PPP Loan Application Deadline and Updates  (Update as of March 19, 2021)

Please be advised that EagleBank will no longer accept Paycheck Protection Program (PPP) loan applications as of the close of business on March 31, 2021. 
 
As of March 18, 2021, the SBA’s current guidelines state that any PPP loan not fully approved by the SBA by March 31, 2021, will not be funded.  If you have not yet applied for a PPP loan and wish to do so, we recommend that you submit your application now to allow adequate time for processing. 
 
If you utilize Schedule C of your personal tax return to report business activity, we are pleased to be able to advise you that the bank’s online PPP loan platform now supports the utilization of the 2483-C and 2483-SD-C forms which provide you with the opportunity to calculate your eligible PPP loan amount based upon gross income.  If your application is currently in process and you wish to amend it to utilize the new forms, please e-mail pppforgiveness@eaglebankcorp.com and request that we return the application to you for adjustment.  Please note that if your PPP loan has already been funded, you are not eligible to adjust your PPP loan amount based upon the revised guidelines.
 
Legislation is currently pending before Congress to extend the timeline of the PPP loan program.  If passed, EagleBank will continue to process PPP loan applications that were submitted prior to the close of business on March 31, 2021.  New PPP loan applications will not be accepted. Please note that this limitation only applies to 1^st and 2^nd Draw PPP loan applications.  EagleBank will continue to process PPP Loan Forgiveness applications without interruption.

Reminder: Current round of PPP funding closes 3/31/21  (Update as of March 11, 2021)

This is a reminder that the current round of funding for the Paycheck Protection Program will close on March 31, 2021. 
 
If you wish to apply for a loan during this round we encourage you to submit your application as soon as possible.  As reported in the news, the Small Business Administration (SBA) has placed holds on many first round loans and this is slowing the approval of loans for these borrowers during this round.  It can take several weeks to resolve these holds. 
 
Any loan not fully approved by the SBA by March 31, 2021, will not be funded.

 

Several resources are available to you help you navigate EagleBank’s online PPP Forgiveness Portal:

• Overview of the Application process flow
• FAQ’s regarding the PPP Forgiveness Portal
• Videos on how to navigate the PPP Forgiveness Portal

EagleBank User Guides for each of the SBA’s Forgiveness application forms:

• SBA Form 3508 Standard Forgiveness Application Process
• SBA Form 3508EZ Forgiveness Application Process
• SBA Form 3508S Forgiveness Application Process

Prior to logging onto the PPP Forgiveness Portal, EagleBank recommends you download the most up-to-date PPP Loan Forgiveness Application.  The Loan Forgiveness Application also includes instructions for borrowers which provide detailed information on the supporting documentation you will be required to upload in support of your Forgiveness Application.  The SBA has also provided PPP Loan Forgiveness FAQ’s, published on October 13, 2020.  Many PPP borrowers have found this document helpful in understanding and completing their Forgiveness Application. 

EagleBank PPP Forgiveness Portal URL: https://eaglebankcorp.expressbankloan.com/2/#/match

Log in requirements:

• A valid email address on one of the authorized signers provided during the PPP application process.
• Your company’s Tax Id.
• The original principal balance of your PPP loan.  The original principal balance can be found on the PPP Note.

Disclosures

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.

* Please note, always confirm the authenticity of anyone asking for your information to avoid phishing or fraud. 

• 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:

US Small Business Administration (SBA):

The Three Step Process: Disaster Loans

SBA Coronavirus Relief Options

Relief Options by State:

Maryland: Maryland Coronavirus (COVID-19) Information for Business

Virginia: Support for Business 

DC: Recovery | For Businesses 

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:

COVID-19-Related Employee Retention Credits: Interaction with Other Credit and Relief Provisions FAQs

We urge you to remain vigilant to scams related to COVID 19. 

FTC

WTOP Alerts on Loan Scams

SBA Programs - Scams and Fraud Alert

Threat Advsiory Alert