rely upon your certifications in all respects.