For Updates on Coronavirus (COVID-19), Click Here. For Updates on PPP, Click Here. To Listen to Eagle Bancorp, Inc.'s Recorded 3rd Quarter 2020 Earnings Conference Call Held on October 22, 2020, Click Here.
Small Business Administration (SBA) Paycheck Protection Program (PPP)
As an SBA preferred lender, the Bank participated in both rounds of the PPP program, and as of June 30, 2020 we processed over 1,400 loans, securing over $456 million for our customers, and helped save over 41,000 jobs.
Please note: We cannot provide guidance on the Small Business Administration (SBA) PPP program requirements. They are complex and we encourage you to discuss any questions with your legal advisor or refer to the SBA website for details.
For EagleBank PPP Loan Recipients (Update as of October 16, 2020):
PPP Loan Forgiveness Applications for PPP Loans of $50,000 or Less
As noted in our prior communications, EagleBank had not opened its online PPP Portal to submit Forgiveness Applications to date as we have been monitoring pending legislation that was likely to affect the forgiveness process. Last week, the SBA provided a new, simplified application (3508S) for PPP borrowers that had original loan amounts of $50,000 or less. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.*
The SBA has not begun accepting the new 3508S form at this time and, therefore, EagleBank is not accepting Forgiveness Applications for borrowers with loans of $50,000 or less as the new application form will greatly simplify your application process. Once the SBA begins accepting the new 3508S form, you will receive an email providing information on how to access the EagleBank PPP Portal to file your Forgiveness Application.
Prior to logging onto the PPP Portal, EagleBank recommends you review the SBA Form 3508S to become familiar with the supporting documentation you will be required to upload with your Forgiveness Application.
As a reminder, even after EagleBank opens up its online Portal, when you submit your Forgiveness Application is at your discretion. The SBA has stated that a borrower can apply for forgiveness up to 10 months from the end of their covered period. The covered period is either 8 weeks or 24 weeks at the borrower’s choosing.
*If you, together with your affiliates, received PPP loans totaling $2 million please reach out to your relationship manager and we will assist you in accessing the PPP Portal.
PPP Loan Forgiveness Applications for PPP Loans Greater than $50,000
EagleBank welcomes you to complete your PPP Forgiveness Application via our online PPP Portal. Below you will find the URL to access the EagleBank PPP Portal and the information you need to log in.
Several resources are available to you help you navigate EagleBank’s online PPP Portal:
- Overview of the Application process flow
- FAQ’s regarding the PPP Portal
- Videos on how to navigate the PPP Portal
Prior to logging onto the PPP Portal, EagleBank recommends you download the most up-to-date PPP Loan Forgiveness Application and Instructions. The Loan Forgiveness Application Instructions 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 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.
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.
CUSTOMER SUPPORT
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Please work directly with your EagleBank Relationship Manager or Branch Representative to discuss the status of any submitted application or inquiry.
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If you need any more information, please call the Customer Care Center: 301.986.1800.
OTHER RESOURCES
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
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.
FAQs
Please keep up to date on FAQ's about the PPP from the SBA
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