If you have a Citizens Bank PPP online account and looking for how to Access or manage your Citizens Bank PPP Portal online then you have to stop looking and read this post. In this post, you will learn how to sign in to your Citizens Bank PPP Portal online and much more to extend your knowledge.
If you have a Citizens Bank then you might want to know how To Access Your Citizens Bank Account
You are not only going to learn how to access/manage your Citizens Bank PPP Portal Customer Account, We will extend your knowledge by telling you everything you need to know about Citizens Bank PPP program, So let’s begin without wasting more time. Read on to learn more and consult with your financial or tax advisor for complete guidance on all expense and tax planning.
What Is Paycheck Protection Program (PPP)?
Paycheck Protection Program (PPP) under the SBA’s 7 (a) lending program. This new program is designed to give small businesses the capital they need to support payroll costs and other expenses during the temporary disruption caused by the COVID-19 pandemic. The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
PPP Latest News and Updates
July 28: The SBA is allowing certain borrowers with PPP loans $150,000 or less to apply for forgiveness directly through its portal. Citizens customers should submit forgiveness applications through their PPP loan portal (not the SBA’s), as it meets the streamlined guidelines.
The SBA recently informed lenders that funding for the PPP has been exhausted, and from this time forward new qualifying applications will only be funded through Community Financial Institutions. As a result, Citizens Bank are no longer accepting new PPP applications.
How To Access Your Citizens Bank PPP Portal Customer Account
Firstly, we will be learning how to log in as it is one of the most crucial steps. Citizens Bank PPP Portal login is a simple to use method made particularly for customers. Citizens Bank PPP Portal Customer Account is made available by the US Small Business Administration to streamline forgiveness processing for PPP Borrowers.
To Access Your Citizens Bank PPP Portal Customer Account, go to https://pppforgiveness.citizensbank.com/login?locale=us
On the Citizens Bank PPP Portal, enter your username and password to proceed. If you cannot remember your password, use the “Forgot Your Password?” tool to retrieve it.
Citizens Bank PPP FAQs
1: Can I still apply for a PPP loan through Citizens? The SBA recently informed lenders that funding for the PPP has been exhausted, and from this time forward new qualifying applications will only be funded through Community Financial Institutions. As a result, we are no longer accepting new PPP applications.
2: If I received a PPP loan, what are the allowed expenses? The additional PPP funding has an expanded list of eligible expenses that includes some operational costs and pandemic-related expenditures. Like last year’s program, payroll is a priority: 60% of PPP funds must be spent on payroll.
As long as the payroll requirement is met, the other 40% of funds may be used for:
- Mortgage interest
- Covered utilities
- Group health insurance payments made by an employer
- Supplier expenses deemed essential to business operations
- Eligible operations expenditures, including payments for software or cloud computing services, human resource (HR) and payroll processing, sales and billing functions, or product or service delivery
- Eligible property damage resulting from public disturbances in 2020 not covered by insurance
- Eligible worker protection expenses such as personal protective equipment (PPE) or expenditures to meet state and local guidelines issued because of the ongoing national COVID-19 emergency
- Interest on some debt incurred before February 15, 2020
3: If I received a PPP loan, what sort of documentation related to my application should I retain?
For customers who applied for a first PPP loan through Citizens, key information to retain includes:
Information demonstrating you had employees for whom you paid salaries and payroll taxes on February 15, 2020.
Your average monthly payroll costs for 2019 or for the last 12 months. Seasonal businesses may use the period from February 15 to June 30, 2019. New businesses may use the period from January 1 to February 29, 2020. The annual per employee cap is $100,000. The following costs may be included for your U.S.-based employees:
- Salary, wages, commissions or similar compensation to part-time and full-time employees
- Cash tips or the equivalent (based on historical records or, in the absence of such records, a reasonable estimate)
- Payment for vacation, parental, family, medical or sick leave
- Allowance for separation or dismissal
- Payment for employee benefits consisting of group health care coverage, including insurance premiums and retirement
- Payment of state and local taxes assessed on compensation of employees
Acceptable documentation includes payroll processor records, payroll tax filings or a Form 1099-MISC, or income and expenses if you are a sole proprietorship. Please check with your payroll provider to see if they have a form for this purpose. If you use an external payroll service provider, please visit your provider’s website or call your provider to learn how to get the PPP reports. If those documents aren’t available, bank records that demonstrate the payroll amount will suffice.
For customers who applied for a second PPP loan through Citizens, retain documents uploaded with your first loan application. In addition, make sure you keep documentation to support at least a 25% reduction in gross receipts.
4: How do I need to use the PPP loan funds in order to qualify for loan forgiveness? As with the first round of PPP loans, you must use funds for eligible forgivable expenses in order to qualify for loan forgiveness.
5: What PPP scams do I need to look out for? In 2020, criminals were quick to prey on small businesses seeking financial support. They attacked businesses with schemes that asked for payments and personal information, and will likely continue to do so. Be on the lookout for these scams:
Requests for upfront fees. Beware of anyone asking for fees in exchange for access to PPP funds. The SBA and the U.S. Department of the Treasury do not charge fees for PPP loans.
Invitations on social media. Government agencies will not reach out to you via any social media channel regarding loan distribution.
Contact from a government entity. While a lender you are working with to apply for a loan — such as Citizens — may contact you after you apply, government bodies such as the IRS, the SBA, or the Department of the Treasury typically won’t initiate contact via phone, email, or other channels to ask for information.
A promise of quick access to funds. It may make sense for your business to work with a legitimate lender for short-term financial relief. But regard any contact offering short-term high-interest “bridge” loans while you wait for PPP funds as suspicious, particularly if it is from someone other than your primary bank or financial partner.
6: What financing resources are available other than a PPP loan?
Businesses have financing options available to them, other than PPP loans, including:
Business financing. A business loan or line of credit can help you access funds for the purpose and timeframe that makes the most sense for your organization’s goals.
Business credit cards. Business credit cards can help you build your business and keep track of monthly spending. Depending on the type of card, you can also earn points or rewards on your spending, which you can reinvest back into your business.