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Paycheck Protection Program Update - 2/22/20
We have made it past the first few weeks of the new PPP program and wanted to provide some additional information regarding the new process and issues we have encountered.
First Draw and Second Draw PPP Loans
Receipt of SBA approvals – Unlike the first round of PPP loans last year, the bank is not receiving instantaneous approval and loan numbers from the US Small Business Administration (SBA). All applications are going through SBA’s normal screening process, which is generally taking two to four days after the lender submits the request.
Holds on Second Draw PPP Loans – After the conclusion of the PPP program last year, the SBA screened the entire PPP portfolio through their normal system process. This review included data base matches with other Federal agencies, courts and Dun & Bradstreet. If there was a mismatch of information, the loan had a hold placed on it to be resolved at the time of forgiveness. These holds are blocking the ability to process Second Draw PPP Loans. The majority of these holds involve slight differences in data like the spelling of a company name or a mistyped/mismatched TIN/SSN. Most are easily resolved and we have a dedicated team working with individual clients to clear these holds. Once the situation is resolved, the loan is moved to approval by SBA. These corrections will also help to expedite forgiveness application processing for both First and Second Draw PPP Loans.
We are aware of the current backlog of applications and we are adding new team members to help handle to load. We appreciate your patience and anticipate having all current applications processed within the next two weeks. If you are looking for an update on your loan status, please e-mail [email protected].
Sonabank PPP Loan Team
Unlike many of our peer banks, Sonabank has not stopped processing PPP Forgiveness applications. We have a dedicated team that is working with clients on their forgiveness process.
Please do not be concerned if you haven’t received your invitation (email link from [email protected]) to apply for forgiveness, not all of them have been issued. The stimulus package that was passed on 12/27/2020 included a streamlined version of the forgiveness application for loans under $150,000, but the SBA will not start accepting this form until March 5, 2021. This form does not require any supporting documents to be provided to the bank, only certifications that the funds were used properly. Once the SBA starts accepting this form in March we will be sending out links to apply for forgiveness for loans under $150,000 based on the date of funding (oldest date to newest) and they should all be going out fairly quickly.
If you do not want to wait for the simplified forgiveness form, please email [email protected] with your request to apply for forgiveness now. Please provide your business name and TIN, we will send you a portal link.
We thank you for your continued patience.
Sonabank PPP Forgiveness Team
Please be very cautious about communications and claims you may receive about COVID-19 by text, email or phone. Unfortunately, there are individuals who use difficult situations like this to exploit others, so we strongly advise staying informed about scam activities by visiting the Federal Trade Commission website here. You can also click here for a list of common scams and how to avoid them.
Sonabank will continue to monitor the situation of this virus through local, state and national health agencies. Like you, our primary focus is keeping everyone healthy and safe. If you have questions about Coronavirus, visit the Center for Disease Control (CDC) and the World Health Organization (WHO), as they are good sources for information.
Bank from Home or your Mobile Device
We are prepared and stand ready to provide you with the best possible level of service. Depending on your preference, below are several ways you can access your account with Sonabank conveniently from your home:
- Online & Mobile Banking: You can access your account on your mobile device or computer 24/7 at primisbank.com or through the mobile app.
- Telephone Banking: Access your account 24/7 by calling (800) 789-6097.
- Customer Care Center: Our Customer Care Center is open Monday – Friday, 8:00am – 7:00pm, and Saturday, 9:00am – 5:00pm. You can reach them by calling (888) 464-2265. We also offer a chat service through our Customer Care Center. Visit primisbank.com to utilize chat. The chat feature operates on the same hours as our Customer Care Center. Email us with questions or concerns at [email protected]
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