Affinity's Current Status on SBA Paycheck Protection Program (PPP) Loans
Important Update: As of 6pm ET, May 4 the SBA has confirmed that the PPP general fund is closed to new applications.
Affinity submitted applications up until the cutoff time and we are still awaiting SBA decisions on some applications. If your PPP loan request was approved, you will receive a notice in the next few days to sign your note and receive your funds. If your loan request was not approved or was not submitted due to incomplete information, you will receive a notice from Affinity.
Affinity is grateful for the opportunity to help business members in our communities by processing over 1,600 PPP loans since the program started.
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
To find out if your restaurant or business in the food industry is eligible for this relief and to apply, please visit the SBA's web site for details.
We are now working diligently to guide our loan recipients through the forgiveness phase of the PPP program. If your loan has already been forgiven and was reduced due to prior EIDL advances, you may be contacted to adjust the forgiveness amount.
At this time, Affinity is not accepting forgiveness applications for loans made under the Economic Aid Act, this would include any PPP loans made in 2021. We are still awaiting final guidance from the SBA and will need to update our system. Please continue to check this page for further updates.
At present:
Members with PPP loans equaling $150,000 or more should have received an email with a link to an online portal to complete the forgiveness application specific to these loans and upload all supporting documentation. Once the covered period of your PPP loan has ended (either 8 or 24 weeks from the date the loan was loan funded), you may begin the forgiveness application process.
If you did not receive an email from Affinity inviting you to use our online PPP loan forgiveness application, please contact us at 908.860.7370 and leave a message including your name, the business entity name, email and phone number. A representative will respond to you within two business days.
The Economic Aid Act provided for a shorter form forgiveness application for PPP loans less than $150,000. This form has now been activated in Affinity's secure portal. Access the portal and begin your forgiveness application.
If you have questions regarding your forgiveness application please contact us at 908.860.7370 and leave a message with your name, business entity name, email and phone number. A representative will respond to you within two business days.
A guide to help you navigate our online portal can be found here. Information on how to complete the forgiveness application can be found on the portal. We also encourage you to refer to the SBA's Frequently Asked Questions here to ensure adherence to the program's forgiveness eligibility requirements.
The U.S. Small Business Administration is sending a cyber warning alert to loan applicants seeking federal aid in response to the Coronavirus (COVID-19) pandemic. Email phishing campaigns where malicious actors are impersonating the SBA and its Office of Disaster Assistance to collect personally identifiable information (PII) for fraudulent purposes have surfaced. For more information on how to recognize fraudulent emails from the SBA and how to report them visit, https://www.sba.gov/document/report-sba-programs-scams-fraud-alerts
Thank you for your continued patience and understanding as, together, we navigate the SBA PPP loan product requirements.
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