Small Business Lending Information



Intracoastal Bank Paycheck Protection Program (PPP) Clients:

This email serves as an update on PPP Forgiveness. There is still a lot of uncertainty around this process and we are awaiting further guidance from the Small Business Administration (SBA) before accepting applications and finalizing our application portal. Amendments to the program are underway and awaiting final approval from the Federal Government. We will send an email to all PPP Clients with a summary of these changes once they are finalized and SBA guidance has been released.

We strongly recommend you read the following information from the Treasury/ SBA. Familiarity with this information will make the forgiveness process easier and more successful for you. It is important to remember that you are responsible for the accuracy of your forgiveness application. Intracoastal Bank cannot be relied upon to confirm the accuracy of your calculations. It is also important to note that the forgiveness process will take significantly longer than the loan closing process. The Lender has 60 days to approve a Forgiveness application. Additionally, the SBA has 90 days following lender approval to remit the appropriate forgiveness amount to the Lender. This lengthy process makes it even more critical that your application is 100% accurate the first time. We recommend you consult with your attorney, CPA and any of your other trusted advisors as you complete your application.

o Interim Final Rule on Forgiveness:

o Interim Final Rule on SBA Loan Review Process and Borrower Responsibilities:

o PPP Application (ICB will have an online version):

Sincerely,

Ryan Page

Senior Vice President

Chief Credit and Risk Officer

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