Payroll Protection Program (PPP) Resources for Borrowers

This page contains frequently asked questions and information to answer PPP questions. This includes PPP forgiveness and the new, recently approved, second round PPP Loan Program.

Update on 1/11/2021 

New Payroll Protection Program (PPP) Loan Information 

Is C&F Bank participating in the next round of Payroll Protection Program (PPP) Loans?

Yes, C&F Bank is proud to support our customers and our community by participating in this important program.

Who can participate?

The SBA will re-open PPP to first time borrowers who are:

  • Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.

The SBA will open PPP to second time borrowers who have:

  • Previously received a PPP loan. They will be able to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
  • No more than 300 employees; and
  • Demonstrated at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

How can I use the next round of PPP loan funds?

PPP Loans can be used to help fund payroll costs. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

When can my business apply for the next round of PPP loans?

C&F Bank is excited to offer our applicants a streamlined online application process for this new round of PPP. Our process will help you navigate the questions from the SBA and determine your eligibility and your qualified loan amount. We have started accepting applications for both 2nd draw and new “first time” PPP loans. We will begin submitting completed applications to the SBA when their portal officially opens for banks like C&F on Tuesday, January 19th. Please call or visit your C&F relationship manager or local branch when you are ready to apply. A complete list of C&F branch locations and contact information can be found here.

*The answers above are based on information that is currently available. Details are subject to change as the SBA provides guidance on the PPP program. As more information becomes available, we will update this webpage.

Payroll Protection Program (PPP) Forgiveness Request Resources 

My PPP loan was $150,000 or less – what has changed?

Legislation was passed which simplifies the loan forgiveness process on loans $150,000 and less.

We recommend that all borrowers with PPP loans $150,000 and less hold their application until the SBA issues its final guidance and the simplified process is finalized. C&F will notify you when our system is ready to begin the new process.

What happens if I have an Economic Injury Disaster Loan (EIDL) Advance?

Recent legislation was enacted to “close the EIDL loophole”. This is great news for our EIDL Advance recipients because the SBA will no longer deduct the amount of your EIDL advance from your approved PPP forgiveness amount. Please refer to the question above regarding your loan amount to determine if you should apply for forgiveness at this time.

When are my PPP loan payments due?

All PPP Loan payments have been deferred until after you apply for forgiveness and receive a response from the SBA.

What’s my timeline for requesting forgiveness?

Congress has extended the timeline for requesting forgiveness to 10 months after your covered period (the time period to spend the PPP funds) ends.

For example: a borrower who received their PPP loan proceeds on April 15th, 2020 could choose a 24-week covered period, which would end on September 30th, 2020. From there, they then have 10 months to apply for forgiveness, which would end on July 30th, 2021.

What Documentation is Required?

Documentation is a critical part of the forgiveness process. There are several factors which determine your documentation requirements. For guidance, please review our:

PPP Borrower Documentation Guide

What steps will I take to complete the forgiveness application?

Please note, our current training material does not include the recently passed legislation to streamline the forgiveness process for loans $150,000 and less. Once the new process is finalized, we will update the information in the link below. For resources and information on the current process, please review our:

PPP Client Resource Page

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