SCAM ALERT:  We have seen a rising number of fraud cases in which a person pretending to be a bank employee contacts a customer about a suspected unauthorized transaction. The contact then asks for personal information in order to “clear up” the problem. As a reminder, the bank will NEVER call, text, or email you and ask for personal information. If you receive such a call from your “banker,” do not give personal information and hang up immediately. If you receive a text or email, do not respond. To report suspected fraud on your account, please contact your local branch or call Customer Service at 1-844-510-0819.

Summary of SBA Interim Final Rule effective March 3, 2021.

The Interim Final Rule released March 3, 2021 by the Small Business Administration allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.
Borrowers should know:

  • If they file an IRS 1040, Schedule C, and would like to use Line 7, Gross Income
    • They are required to complete SBA Form 2483-C for first draw loans and 2483SD-C for second draw loans.
    • If the amount reported on line 7 of Schedule C exceeds $150,000.00 and they submit SBA Form 2483-C or 2483SD-C, they waive their right to safe harbor provided by SBA for borrowers, together with their affiliates, who receive PPP Loans with an original principal amount of less than $2 million to demonstrate the need for the PPP loans.

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