SBA Second Funding of PPP Loans
The Bank of Glen Burnie is planning to participate in the recently authorized “Second Funding” PPP loans. The application window for “Second Funding” PPP loans is expected to extend to March 31, 2021. Once the final details have been communicated to us from the SBA, we anticipate accepting applications from our current PPP borrowers for a “Second Funding” in accordance with some of the eligibility requirements, that include, but are not limited to:
- Borrower’s total employment capped at 300
- Eligibility based on documented revenue decline – top-line revenue comparison between 2019 and 2020 1st, 2nd, and 3rd quarters
- Maximum of $2 million per loan for “Second Funding”
Applications will be received and processed through an online portal, and if you previously received a PPP loan from the Bank of Glen Burnie, you will be contacted via e-mail with a link to the application site. Borrowers should prepare now to document the revenue comparison and update the documents that were required in the earlier PPP loan applications. The “Second Funding” loans will include all of the same interest rates and conditions of your first loan but will have a five-year term. You will be able to apply for forgiveness in a similar fashion as the first PPP loan.
We anticipate the portal will open within the next few weeks.
PPP Loan Forgiveness Resources
Paycheck Protection Program Loan Forgiveness
Understand how to maximize the forgiveness amount of your PPP Loan.
Login and Application Tips:
- Customer name should be typed in as it appears on your copy of the loan document with no punctuation (periods, dashes, etc) up to 30 characters including spaces.
- Tax ID will be the TIN or SSN from your application. When typed in, no punctuation.
- A PIN will be sent to the e-mail you provided on your original application.
- Still having problems logging in? Send an e-mail to LoanAdmin@bogb.net.
- When uploading files or documents, always be sure to double check that the proper file is selected to avoid sending the wrong file.
- When you have finished completing your application, you will be required to sign your name using a mouse. Please note that you must click “SAVE” before the system will allow you to add your signature to the signature line.
The Bank of Glen Burnie will follow SBA guidance to determine the amount of a PPP loan that is forgivable and will require all borrowers to submit an application for loan forgiveness with supporting documentation. This page contains helpful resources related to the loan forgiveness process and will be updated frequently in the event of legislative developments or new SBA guidance. Please use this page as a resource for the most up-to-date information about the PPP loan forgiveness process.
How to Apply for PPP Loan Forgiveness
The Bank of Glen Burnie developed a secure, digital portal that customers must use to apply for PPP loan forgiveness. This portal will streamline the process our PPP loan customers will follow to complete and submit the loan forgiveness application electronically. The loan forgiveness application in the portal will be pre-filled with information from the original PPP loan application, reducing the time required for the borrower to complete the application. This portal can be accessed by clicking on the “Apply for PPP Loan Forgiveness” button found on the side-bar to the left. Here you can also view answers to Frequently Asked Questions (FAQ) about PPP Loan Forgiveness. Direct links are also include in the “Helpful Links” section below.
Paper or PDF loan forgiveness applications will not be accepted.
When Can I Apply for Loan Forgiveness?
Once eligible to apply for loan forgiveness, The Bank of Glen Burnie will alert borrowers with an email notification which will provide instructions for accessing the portal and how to initiate the loan forgiveness process through our digital portal.
It is the customer’s responsibility to complete and submit the loan forgiveness application. The Bank will not complete these applications on behalf of customers.