Status – March 5, 2021
March 12, 2021 is the last day Atlantic Capital will accept applications for new PPP loans.
Atlantic Capital will resume accepting forgiveness applications on March 8, 2021.
To allow lenders to focus on serving the smallest businesses, the Biden-Harris Administration instituted a 14-day exclusive period during which only businesses with fewer than 20 employees can apply for relief through the PPP. Between Wednesday, February 24 and Tuesday, March 9, the SBA will not accept PPP applications from companies with 20 or more employees. Atlantic Capital will continue to accept PPP loan applications from our clients during this time, however, we will be unable to submit applications for companies with 20 or more employees to the SBA until March 10. Please refer to this press release issued by the White House for more details.
Further, on March 3, the SBA published an interim final rule allowing individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income or net profit. In so doing, the SBA determined that changing the calculation for sole proprietors, independent contractors, and self-employed individuals will reduce barriers to accessing the PPP and expand funding among the smallest businesses. These revisions to the PPP loan program apply to both First Draw and Second Draw PPP Loans, yet are not retroactive. A borrower whose PPP loan has already been approved as of the effective date of the interim final rule cannot increase its PPP loan amount based on the new calculation methodology. The Atlantic Capital PPP Loans team is working diligently to identify impacted applicants and will reach out to borrowers whose in process application would be impacted by the rule change.
How to apply for a PPP loan
In order to ensure sufficient time to process and fund all PPP loan applications ahead of the SBA’s March 31 closing date, March 12, 2021 will be the last day to submit an application for a new PPP loan. We regret that will not be able to accept new PPP loan applications after March 12.
Atlantic Capital only accepts online applications. Please contact your Atlantic Capital Relationship Manager to learn more about how to apply.
How to apply for PPP forgiveness
Many of our PPP clients have inquired about the SBA’s new one page, no doc forgiveness application for PPP loans of $150,000 or less. While this streamlined application form was released earlier this year, technical implementation of the new form was delayed by the SBA for 60 days to allow companies that had already applied for forgiveness using old forms to complete the process without having to fill out new forms. We appreciate your patience as we work through this transition.
Atlantic Capital will resume accepting forgiveness applications for first round PPP loans in mid-March. In order to ensure the best possible service level, Atlantic Capital will invite our first round PPP clients to apply for forgiveness in waves throughout the spring. You will be contacted by email with instructions on how to apply when your wave is opened for applications.
Please note that Atlantic Capital only accepts online forgiveness applications. When your wave opens, you will receive an email with a link to our secure application portal along with instructions to complete your forgiveness application.
We understand that some of our clients may have extenuating circumstances that drive a need for specific timing of their forgiveness applications. If this sounds like you, please contact your Atlantic Capital Relationship Manager to discuss your specific situation.
For more information about the PPP
Please use the Quick Links on this page for more information about the PPP. Visit the SBA website for complete details about PPP rules and requirements.
We will continue to provide you with the latest information as it is available. Please visit this website at your convenience for the latest program updates.