Skip to main content
Contact Us 1.800.374.6123 Locations
In connection with obtaining a PPP loan, you are/were required to make various certifications, including one regarding your need for relief in the form of a PPP loan. The specification certification in the SBA application form reads as follows: “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” We want to make you aware of recent guidance from the U.S. Treasury (the “Treasury”) regarding qualification for loans and loan forgiveness under the PPP. In particular, please see the below guidance from the FAQs published by Treasury specifically related to the "necessary" certification. We are sharing this information with you to ensure you are able to make informed decisions for your business. We encourage you to consult with your accounting and legal advisors about these matters as needed.
Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?
Answer: In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification. Lenders may rely on a borrower’s certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.
Do businesses owned by private companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?
Answer: See response to FAQ #31
Will SBA review individual PPP loan files?
Answer: Yes. In FAQ #31, SBA reminded all borrowers of an important certification required to obtain a PPP loan. To further ensure PPP loans are limited to eligible borrowers in need, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million, in addition to other loans as appropriate, following the lender’s submission of the borrower’s loan forgiveness application. Additional guidance implementing this procedure will be forthcoming. The outcome of SBA’s review of loan files will not affect SBA’s guarantee of any loan for which the lender complied with the lender obligations set forth in paragraphs III.3.b(i)-(iii) of the Paycheck Protection Program Rule (April 2, 2020) and further explained in FAQ #1.
The entire list of FAQs can be located at:
It is our privilege to serve you during this difficult time.
ENROLL FOR ONLINE BANKING
ASK TO BE CONTACTED
ENROLL FOR E-MAIL E-STATEMENTS
Privacy & Security
Peoples Bank—bank branches in OH, WV, and KY
138 Putnam St.
Marietta, OH 45750
Routing #: 044202505
Find out More
Visit us on Facebook
visit us on twitter
visit us on instagram
visit us on linked in
visit us on youtube
The Peoples Bancorp website links to third-party websites on the Internet. Peoples Bancorp provides links to these web sites only as a convenience. The inclusion of these links are not endorsements by Peoples Bancorp. The linked sites are not under the control of Peoples Bancorp, thus Peoples Bancorp is not responsible for the content of any linked site or any link contained within a linked site. Adobe Acrobat Reader 5.0 or above is required to access all PDF documents. Insured deposit products and services are offered through Peoples Bank,Equal Housing Lender, Member of FDIC. Please ensure use of the most up-to-date browser while viewing this website.
Peoples Bank (w/ logo)® is a federally registered service mark of Peoples Bank.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC, and are not insured by bank insurance, the FDIC or any other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Peoples Bancorp and Peoples Investment Services are not registered broker/dealers and are not affiliated with Raymond James Financial Services. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding an website's users and/or members. FINRA's BrokerCheck
Raymond James Privacy Notice
INSURANCE AND INVESTMENT PRODUCTS ARE: NOT FDIC INSURED • NOT GUARANTEED BY PEOPLES BANK • NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • SUBJECT TO RISK AND MAY LOSE VALUE.