October 12, 2020 - PPP Forgiveness Update
This week, the Small Business Administration and Treasury Department made multiple changes to the Paycheck Protection Program (PPP) that we wanted you to be aware of and understand how it impacts your PPP loan through Fidelity Bank.
Automatic Deferral Period Extended
The Paycheck Protection Program FAQs were updated this week to address the deferral period extension granted by the PPP Flexibility Act of 2020. The extension automatically applies to all PPP loans borrowers and defers payments of principal, interest and fees on PPP loans for 10 months after the origination date. No action is required by you as Fidelity Bank will apply this extension to all PPP loans in accordance with the SBA’s guidance, generally providing an additional four months from the first payment date anticipated in your PPP loan’s promissory note. Statements for any PPP loan will be mailed 15 days prior to the first due date after the extended deferral period.
Streamlined Forgiveness for PPP Loans $50,000 or less
The Small Business Administration last night released a much-anticipated, streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less. Under the streamlined rules, eligible borrowers will be required to submit a two page application which includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their certifications for six years, but do not need to submit it. We are currently working on building this process for our clients to make applying for forgiveness as easy as possible. We will post updates to sba.bankwithfidelity.com as they become available in the next few weeks.
Forgiveness Applications for PPP Loans greater than $50,000
As we do not anticipate any further legislative action in the near future, we have started opening our online portal for PPP Loan Forgiveness for clients with PPP loans greater than $100,000. Next week, we will continue to expand access to the portal for clients with PPP loans greater than $50,000. Clients with loans in these categories should expect to receive a link to our online forgiveness application portal via email. To make the process as simple as possible, please be sure to use the "CHECK YOUR EZ FORM ELIGIBILITY" button when first logging into the portal. Additional information regarding next steps post-forgivness application submission will be available HERE.
For additional information, visit the US Treasury Department CARES Act Overview Page located at HERE.
More details will also be provided on our website HERE as they become available. Specific questions that you may have can be directed to our PPP Forgiveness customer service team HERE.
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August 19, 2020 - PPP Loan Forgiveness Applications Now Available.
As we anticipate legislative action that could significantly streamline the forgiveness process for clients with PPP loans less than or equal to $150,000, Fidelity will be utilizing a multiple phase approach to process PPP Loan Forgiveness applications. The initial phase of this process started to open in July for loans greater than $150,000. Clients with loans in this category will receive a link to our online forgiveness application portal via email from one of our bankers approximately 8 to 10 weeks after their funding date.
At this time, forgiveness applications for loans equal to or less than $150,000 will not be accepted until additional clarification is received from the SBA.
This potential congressional action is expected to provide key benefits that will likely include:
- Simplified attestation of PPP loan proceeds
- Increased certainty that loans will be fully forgiven
- Reduced documentation requirements
- Shortened time to process forgiveness applications
For additional information, visit the US Treasury Department CARES Act Overview Page located at https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
More details will also be provided on our website at sba.bankwithfidelity.com as they become available, and clients that received a loan equal to or less than $150,000 should visit the website frequently for updates. Specific questions that you may have can be directed to our PPP Forgiveness customer service team at [email protected].
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June 24, 2020
The SBA has released two new forgiveness application forms: a revised standard application and a new EZ (Form 3508EZ) version.
The new EZ Forgiveness Application requires fewer calculations and documentation requirements for eligible borrowers. Please pay special attention to the checklist included on the application to determine eligibility.
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May 18, 2020
We understand how important it is for you and your business to access the Paycheck Protection Program.
AT THIS TIME, CURRENT FIDELITY BANK COMMERCIAL LENDING AND SMALL BUSINESS BANKING CLIENTS SHOULD CONTACT THEIR BANKER DIRECTLY IN ORDER TO APPLY FOR A PPP LOAN.
Need a new business banking partner? Provide your information HERE and one of our bankers will reach out.
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April 27th, 2020
Submit your PPP application with us online HERE. To make the process as simple, easy and fast as possible, please review the verification documents needed here.
CLICK HERE to review the SBA's Frequently asked Questions resource.
For more information, reach out to your Fidelity Banker
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April 25, 2020
The PayCheck Protection program application is now open. Funds for this program are extremely limited. While our team is utilizing every resource available to them to submit applications to the SBA for approval, it is possible that all applicants may not be approved by the SBA before federal funding is depleted
For additional information regarding the SBA’s Paycheck Protection Program, please visit our resource site at https://sba.bankwithfidelity.com/.
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April 16, 2020
We have suspended taking new applications, as the Small Business Administration (SBA) has suspended its acceptance and processing of applications under the CARES Act Paycheck Protection Program (PPP). Customers that have previously submitted an application under this program through Fidelity Bank will receive email communication relative to the status of the application. We are hopeful that supplemental federal funds will be committed to the PPP in the near future, and the SBA will re-open the application process. In anticipation of this occurring, our teams of associates working on this program will stand ready to resume filing applications on behalf of our customers as soon as the SBA allows
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April 1, 2020
Fidelity Bank is eager to start providing local businesses with the assistance they need thanks to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that was recently signed into law! As you know, the Act is aimed at providing financial relief in response to the coronavirus (COVID-19) pandemic. One of the core pieces of the CARES Act is the provision of $349 billion for small businesses through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program called the Paycheck Protection Program (“PPP”). Congress has designed the program to make funds available to qualifying businesses starting April 3rd for small businesses and starting April 10th for independent contractors and self-employed individuals through approved banks like Fidelity Bank. For a more comprehensive resource CLICK HERE.
On April 1st Small Business can start applying for PPP loans. Independent Contractors and Self Employed individuals can begin applying on April 10th. Submit your application with us online at HTTPS://SBA.BANKWITHFIDELITY.COM/. To make the process as simple, easy and fast as possible, please review the verification documents needed here.
CLICK HERE to review the SBA's Frequently asked Questions resource.
For more information, reach out to your Fidelity Banker
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March 20, 2020
Visit our President's Blog to learn more about how we're addressing COVID-19 for our employees and the ways we make banking with us easier for you.
Need to apply for a payment deferral, start by filling out the short form HERE.
To help ensure the safety of our clients and associates, Fidelity Bank is adjusting our daily operations by transitioning clients to our Drive-Thru facilities, ATMs or Integrated Teller Machines for routine transactions effective Saturday, March 21, 2020. While lobby hours will be suspended until further notice, our drive-thru service will remain open normal business hours and we will be offering clients appointments with our bankers to help assist with any complex financial need. You may view our locations HERE. If you would like to schedule an appointment with your banker, please call your local branch or 1-800-220-2497 for assistance.
As part of the critical infrastructure of our community, now is the time for Fidelity Bank to live our mission of being HERE FOR GOOD. To help ease the unexpected burden clients are now facing, management and the board of directors have made several significant decisions to offer relief for individual clients and the community as a whole. This will continue to remain fluid and we remain committed to getting information out to you as fast as possible.
- Effective March 20th Fidelity Bank will offer a 90 day payment deferral option for all loans held by Fidelity Bank. A client must request the deferral and can do that by filling out the short form HERE. Once the form is submitted, it is reviewed for approval. Please note at this time, INVESTOR OWNED MORTGAGE LOANS, are excluded.
- Fidelity Bank credit card clients in good standing are automatically enrolled in a 60 day skip-a-payment program from April 1, 2020 through May 31, 2020 and are not eligible for the above deferment program on their Fidelity Bank credit card. Additional information will be mailed in the next billing cycle.
- Effective March 17th Fidelity Bank will waive any late payment fees and negative credit reporting for loan clients. This will continue through June 2020.
- Effective March 17th Fidelity Bank will waive all early withdrawal penalties on certificate of deposits held at Fidelity Bank through the end of June.
Fidelity Bank champions our core value of community everyday but especially during this difficult time. At this time we are implementing several initiatives:
- There are over 72,000 individuals employed in hospitality and tourism industry, which accounts for about 12 percent of all workers in the region. And while this industry supports an array of income levels, most of the jobs are in low-wage occupations. That is why we are pledging $25,000 to the United Way of Southeast Louisiana Hospitality Cares program in collaboration with our Community Partner, the Louisiana Hospitality Foundation. Hospitality Cares awards emergency grants to eligible employees at businesses running active United Way workplace campaigns in the hospitality industry. Funds provide temporary assistance during times of crisis to cover basic financial needs, including housing, medical, and utility bills.
- All current Community Partner clients will have their annual gift doubled this year. We currently have over 50 non-profits who will receive a boost in their annual gift on their Fidelity Bank anniversary date.
- The P.O.W.E.R. series and meetings will continue via phone conferences or virtual experiences. We have already reached out to many members who are appreciative and grateful for the support.
Review the links below to locate a no fee ATM for our clients.
Be Safe,
The Fidelity Bank Team