Paycheck Protection Program (PPP)
New PPP Borrowers

Congress passed and President Trump signed amendments to the March 2020 CARES and other laws to create a new round of Paycheck Protection Program Loans to first-time borrowers. Firms and organizations which were eligible in 2020 remain eligible, however eligibility has also been expanded to include other types of organizations. See the eligibility details below. Customers Bank is now taking PPP First Draw Loan applications. You can apply by using the link. NOTE: the SBA is staggering the start-dates for loan approval and funding by lender type and size. Customers Bank will not be able to submit your loan application for funding until Wednesday, January 13 at the earliest.

Use

Payroll-related
Rent
Mortgage Interest
Utilites Expenses
Additional Expenses

Amount

2.5X

2.5x average monthly payroll, 3.5x average monthly payroll for food service & accommodations, capped at $2 million

Rate

1% APY

1% fixed Annual Percentage Rate

Terms

5yrs

5 year term total

Forgiveness

100%

eligible for 100% forgiveness with approval

The foregoing is presented as a matter of convenience, does not constitute legal, accounting, or tax advice, and does not purport to address all aspects of the March 2020 CARES Act or subsequent legislation. We strongly recommend that you consult your attorneys, CPAs, tax advisors, and financial consultants with any questions.

Eligibility

Organizations including small businesses, nonprofit organizations, veterans organizations, sole proprietors, self-employed individuals or independent contractors that were eligible in the first rounds of PPP in 2020 remain eligible. Also now eligible are 501(c)(6) membership organizations with up to 300 employees, destination marketing organizations (DMOs), housing cooperatives, newspapers, broadcasters, and radio stations.

Allowable Expenses

In addition to payroll-related, rent, mortgage interest and utility expense; eligible expense have been expanded to include:

  • personal protective equipment and workplace construction/adaptations to health and safety guidelines;
  • software, cloud computing, human resources, and accounting needs;
  • property damage due to “public disturbances” during 2020 and which were not insured; and
  • required business supplies that would have been consumed and expensed had business operations continued as normal.

FAQs

Why are my documents not uploading?
When possible, uploading PDFs is preferrable and will expedite the processing timeframe. It is also recommended that you upload 1 document at a time.

The “Payroll Calculation” page will not allow me to continue.
Ensure all fields are populated, including the “Explanation” box at
the bottom. Once populated, click anywhere on the page and the application
should allow you to continue.

The “Owner Information” section is not saving or allowing me to progress.
If you are having trouble getting the “Save owner info” or “Continue” buttons to appear, make sure all information has been provided for each owner, and then hit “Enter” on your keyboard, or click anywhere on the page.

Forgiveness

Customers Bank is creating a portal to assist customers with forgiveness. We’ll update this page with more information once the portal is available to borrowers.