SBA Paycheck Protection Program

Update as of March 31

Enterprise will not be participating in the PPP program extension. We are no longer accepting applications and remain focused on getting existing applications complete and submitted to the SBA. We are continuing to work with clients on PPP loan forgiveness applications as well. 

Update as of March 19

As of March 19, 2021, Enterprise is no longer accepting PPP loan applications in order to allow us time to process all applications prior to the SBA's cutoff date of March 31, 2021.

Update as of March 9

Adjustments to Payroll Calculation for Form 1040, Schedule C Filers

The SBA implemented new changes to the Paycheck Protection Program (PPP) that significantly enhance the funding available to sole proprietors, independent contractors, and self-employed individuals.

Effective March 4, individuals who file an IRS Form 1040, Schedule C can now calculate their maximum PPP loan amount using gross income (line 7, up to $100,000) on the Schedule C. Previously, businesses needed to list their net income (line 31) on the form, which removes taxes and other expenses from the calculation.

This calculation change is available for both first-time and second-time borrowers. However, it applies only to applications approved after March 3, 2021. Under these SBA guidelines, borrowers that had their loans approved before March 4, 2021 cannot increase their PPP loan amount based on the new loan formula.

Update as of February 23

The White House has announced a measure to help ensure that small organizations have access to PPP program funds. From Feb. 24 through March 9, the SBA will only accept applications from firms with under 20 employees. After that date, the SBA will begin accepting applications again for companies with 20 or more employees.

If you have 20 or more employees and have a PPP application in progress, we will continue processing your application. But we will be unable to submit your application until the two-week period has ended, presuming there are still funds available. Roughly half of the funding set aside for PPP round 2 remains available.

Along with this two-week application window, the measure also includes a revised loan calculation and funding to be set aside for sole proprietors, independent contractors and those who are self-employed. The SBA has not yet provided final guidance, but is expected to be the end of next week. We will provide an update at that time.

Visit our SBA PPP Application Process page for links to more information and links to apply online. 

Update as of February 1

As of February 1, Enterprise has resumed accepting and processing PPP loan forgiveness applications. The SBA will not accept the new application forms until March 5, but will continue to accept the previously issued forms until March 4. If you wish to submit your forgiveness application using the previously issued forms, please complete and submit to us before February 26 to allow time for processing. Applications received after February 26 and before March 5 will be placed on hold, allowing time for the new forgiveness application forms to be worked into the SBA process. This may require that you submit a new forgiveness application. If you need your pin reset or access to your link, please email [email protected].

All complete applications submitted to us will be processed for submission to the SBA.

Update as of January 29

The SBA released a new form 3508D, called the “Borrower's Disclosures of Certain Controlling Interests,” which is required to be filed if a covered individual has a direct or indirect controlling interest in the borrower at the time of the PPP loan application.

A “direct or indirect controlling interest” is defined as owning, controlling, or holding 20 percent or more, by vote or value, of the outstanding amount of any class of equity interest. A "covered individual" refers to the president or vice president of the U.S., head of an executive department (as defined in 5 USC Section 101), members of Congress, or a spouse of any of the foregoing.

Update as of January 19

Enterprise Bank & Trust began accepting loan applications for the next round of PPP on January 19. Please visit our SBA PPP Application Process page for more information. 

Update as of January 14

Enterprise Bank & Trust will begin accepting loan applications for the next round of PPP on January 19. We are unable to accept applications at this time. We are finalizing our process and encourage you to check our website for updates. 

Update as of January 11

Enterprise Bank & Trust will be participating in the next round of PPP. While the program will reopen today, January 11, only community financial institutions will be allowed to begin making loans and Enterprise is not considered a community financial institution. The start date for lenders such as Enterprise has not been announced. We are unable to accept applications at this time. We encourage you to check our website for updates. You will be able to submit your application and any required supporting documents electronically.

Update as of January 7

Late yesterday, the SBA released the Interim Final Rule related to the next round of PPP along with an Interim Final Rule on Second Draw Loans pursuant to The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Lenders, including Enterprise, are waiting for the related forms and guidance to be issued by the SBA.

Applications

We are unable to accept applications until the forms and guidelines have been issued and evaluated.

Specifically:

• No information has been released as to when new PPP loan applications will be accepted by the SBA.
• There will be a new PPP loan application Form 2483-SD for PPP Second Draw loans but that form is not yet available.
• There is no guidance for how PPP loan applications will be submitted to the SBA.

Forgiveness Applications

We continue to accept forgiveness applications from previous PPP loans; however, the new law simplifies the forgiveness process for loans in an amount less than $150,000. The SBA has not released any information for the process or forms for this new simplified process. If your loan is less than $150,000, you may want to consider postponing the submission of your forgiveness application until the new forms have been issued. You should discuss your situation with your legal counsel, financial advisor or accountant.

EIDL Advances

These advances are now forgivable. However, we are waiting on instructions from the SBA with respect to outstanding loans that resulted from EIDL advances. We will communicate once we receive guidance from the SBA.

We are reviewing the new rules, but don’t have enough information to provide an update on the process or timing. As soon as the guidance and forms are published and evaluated, we will communicate our plans on our website.

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of December 23

Here’s what we know about the next round of PPP:

• The U.S. Senate and House of Representatives passed the Consolidated Appropriations Act, 2021 on December 21, 2020. The legislation is not yet final. The legislation allocates $284 billion for additional PPP funding.
• Lenders, including Enterprise, are waiting for the legislation to be signed into law and the final regulations, guidance and forms to be issued by the SBA. We are unable to accept applications until those guidelines have been issued.
• We continue to accept forgiveness applications from previous PPP loans; however, we understand the new bill may contain substantive changes to forgivable expenses, the process and forms. You may want to consider postponing the submission of your forgiveness application until the new regulations and forms have been issued.  You should discuss your situation with your legal counsel, financial advisor or accountant.
• We are closely monitoring any developments. As soon as the final regulations, guidance and forms are published, we will communicate our plans on our website.

A link to the SBA FAQs on loan forgiveness is here For more information on the loan forgiveness process, click here for our Forgiveness Page and click here for our PPP FAQ page.

Update as of November 17

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of October 21

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of October 15

On October 8, the SBA issued a simpler forgiveness application for PPP loans in the amount of $50,000 or less. Our forgiveness platform is being updated for the new application. In addition, the SBA must update their system to accommodate the new application. As soon as we have more information on the timing of the system changes, we will make a decision on the forgiveness application start date. Please do not submit the Loan Forgiveness Application at this time.

For review purposes only, a link to the new Form 3508S is here and the instructions are here.

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of September 21

We anticipate launching our forgiveness process in early October.  We’re preparing, testing, and piloting our forgiveness process so it is easy and efficient for you. Please do not submit the Loan Forgiveness Application at this time.

When we begin accepting applications, all Enterprise PPP clients will receive an email from us with a link to their Loan Forgiveness Application. 

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of August 31

No additional guidance on PPP forgiveness has been issued and there are still many unanswered questions about the forgiveness calculations and requirements. We've been preparing our forgiveness process so it is efficient for you, but believe it is prudent to wait for additional guidance in order to minimize the possibility of you having to submit an application twice. We continue to consult with the SBA, internal and industry experts, and counsel.  As a result, we will not accept forgiveness applications until September 21, 2020. This date is subject to change.
 
When we begin accepting applications, all Enterprise PPP clients will receive an email from us with a link to their Loan Forgiveness Application. 

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of August 12

On August 4, the SBA released FAQs on Paycheck Protection Program (PPP) Loan Forgiveness. The FAQs supplement the interim final rules issued earlier this year, but leave many unanswered questions about the loan forgiveness calculations.

We are working diligently to prepare our forgiveness process so it is efficient for you. At this time, we do not intend to accept forgiveness applications until September 8, 2020. This date is subject to change.

When we begin accepting applications, all Enterprise PPP clients will receive an email from us with a link to their Loan Forgiveness Application.

A link to the SBA FAQ’s on loan forgiveness is here. For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of July 29

Last week, the SBA announced that they will begin accepting forgiveness applications from lenders on August 10, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. However, lenders are still waiting for final instructions on how to submit forgiveness to the SBA which may be delayed due to legislative amendments.  

We are not accepting forgiveness applications until we receive and evaluate the submission instructions from the SBA, which may be after August 10. We are working diligently to prepare our forgiveness process so it is efficient for you.

When we begin accepting applications, all Enterprise PPP clients will receive an email from us with a link to their Loan Forgiveness Application.

For more information on the loan forgiveness process, visit our Forgiveness page and our PPP FAQ page.

Update as of July 28

As of July 27, we are no longer accepting applications for the Paycheck Protection Program. Receipt of an application by July 27 does not guarantee that a PPP loan will be processed by us and approved by the SBA by the August 8 deadline. 

For more information on the loan forgiveness process, click here for our Forgiveness Page and click here for our PPP FAQ page.

Update as of July 6

On Saturday, July 4, the President signed a bill that extends the Paycheck Protection Program to August 8, 2020. This is the last date on which a PPP loan application can be submitted to and approved by the SBA. To provide adequate processing time, we will stop accepting PPP applications on July 27, 2020. Receipt of an application by July 27 does not guarantee that a PPP loan will be processed by us and approved by the SBA by the August 8 deadline.

For more information on the loan forgiveness process, click here for our Forgiveness Page and click here for our PPP FAQ page.

Update as of June 18

On June 17, the SBA issued a new Interim Final Rule that implements changes made by Congress in the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). They also issued a revised forgiveness application to reflect the PPPFA changes along with a new “EZ” Paycheck Protection Program loan forgiveness application.  A link to the new Interim Final Rule is here.

For more information on the loan forgiveness process, visit our Forgiveness page and PPP FAQ page.

Update as of June 11

On Friday, June 5, the President signed the Paycheck Protection Program Flexibility Act of 2020 and the SBA issued a new Interim Final Rule on June 11, 2020. The Act confirms that June 30, 2020 remains the last date on which a PPP loan application can be submitted to and approved by the SBA. To provide adequate processing time, we will stop accepting PPP applications on June 16, 2020. Receipt of an application by June 16 does not guarantee that a PPP loan will be processed by us and approved by the SBA by the June 30 deadline. 

The Act provides more flexibility for borrowers, including:

• Extends the time frame to spend the funds (covered period) from eight weeks to 24 weeks.
• Lowers the payroll threshold amount from 75% to 60%. Forgiveness will be reduced proportionally if payroll does not meet the 60% threshold. 
• The amendment added refinancing of an SBA EIDL loan made between January 31, 2020 and April 3, 2020 as an eligible expense. The other expenses eligible for forgiveness still include rent, mortgage payments, utilities, and interest on loans. 
• Extends the payment deferral period to the date the SBA remits the borrower’s loan forgiveness amount to the lender or, in the event the borrower does not apply for loan forgiveness, up to 10 months after the covered period ends.

In addition, the minimum loan term for all new PPP loans approved on or after Friday, June 5, 2020 will be five years. 

The Flexibility Act also requires the SBA to revise the Forgiveness Loan Application. We will update the SBA PPP Loan Forgiveness web page when we receive the revisions. As a reminder, required forgiveness documentation includes IRS quarterly filings that are due based on the quarter that ends June 30, 2020. Therefore, no loan forgiveness applications will be accepted PRIOR TO JULY 1, 2020. We will proactively reach out to all PPP clients when we are ready to begin accepting applications.

More specific information will be distributed when additional guidance is issued.

Update as of June 8

On Friday, June 5, the President signed the Paycheck Protection Program Flexibility Act of 2020. While the Act provides more flexibility for borrowers, lenders are waiting for additional guidance to implement some of the changes. The changes require the SBA to revise the Forgiveness Loan Application and we will post the revised application when it is available. Required forgiveness documentation includes IRS quarterly filings that are due based on the quarter that ends June 30, 2020. Therefore, no loan forgiveness application will be accepted PRIOR TO JULY 1, 2020. We will proactively reach out to all PPP clients when we are ready to begin accepting forgiveness applications.

Update as of May 28

The SBA recently released an Interim Final Rule (IFR) on forgiveness, which you can review here. We expect additional guidance to come from the SBA soon. Click here for more detailed information on the IFR and next steps.

Update as of May 18

The SBA recently released the application for forgiveness to help you get familiar with the requirements, but the SBA has not yet released instructions or final guidance to lenders. Until that guidance is received, we cannot accept forgiveness applications. When we have received additional information from the SBA, you will receive an email from us with a link to the forgiveness application process. Please do not submit the Loan Forgiveness Application at this time. We will have a formal and electronic process in place at a later date. Please consult with your accountant or legal counsel for advice on forgiveness. 

Update as of April 27

With the second round of PPP funding approved, Enterprise is in the process of submitting the many applications we have in our queue. We have been working around the clock to process applications since the first round of funding was depleted. As a reminder, applying more than once will slow down your application process. 

Be sure to explore government-sponsored and other programs here. 

Update as of April 16

As of April 16, government funding is depleted. We are continuing to work around the clock to process applications so if government funding is extended, we can send as many applications as possible to the SBA. If you have already applied, please do not apply again as it will slow down your application. 

Enterprise is committed to helping you navigate through this time and have additional programs and resources available. Please reach out to your Relationship or Portfolio Manager if you would like to explore additional options.

Update as of April 2

On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes the Small Business Administration (SBA) Paycheck Protection Program (PPP). This almost $349 billion program is intended to provide relief for small businesses and their employees who are adversely affected by COVID-19.

As a preferred 7(a) lender, Enterprise will provide funding for this program. We know the demand will be very high, and we are committed to making our process as simple and efficient as possible. 

Enterprise is committed to helping you navigate the COVID-19 loan relief programs. We will continue to update this page as additional information becomes available.