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Small Business Administration (SBA) Paycheck Protection Program (PPP)
As an SBA preferred lender, the Bank participated in both rounds of the PPP program, processing over 1,330 loans, securing over $491 million for our customers, and saving over 41,000 jobs (data as of 5/10/2020).
Please note: We cannot provide guidance on the Small Business Administration (SBA) PPP program requirements. We recommend that you discuss your questions with your legal advisor or refer to the SBA website for details.
For EagleBank PPP Loan Recipients:
EagleBank continues to monitor the regulations as they evolve related to the PPP, CARES Act, and the Paycheck Protection Program Flexibility Act of June 5, 2020 (Flexibility Act). We are preparing to accept PPP Forgiveness Applications in mid-July. On July 1, 2020, we emailed an overview of the process flow to submit your Application and will be providing an online portal to enter the Application and to upload the required supporting documentation. The link to the online portal will be sent via email to all PPP Loan borrowers.
Please keep in mind that this timeframe may be subject to change should additional program changes or guidelines be published.
If you have immediate questions, please reach out to your Relationship Manager and refer to the SBA website for details around the Forgiveness process.
* Please note, always confirm the authenticity of anyone asking for your information to avoid phishing or fraud.
EagleBank, its parents, subsidiaries, and affiliates, expressly disclaims all liability concerning, relating to, and/or arising out of the loan review process, its credit decisions, and any inability or failure to disburse any amount of the requested loan funds.
Helpful Background Information
Enacted March 27, 2020 the CARES Act included several provisions designed to provide relief to individuals and businesses as well as the banking system. Among the more significant components of this legislation for our Company was the creation of the Paycheck Protection Program (“PPP”). Loans made under the PPP are fully guaranteed as to principal and interest by the Small Business Administration (“SBA”), whose guarantee is backed by the full faith and credit of the U.S. Government. PPP-covered loans also afford borrowers forgiveness up to the principal amount of the PPP-covered loan if the proceeds are used to retain workers and maintain payroll or make mortgage interest, lease and utility payments. The SBA will reimburse PPP lenders for any amount of a PPP-covered loan that is forgiven.
To help offset the impact of COVID-19, CARES offers payroll protection to businesses with fewer than 500 employees. The SBA will cover certain payroll and other operating costs used to calculate the loan amount as long as such businesses remain open and maintain payroll during this emergency. Loans may be fully forgiven if there are no employee layoffs for four months or if any employees previously laid off are rehired. The program works retroactively to February 15, 2020, to help restore the workforce.
Please work directly with your EagleBank Relationship Manager or Branch Representative to discuss the status of any submitted application or inquiry.
If you need any more information, please call the Customer Care Center: 301.986.1800.
We appreciate your interest and are especially grateful for your patience. For additional resources, including grants and loan programs for small businesses, please visit:
Relief Options by State:
Virginia: Support for Business
The SBA is working on additional programs administered by banks but no information is available until signed into law.
For questions on the repayment of the PPP Loan and Employee Retention Credit, visit this IRS website:
We urge you to remain vigilant to scams related to COVID 19.