Unfortunately, you can no longer apply for a PPP loan through Truist as the SBA has stopped accepting new PPP applications.
While we can’t provide you with a PPP loan, we might be able to provide you with payment relief options on your business accounts.
You’ll be able to use our PPP Client Portal to review the status of your application and funding. If you’ve submitted a completed PPP application and all required documents, there’s nothing more for you to do.
Part of the funding approval process rests with the SBA. Timing for this is difficult to forecast as it is not in our direct control, and it could affect if and how quickly you receive your funds.
We encourage you to check the PPP Client Portal regularly for updates.
As a reminder, it is the borrower’s sole responsibility to determine and certify their eligibility to receive a loan under PPP. In addition to reviewing the affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP Loan under the standard established by the CARES Act and the PPP regulations.
On April 23, 2020, the U.S. Government issued regulatory guidance making clear that a PPP Loan applicant must review carefully the applicant’s required certification that “current economic uncertainty make this loan request necessary to support the ongoing operations of the Applicant.” This guidance:
Additionally, to further ensure PPP Loans are limited to eligible borrowers in need, the SBA has decided—in consultation with the Department of the Treasury—that it will review all loans in excess of $2 million, in addition to other loans as appropriate (see SBA’s Frequently Asked Question 39, which was issued on April 29, 2020). The SBA will perform this review following the lender’s submission of the borrower’s loan forgiveness application.
In reviewing borrowers’ required good-faith certification concerning the necessity of their PPP Loan request, the SBA—in consultation with the Department of the Treasury—has determined that the following safe harbor will apply: Any borrower that, together with its affiliates, received PPP Loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith (see SBA’s Frequently Asked Question 46, which was issued on May 13, 2020). Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. As noted above, the SBA has previously stated that all PPP Loans in excess of $2 million, and other PPP Loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. 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. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request.