PPP Update

Republic Bank will continue to accept PPP loan applications through March 11, 2021. We will not be able to accept new applications after March 11th. We apologize for the inconvenience. This action is necessary to ensure all current PPP applicants are processed prior to the close of the program on March 31st. If the SBA extends the Paycheck Protection Program beyond March 31, 2021 we may accept additional applications in the future.

Current PPP applicants must provide all requested supporting documentation by 5:00 PM on March 19th, or earlier if so notified, for the PPP application to proceed. Republic Bank will stop processing current applications at 5:00 PM on March 30th. Applicants who have not received an SBA loan approval by March 31 will be notified their application cannot proceed and has been closed with no further action.

Schedule C Filers: The SBA released new rules governing the loan calculation methodology for PPP loan applications. The new rule allows IRS Form 1040 Schedule C filers to calculate the loan amount based on gross income. Due to system limitations, Republic Bank will not be able to process requests to utilize the new calculation method.

  • If your loan was funded and disbursed by Republic Bank prior to March 10, 2021 you are not eligible to utilize the new calculation method based on the SBA interim final rule.
  • If your loan was not funded or funded after March 10, you have the option to:

       - Accept the loan amount approved by the SBA and Republic Bank under the former calculation method (net income) or

       - Withdraw your application and reapply with a different financial institution