Paycheck Protection Program
Status - March 31, 2022
PPP 2021 Loans - End of Deferral Period
As a result of the Flexibility Act (passed in June 2020), the deferral period for PPP loans was updated to the date your loan was received + 24 weeks + 10 months. For most of SVB’s PPP 2021 loans (funded starting in January 2021), the deferral period is ending in May or June of 2022.
To keep your loan payments deferred, you need to submit a PPP forgiveness application prior to the end of your deferral period. Your specific deferral date can be viewed in emails sent to the current forgiveness task owner, which are sent 75-, 45- and 15-days prior to the end of the deferral period. Please note that the date shown in SVB Online Banking Forgiveness task does not relate to your specific loan; It only relates to the task and does not impact your ability to apply beyond that date
If you have not been receiving the emails, please reach out to us at SVBPPPCare@svb.com so we can confirm the task assignee and help get the task reassigned, if needed.
PPP Loan Forgiveness for Boston Private Clients
Boston Private PPP clients can submit loan forgiveness applications online by clicking the link provided here.
If you have any questions, or need any additional assistance in submitting your forgiveness application, please reach out to SVBPPPCare@svb.com.
Forgiveness
SVB is currently accepting PPP Loan forgiveness applications via SVB Online Banking.
PPP 2021 loan forgiveness applications were made available following the distribution of your PPP 2021 loan.
The SBA has opened a portal to accept forgiveness applications and you may have received an invite from the SBA to apply directly by mistake. However, for SVB's PPP loans, you must apply for forgiveness directly to SVB via SVB Online Banking. An application submitted directly to the SBA will not be accepted.
SBA Release of Loan Recipient Data
On December 1, 2020 the SBA released the names, addresses and precise loan amounts of all PPP and COVID-19 related EIDL borrowers, as ordered by a federal judge in response to a Freedom of Information Act request. Silicon Valley Bank and other PPP lenders had no input in the SBA’s decision to release this information.
Unfortunately, we have heard that some third-party businesses are using the released information to market themselves to PPP borrowers. These communications may reference SVB and may even imply that we have a relationship. You should be aware that we will communicate directly with you about your PPP loan and the forgiveness process.
In addition, there may be some discrepancies and inaccuracies in the data, similar to what occurred in previous data releases from the SBA. If you believe your company has been incorrectly included on the list of loan recipients, contact the SBA’s Office of Inspector General Hotline at 800.767.0385 or via their online form. Please note that even if your company repaid its PPP or EIDL loan, it will appear on the list the SBA released due to the order from the federal judge.
SBA Rules on Changes in Ownership
Many PPP borrowers are considering transactions that involve changes in the borrower’s equity ownership (e.g. raising equity, mergers, etc.). On October 2, 2020, the SBA published an official procedural notice detailing the requirements for PPP borrowers who wish to make any changes to their equity ownership.
Under this new guidance, PPP borrowers who wish to make any equity ownership changes must notify SVB of all transactions. If you are considering any transaction which will change your equity ownership, please find instructions and a complete list of required information here.
Please note that while SVB will submit consent requests that require SBA approval in a timely manner, the SBA may take up to 60 days to respond.