SBA “Paycheck Protection Program”

Congress has passed and the President has signed the PPP Flexibility Bill changing some of the terms of the PPP loan program. The SBA has issued new interim final rules.

• There are now two applications to choose from: 3508EZ (short form) or 3508 (long form).  The Applicant should view the Checklist on the first page of the 3508EZ Instructions to see if they qualify to file the short form.
• The Applicant may elect an 8-week or 24-week covered period.
• Eligible non-payroll costs cannot exceed 40% of the total forgiveness amount.
• Forgiveness applications must be completed and submitted by the Borrower within 10 months after the end of their elected covered period.
• The same individual that completed the original PPP application will receive the ELECTRONIC forgiveness application.  RCB will send the electronic application as soon as we receive additional guidance from the SBA.

The SBA has not provided any guidance on the mechanism to submit completed applications and support documentation to the SBA for final approval of the forgiveness amount. 

Once the SBA releases this information, an RCB representative will contact you to discuss whether you are ready to complete the electronic application.  RCB Bank will be performing a good-faith review of each Applicant’s completed Forgiveness application before submitting to the SBA for their final determination.

Meanwhile, you are encouraged to review and get familiar with the SBA’s Interim Final Rules as well as the PPP Loan Forgiveness Applications and Application Instructions.  Please note that the SBA’s issued Forgiveness information is still subject to change.  RCB will be posting updates of any material changes to our website as the SBA releases new information.

RCB is no longer accepting any new PPP loan applications.

RCB Bank will continue to monitor the changes and provide updates on this website as they are provided to us.

(Updated July 8, 2020 1:31 p.m.)