The SBA released a significant amount of new rules/guidance governing the Round Two First and Second Draw Paycheck Protection Program (PPP) loans. In addition, the SBA updated all application forms for the PPP yesterday afternoon. The primary focus of this new guidance was to adjust the PPP loan calculations for sole proprietors, independent contractors, and self-employed individuals.
In order to update our process to comply with this newly released guidance, Farmers National Bank will temporarily suspend the processing of Round Two Paycheck Protection Program loans effective immediately.
We are currently in discussion with the Vikar team to determine a timeline for updating the PPP portal in order to comply with the new application forms.
Additional information will be forthcoming, but in the interim please contact your assigned Loan Officer should you have specific questions.
Please continue to stay safe and healthy during these times.