First Draw Instructions_PPP

Second Draw Instructions_PPP

INFORMATION REGARDING PPP LOANS – What we know as of today 1/20/2021

ACC is now accepting First Draw and Second Draw PPP Loans through our online portal. If you are already a PPP borrower, we will be forwarding a link to you via no-reply@arcapital.com. If you did not obtain a PPP loan through us previously, please send an email to acc_ppp@arcapital.com requesting a link. Attached are instructions that we hope will help facilitate the process. A major change that we’ve noted is the loan calculation is generally based on calendar year 2019 or calendar year 2020 and requires tax forms of some variation. It is our understanding the internal records, such as statements prepared through Quickbooks, is generally not sufficient for this round of PPP for purposes of calculating the loan amount. They are permitted for illustrating revenue reduction, but must be signed on the first page attesting to their accuracy and initialed on all other pages if they’re unaudited financial statements.

As of 1/15/2021

Arkansas Capital Corporation (ACC)  will be a facilitation lender for the next Round of the Paycheck Protection Program (PPP). This Tuesday Jan.19th 2021 we are anticipating our Lender portal to be open and ready to start sending out application links from our portal for you to fill out the required PPP information for the SBA as well as our own required information.  If you are a previous PPP borrower with ACC, the application for this round will be done online.  ACC will send you a link to our portal for you to complete the application and the necessary documentation that is required to submit your app to SBA’s PPP loan program. If this is your first time to request a PPP loan through ACC, email us at acc_ppp@arcapital.com with the following initial information:

• Business Name
• Business’s Physical Address
• Business Owners Name
• Valid email address of the contact that will be used on the application
• Business Phone number and contact information if not the owners

When we receive your information we will contact you by email or phone call letting you know that your information will be put into our portal (when it is up and ready) and a link will be sent to you to fill out the application online.

As of 1/10/21

We are waiting for final confirmation/direction from SBA concerning forms, execution and language for us to turn on our PPP portal for the next round of PPP lending. As soon as we have the direction from SBA we will turn our portal on for taking applications.  Please keep referring back to our website as we will post any updates concerning this next round of PPP.

Initial Stimulus Information below:

As you may have heard, Congress has passed the long-anticipated stimulus package. 

Now, that the President has signed off on it, the clock has started for government agencies to promulgate the rules and regulations associated with the legislation. Until these rules and regulations are released, we have no details. In the meantime, here are a few of the highlights related to PPP:

• Eligible expenses under the PPP program have been expanded to include worker protection expenditures, supplier costs, cloud computing, among other items
• Creates a simplified forgiveness process for loans under $150,000 through a one-page certification that is to be created
• Creates a second PPP loan called a “PPP second draw” loan
• Eligibility highlights:
• Employ not more than 300
• Have used or will use full amount of first PPP loan
• Must demonstrate at least a 25% reduction in gross revenue in 1Q, 2Q, or 3Q of 2020 relative to same quarter in 2019
• Loan terms, In general:
• Entities in industries assigned to NAICS code 72 (Accommodations and Food Services) may receive loans up to 3.5x of average monthly payroll (2.5x of average monthly payroll for all other industries)
• Loan not more than $150,000, may be able to apply with a certification attesting to revenue loss requirements
• EIDL Advance Deduction from PPP Forgiveness repealed (and the Administrator is required to develop rules to make whole any borrower whose EIDL grant amount was deducted from an application has already been forgiven)

Once the rules are regulations, released, and Arkansas Capital has had time to review, we will make the determination of whether we can participate in the PPP lending program in 2021.  It is our intention to do so absent a regulatory nuance that would keep ACC from participating.  Please keep checking the website for updates.