We wanted to provide you with an update regarding the opportunity to get a second round of Paycheck Protection Loan funding. In the link below, you will find the initial application issued by the SBA for you to review and prepare the necessary documentation.
Commercial Bank of California is still awaiting guidance from the SBA as to how the bank can request approval for the loans and confirming there will be no changes to the application similar to round 1.
As such we are in process of strategizing the most efficient way to process applications. Whether that is accepting applications by email or through our third party vendor (ABRIGO) who assisted us during origination and forgiveness processing.
Much like the Forgiveness Applications, we intend to direct all Second Round PPP Applications through our ABRIGO web portal. Please stay tuned for more to come.
For determination of loan amount you will have the choice of utilizing 2019 or 2020 payroll figures to determine your average monthly payroll. If you choose to use 2019 please note that we have all payroll calculation information already on file. If you intend to use 2020 please provide us with the following similar to round 1:
- List of employees and annual salaries
- Payroll reports or third-party payroll processor report for the year
- 941 and DE-9 for each quarter of 2020
- Any Health Benefits and 401k payments with supporting documentation
In order to avoid any potential risk of ineligibility at the time of forgiveness caused by the 25% reduction requirements in top line revenue (Gross Receipts – Accrual or Cash based on your normal methods) we are requesting that you provide supporting documentation (any of the following: Bank statements, quarterly profit and loss statements, POS System reports, etc).
You have two options in regards to your calculation:
- Compare the full year of 2020 to 2019 and see if there is a 25% or greater reduction in gross receipts
- Compare the same quarter in 2020 to 2019 to see if there is a 25% or greater reduction in gross receipts (1st to 1st, 2nd to 2nd, etc)
We will get up and running in the next few days and we appreciate your patience! We look forwarding to helping each and everyone of you and your businesses.
As always, the SBA and Treasury’s FAQ is a great place to answer any preliminary or additional question you may have.
Thank you again for trusting us with your businesses,
President & CEO of Commercial Bank of California