Paycheck Protection
Program Update
Good Afternoon Paycheck Protection Program Borrower,
Due to the release of a significant amount of new rules/guidance and application forms, Farmers National Bank temporarily suspended acceptance of PPP applications. The bank has carefully reviewed the new guidance and prepared updated borrower application packages to assist you through the process.

We are pleased to announce that the bank will be reopening the PPP application process effective 5:00 PM Wednesday 03/10/2021. The resource center will be available on the Farmers National Bank website which contains links to the borrower application packages, Excel loan amount calculator, Vikar portal, and valuable updates regarding the PPP.
Here are some highlights from the new SBA guidance issued last week:
  • New PPP application forms (2483-C and 2483-SD-C) have been created for IRS Form 1040 Schedule C filers wishing to use their “gross income” with adjustments for loan amount determination.
  • Eligibility restriction removed for any business at least 20% owned by an individual who is delinquent or defaulted on federal student loan debt from receiving a PPP loan.
  • Eligibility restriction removed for any business at least 20% owned by an individual who was convicted of a non-financial fraud felony within the past year from receiving a PPP loan.
  • Changes apply to both First and Second Draw PPP loans.
At the present time, the PPP program application deadline is March 31, 2021. We strongly encourage all applicants to submit their application and supporting information by Friday, March 19, 2021. The SBA requires the bank to perform an extensive review of the material and this will allow us to process your application prior to the SBA’s deadline. We appreciate your cooperation in advance.
 
If you have questions regarding the new guidance or application forms please contact the Commercial Loan Officer assigned to your region. The contact page is available on the Farmers National Bank PPP resource center landing page and within the borrower application packages.
 
Warm Regards,

Bob
Robert A. Vernick
Senior Vice President
Chief Lending & Bus. Dev. Officer
NMLS# 977437
p: 844.882.6436
c: 724.991.9047
f: 724.867.9326