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Small Business Administration Paycheck Protection Program

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. We believe that SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

In round one of the Paycheck Protection Program, Centennial Bank helped more than 8,500 small businesses gain access to over $850 million in relief.

Recently enacted federal legislation has made $285 billion available to restart PPP funding. Qualifying businesses can now get a second PPP loan, even if they received a loan already.

Effective end of day on Friday, May 7, 2021 we will no longer accept new PPP applications to be processed. We will continue to work on, and attempt to complete, applications that are entered into the system on or before the deadline date.

Centennial Bank is focused on providing support to small business customers during these challenging times.  We have been working diligently to ensure that our application process makes it easy to secure your place in line for the next round of PPP. We know these are very difficult times and we want to make sure getting a PPP loan isn’t something you have to worry about.

Please visit the SBA website ( https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans ) for the latest details on PPP Round 2, including program rules and requirements.  The interim final rule can be found at the link below:

Interim Final Rule Document


How To Apply for Paycheck Protection Program Round 2 at Centennial Bank

At Centennial, the PPP loan application is administered online only. All information and correspondence related to PPP loan applications will occur online and through email, including the application process, submission of required documents and follow-up correspondence.

To learn more about the Centennial Bank SBA PPP application process and if your business might qualify, please click on the link below:

Centennial Bank SBA PPP Origination

You must have a Centennial Bank deposit account before any PPP loan funds can be disbursed through Centennial Bank. If you don't have a deposit account with us, speak to your Loan Officer, go by your local branch to open an account or use on online account opening option.

In the event of any discrepancies between the information on this site and the SBA’s site, please follow official SBA guidance.

Are you new to Centennial Bank and in need of PPP loan assistance?  If so, please fill out our Get In Touch form and select SBA as the topic for the form.

If you have questions regarding the application process, please call our Customer Care Center at (888) 372-9788 and ask for assistance.


PPP Forgiveness

At Centennial Bank, we understand how important forgiveness of your Paycheck Protection Program (PPP) loan is to your business.

Your loan may be forgiven in full if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll). Below are a few key points:

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
  • Loan payments will be deferred for six months.
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

Based on our understanding of the rules, full forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles.
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined.

To review the Paycheck Protection Program Interim Final Rules, please click on the link below:

Paycheck Protection Program Final Rules

This legislation makes certain material changes to the Paycheck Protection Program (PPP), including to the terms of loan forgiveness.


PPP Loan Forgiveness Instructions

To review the Paycheck Protection Program Loan Forgiveness Borrower Instructions, please click on the link below:

Borrower Instructions


Remember PPP loan forgiveness is not automatic. If you plan to seek forgiveness, you'll need to submit an application using the email sent to you from Centennial Bank. Until then, what can you do?

1. Prepare

  • Understand covered expenses.  Forgiveness requirements are outlined by the regulation.  Please refer to the following link for more detail on forgiveness requirements. FederalRegister.gov
  • Gather supporting documentation. Stay organized with your documentation on the use of the PPP funds, especially related to payroll, rent, utility payments and interest. Make sure you are able to prove payments when you submit your PPP forgiveness application.
  • Review FAQ’s. The SBA has prepared a list of frequently asked questions regarding PPP loan forgiveness.  To review, click the following link: SBA.gov FAQs
  • Review the SBA Application(s).  The SBA has recently updated the Forgiveness Application, Form 3508, to reflect the changes made under the PPP Flexibility Act. They have also released a second simplified version, the SBA Form 3508 EZ, which is available to borrowers who meet certain criteria. To see which form is right for your business, please review applications and instructions for both versions:

Please use the PDF applications and instructions to help you prepare for online entry.  Centennial will not accept paper applications. 

Form 3508 – Instructions

Form 3508 EZ – Form 3508 EZ Instructions

We recommend that you start reviewing the SBA forms of forgiveness application, as our PPP loan forgiveness application process will be based on those forms.  Your PPP loan will require an automated application submission.  Please do not complete the paper form to submit for forgiveness.  An email sent to you by Centennial Bank will allow you to complete the application electronically. 

2. Wait for Application Email

  • If you received your PPP loan through Centennial Bank, you’ll need to submit your request through us as well. We’ll send you an email once our PPP loan forgiveness online application becomes available to you. It will contain a link that will allow you to access the forgiveness portal.
  • You’ll want to wait to submit your PPP loan forgiveness application until you have collected and uploaded ALL of your required documents.
  • Once you have submitted your information to us, we will review your completed PPP loan forgiveness application and supporting documents, and we will submit a proposed forgiveness decision to the SBA.
  • The ultimate forgiveness decision is made by the SBA. Once the SBA responds to our submission, we will let you know the final results of their review.
  • We expect that the process of our review and SBA’s ultimate approval could take from 30-90 days after your forgiveness submission is complete and accepted by us.

In the event of any discrepancies between the information on this site and the SBA’s site, please follow official SBA guidance.

If you have questions regarding the forgiveness process, please call our Customer Care Center at (888) 372-9788 and ask for your Centennial Bank Loan Officer.

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