As the May 31st Paycheck Protection Program (PPP) final submission date approaches, Farmers National Bank is establishing a deadline of Friday, April 30th at 5:00 PM for receipt of new applications. We will continue to process any PPP applications received by this date in an effort to submit the request to the SBA in a timely manner.
Due to the additional SBA guidance incurred during this second round of PPP loans, application processing times are significantly longer than those experienced during the initial 2020 round. We believe the April 30th deadline is necessary to afford the bank ample time to review and decision applications received by that date.
As PPP funds continue to be disbursed, it is possible that the remaining funding will be exhausted prior to the May 31st deadline. At present, there is just over $40 billion in available funds so we encourage anyone wishing to make an application for either a first or second draw PPP loan to not delay in doing so.
Please visit our website for additional PPP loan information and a link to our online application portal.
Stay healthy and safe!