Paycheck Protection Program
Paycheck Protection Program (PPP)
What you need to know.
The new COVID Pandemic Relief Bill has been passed by Congress and was signed into law on December 27, 2020.
At this time, National Capital Bank is no longer able to accept or process any new PPP applications.
Additional information, resources and updates can be found by visiting these sites:
- Coronavirus (COVID-19): Small Business Guidance and Loan Resources
- The CARES Act Assistance to Small Businesses
Paycheck Protection Program loans should be fully forgiven if the funds are used for eligible expenses such as payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll).
The Bank has established a strategic partnership with Abrigo, a third party software company specializing in data processing systems for banks. An online platform will be made available for our PPP borrowers to submit their forgiveness data, upload supporting documentation and create the forgiveness application, which the bank will be able to review, validate and file with the SBA.
The new Relief Bill also includes:
- Expanded language has been added for allowable use of funds for certain non-payroll expenses
- Eligibility for the Simple form forgiveness application has been expanded to loans of $150,000 or less
If you have not yet submitted your forgiveness application, we recommend consulting your CPA and/or attorney for further guidance.
What is next?
NCB continues to work closely with the SBA while further guidance is being finalized. Once received, we will provide information on our application process and update this page accordingly. Please be sure to check back frequently.
Have questions or need more information? Please contact our PPP Team by phone (202) 851-4496 ext.6234 or email at NCBPPPTeam@ncbwash.com