RCB Bank is no longer accepting PPP origination applications as of 5pm on Friday, April 16, 2021.
RCB Bank will begin processing the PPP loan forgiveness applications on Monday, May 17th, unless otherwise extended. A Loan Officer will contact you to discuss your forgiveness eligibility and provide you with the appropriate loan application via DocuSign.
- There are three applications to choose from: 3508S ($150,000 and Under), 3508EZ (short form) or 3508 (long form). For a PPP loan amount more than $150,000, the Applicant should view the Checklist on the fifth page of the 3508EZ to see if they qualify to file the short form.
- Please see the table below to view the documentation requirements for each type of application.
- The Applicant may elect a Covered Period any time between 8 and 24 weeks1.
- 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.
- It remains the responsibility of the borrower to provide an accurate calculation of the loan forgiveness amount.
- Second-Draw applicant requirements:
- The Applicant must realize a reduction in gross receipts of at least 25% relative to the relevant comparison time period. For loans of $150,000 or less, the Applicant must provide documentation substantiating the decline in gross receipts upon or before seeking loan forgiveness for the Second Draw PPP Loan.