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COVID-19 Response

S M A L L   B U S I N E S S    R E S O U R C E S

(Updated Monday, May 18, 2020)

SBA Announces Safe Harbor for PPP Borrowers with Loans for Less than $2M

Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will be deemed to have made the required certification concerning the necessity of the loan request in good faith,” SBA said in updates to its PPP FAQs.

Borrowers that received PPP loans for amounts over $2 million will be subject to review by the SBA for compliance with program requirements, including the certification of economic need. “If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness,” SBA said.

The guidance comes shortly before a May 14 deadline for PPP borrowers who did have access to other sources of capital to return funds. SBA added that borrowers who repay their loans after receiving notification from the SBA will not be subject to administrative enforcement or referrals to other agencies. Additionally, SBA’s determination regarding the necessity of the loan request will not affect the SBA loan guarantee.

According to the most recent FAQ, "SBA is extending the repayment date for this safe harbor to May 18, 2020, to give borrowers an opportunity to review and consider FAQ #46. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA's interim final rule providing the safe harbor."

Paycheck Protection Program Update

Important Notice: The SBA has renewed the acceptance of applications for the Paycheck Protection Program (PPP).  Concurrently, we have resumed submission of applications to the SBA for PPP loans for clients of Prime Meridian Bank.

Due to the high demand of the program and the limited funding available from the SBA, PPP loan applications and documentation submitted to us in anticipation of the SBA's acceptance should be done with the clear understanding that SBA approval and/or funding may be discontinued at anytime without notice.

More about the PPP Program

Released by the US Treasury and the Small Business Administration ( the link below is a summary of the Paycheck Protection Program (PPP) for small businesses and other eligible organizations.

Scroll to the middle of the page to the section “Assistance for Small Businesses.” Here you will find an overview of the program as well as when to apply plus the borrower application to complete and provide to a participating lender.  

SBA Link to Paycheck Protection Program Info

Current and accurate financial records will be key to moving the process along in an efficient manner. 

SBA Extends the PPP Repayment Deadline for Self-Certification

The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. For details, click here for the the US Treasury's current FAQ reference.

Disaster Loan Programs (State and Federal)

Representatives from the Small Business Development Center (SBDC) encourage small business owners to fill out the damage assessment survey at: .

It is also important to note the order in which owners are encouraged to request assistance.

  1. The Emergency Bridge Loan Program
  2. The SBA’s Disaster Loan Program

Download the COVID-19: Assistance for Small Business guide which will walk you through both processes:

New information will be updated  as soon as it's available following the passage of the stimulus bill passed Friday, March 27, 2020.

State of Florida Funds: short-term, interest-free loans (for the duration of the loan) are being made available to small businesses that have experienced injury from COVID-19. This allows small businesses to receive cash immediately to lessen the impacts and helps “bridge the gap” until other resources (insurance claims, etc.) become available. For eligibility and to apply online visit or call 866-737-7232.

SBA Disaster Assistance - The U.S. Small Business Administration (SBA) provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Businesses can apply for loans online through a 3-step loan process.

Tips from Our Treasury Management Team

While there are no changes to the processing of ACH files, Remote and Mobile Deposits at this time, clients that are operating their business or organization remotely should consider the following:

  • If you and your employees are working remotely, provide us with alternative phone numbers where we may reach you.
  • If your remote scanner is being moved off site, you may need help downloading and installing new drivers.  Contact our Treasury Team at (850) 907-2300 for help.
  • Confirm access to Online Banking. Be sure you have access to your credentials and are able to login successfully. Store sensitive information securely.
  • Download our Mobile App
  • Plan for remote transmission of ACH files. Print extra blank copies of our ACH Transmittal Form so you can submit from outside the office. Call (850) 907-2300 for assistance if needed.
  • Ensure access to secure tokens. If you use a secure physical token/fob to log in to Online Banking, ensure that you and your employees have access to the token(s) or contact us for assistance setting up a Virtual Secure Token.

S T I M U L U S   U P D A T E

Treasury Checks for Economic Impact Payments

The U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) has begun printing and mailing economic impact payment checks, beginning with checks with a pay date of April 24, 2020, and weekly thereafter.  Checks are mailed daily until the checks are delivered, with twice daily mail pick-ups beginning Monday, April 20, 2020. Estimated check volume is approximately 5 to 7 million checks per week. 

Stimulus Payments FAQs

Americans are increasingly feeling the impact of the coronavirus, both on their everyday lives and their financial well-being. As a result of the CARES Act, the majority of Americans should start to see some financial relief through economic impact payments. Click here for a guide to COVID-19 economic stimulus relief.

Get My Payment Tool

The Internal Revenue Service (IRS) has established a way for taxpayers to check the status of their stimulus payments under the CARES Act. The tracking tool, called Get My Payment, is available on the IRS website.

To check for your refund, go to the website and click the “Get My Payment” button. You’ll need your social security number, date of birth and address. In some cases you will need a copy of your most recent tax return(s) so be sure to have those available.

In addition to checking your payment status, you’ll be able to:

  • Confirm how you want to receive your payment (direct deposit or check)
  • Enter or update your bank account information for direct deposit (if the IRS doesn’t already have it)
  • Update your mailing address if needed


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