SBA PPP Repayment Terms

Manager at a bank ($143MUSA)
Just checking to see how other banks offering the SBA PPP loans are setting up your repayment terms?  We are looking at setting up on 2 annual payments however legal counsel has questioned if this could be considered balloon payments and some guidance they have read stated the loan could not be on a balloon payment schedule.  We are just unsure with our new system how to set up 6 months deferred and then amortized out over the remaining 18 months.

Covid-19 Family Travel

Manager at a credit_union ($88MUSA)
We have an employee who lives with her in-laws, they will be returning from the Philippines soon.  We are thinking that she will also need to be quarantined for 14 days since she lives in the same household.  How are other's handling this type of situation?  Do we have her self quarantine?  If so, is this covered under the 2 weeks sick leave we are giving each employee?  Any comments would be appreciated.

SBA PPP Loans requiring Checking

COO at a bank ($376MUSA)
Our Bank is requiring the customers  applying for the PPP open a DDA for the funds to help track how the funds are used.  The reason is so the bank can easily help the customer apply for the loan forgiveness.  I was wondering if other banks are doing and any suggestions would be great.  We are very small institution, so I do not have enough account opening staff to handle the volume that we are already getting.  

PPP for Independent Contractors

VP at a bank ($53MUSA)
I'm not clear as to how independent contractors could meet the criteria for forgiveness that the use of at least 75 percent of the loan proceeds be attributable to payroll. We have independent real estate agents, hairdressers, single-person shops of plumbers and electricians, etc. inquiring about loans. We don't want them going into this with the impression that the loans may be forgivable, if there is no way they will qualify for forgiveness.

Is it Too Late to Automate? How to Get Started with PPP Lending | Blog

A fifth of the Paycheck Protection Program’s $349 billion in loans are already committed, less than five days after launching, but many small businesses are expressing frustration that their financial institution doesn't offer PPP loans. It's not too late to automate your lending process to get capital in the hands of small businesses quickly. Download our latest blog to learn how to get started with automation so you can be on your way to executing PPP loans and helping your community.

For more information on the CARES Act and the Paycheck Protection Program, visit our resource page.