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PPP Resources

You care about your business. And we do too.

From origination to forgiveness, Five Star Bank is here to support our Paycheck Protection Program (PPP) loan customers in every step of the relief process.

Have additional questions?
 
Give us a call.


Summary of eligibility and terms1

General Eligibility

Changes to Loan Forgiveness

Loan Terms

First-time PPP Loan

Second-Draw PPP Loan

Small Businesses that have not more than 500 employees2

Small Businesses with 300 or fewer employees

List of eligible expenses has been expanded

First-time borrowers may receive loans up to 2.5x average monthly payroll costs in (i) the one year prior to loan origination or (ii) calendar year 2019, up to $2 million

501( c)(6)s, housing cooperatives, direct marketing organizations, other types of organizations, seasonal employers

Have received a First Draw PPP Loan

Simplified process implemented for loans $150,000 or less

Hotels and restaurants may receive loans up to 3.5x average monthly payroll costs


Have experienced a revenue reduction in 2020 relative to 2019


Seasonal employers may calculate their maximum loan amount based on any 12-week period between Feb. 15, 2019 and Feb. 15, 2020.


Have spent or will spend the full amount of First Draw PPP Loan on eligible expenses on or before the expected date of the Second Draw


Businesses not in operation for the year prior to February 15, 2020 may calculate maximum loan amount based on average monthly payroll costs for the period they were in operation

1 Small Business Administration Interim Final Rules for Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act and Business Loan Program Temporary Changes; Paycheck Protection Program Secondary Draw Loans

2 Or are small businesses as defined by the SBA size standard for the borrower’s industry, per physical location and that are majority owned or controlled by newspaper publishers, radio and TV broadcasters, or public broadcasters


Expansion of Forgivable Expenses1

In addition to payroll, rent, mortgage interest, and utilities, Paycheck Protection Program funds may also be used on additional forgivable expenses, including:
  • Business software, Cloud computing services, or payroll processing
  • Costs related to property damage, vandalism, or looting due to public disturbances in 2020
  • Payments to suppliers that are essential to the business’ operations
  • Operating or capital expenses to comply with public health directives, including the installation of ventilation systems or physical barriers and the purchase of personal protective equipment

1 Small Business Administration Interim Final Rules for Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act and Business Loan Program Temporary Changes; Paycheck Protection Program Secondary Draw Loans
 

Changes to Loan Forgiveness1

Applications for loan forgiveness for PPP loans up to $150,000 have also been simplified. Please be ready to share the following information with our team:
  • Describe the number of employees you were able to retain because of the PPP loan, the estimated amount of the loan spent on payroll, and the total loan amount.
  • You will also be required to attest that you accurately provided this certification complied with all program requirements, and retain records proving compliance with program requirements for up to four years.
To begin the application process for loan forgiveness, please contact your relationship manager.

1 Small Business Administration Interim Final Rules for Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act and Business Loan Program Temporary Changes; Paycheck Protection Program Secondary Draw Loans




Frequently Asked Questions

If you obtained your Paycheck Protection Loan during 2020, these frequently asked questions would apply to you.

Is it too late for me to apply for Forgiveness if my loan was obtained in 2020?

It is not too late for you to apply for Forgiveness.  You can apply for Forgiveness until the maturity of your loan. 

  • If you received your PPP loan prior to June 5, 2020, your maturity is 2 years from the date of your loan note.
  • If you received your PPP loan on or after June 5, 2020, your maturity is 5 years from the date of your loan note.

Please check your loan note.  If you have questions you can visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888) 312-1066 option 1.

It’s important to note, while you can apply for Forgiveness until your loan matures, your payments become due at the end of your deferment period. You will receive bills until we receive a complete Forgiveness application. You will receive notification by the SBA when your loan is fully forgiven. In the event of a decline or partial Forgiveness, you will receive adjusted bills.


I did not receive an email alerting me to apply for PPP Loan Forgiveness.  How can I get it resent to me?

You can visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888) 312-1066 option 1. 

 

How do I calculate my deferment period?

Your deferment period is 10 months plus your 24-week covered period. This begins from the date of your loan note. Please check your loan note. If you have questions you can visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888) 312-1066 option 1.

 

If I have already started making payments, can I still apply for Forgiveness?

Even if you have started making payments, you can still request Forgiveness for all eligible payroll and non-payroll expenses up to the original loan amount.  If full Forgiveness is received, anything extra that was paid over the Forgiveness amount will be credited/refunded.

 

What happens if I do not apply for Forgiveness?

If you do not apply for Forgiveness and your deferment period ends, you must begin to make payments on your loan.

If you do not make payments and do not apply for Forgiveness, your loan will become delinquent. After 60 days of delinquency, your loan will be reported to the SBA. This can have potential consequences such as being referred to CAIVRS (Government delinquency database) and TOP (Treasury Offset Program) by the SBA.

 

Who can I speak to for assistance with completing the Forgiveness process?

You can visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888) 312-1066 option 1.

 

Will I be responsible for any amount of the loan?

If you never apply for Forgiveness, you will be responsible for the entire amount of your loan. Forgiveness is not automatic, and it is not too late to apply for it. Please visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888) 312-1066 option 1 to start the Forgiveness process today.


If you obtained your Paycheck Protection Loan during 2021, these frequently asked questions would apply to you.

When will I be alerted that I can apply for PPP Loan Forgiveness? 

You should receive an email from Five Star Bank (FSBPPPLoans@five-starbank.com) in the beginning of October outlining the steps you need to take to apply for PPP Loan Forgiveness. 

Below is the link you can use to start the process. 

https://five-starbank.expressbanking.net/2/#/match

NOTE:  You will need your Business TIN and Authorized Signer social security number. 

 

What happens if I do not apply for Forgiveness?

If you do not apply for Forgiveness and your deferment period ends, you must begin to make payments on your loan.

If you do not make payments and do not apply for Forgiveness, your loan will become delinquent. After 60 days of delinquency, your loan will be reported to the SBA. This can have potential consequences such as being referred to CAIVRS (Government delinquency database) and TOP (Treasury Offset Program) by the SBA.

 

Who can I speak to for assistance with completing the Forgiveness process?

You can visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888) 312-1066 option 1.

 

Will I be responsible for any amount of the loan?

If you never apply for Forgiveness, you will be responsible for the entire amount of your loan. Forgiveness is not automatic. Please visit your local branch, contact your Relationship Manager or call our Customer Contact Center at (888)312-1066 option 1 to start the Forgiveness process today.