February 26, 2021
As of February 25th, 2021, there is a two week period where lenders can only submit applications to the SBA with 19 or fewer employees - all others will be rejected. Those with 20 or more employees can start their application in the portal, but applications will not be submitted until the exclusivity period ends on March 5th.
Stay tuned for pending changes for self-employed individuals - exact details will be released by the SBA soon.
January 19, 2021
The new coronavirus relief package provides another $284 billion for the Paycheck Protection Program (PPP) in 2021. These funds are allocated for both new PPP borrowers and additional money to 2020 PPP loan recipients. In addition, updates to further simplify PPP loan forgiveness are coming soon for borrowers with PPP loans up to $150,000.
The Small Business Administration re-opened its doors for accepting PPP applications on January 11, 2021 with a phased-in approach for lenders, beginning with designated community development institutions. Civista Bank began submitting completed customer applications from the Civista PPP Portal on Tuesday, January 19, 2021.
The online Civista PPP Portal guides borrowers step-by-step through completing the application, uploading supporting documentation and electronically signing loan documents following SBA approval - no paper applications!