RECOVERY & RESILIENCY

Building Back Better

PPP Forgiveness

Paycheck Protection Program (PPP) Forgiveness Portal

A borrower can apply for PPP loan forgiveness once all loan proceeds that the borrower is requesting forgiveness for have been used. PPP loan payments are no longer deferred if borrowers do not apply for forgiveness within 10 months after the last day of the covered period. After this point then borrowers will begin making loan payments.

How to apply for loan forgiveness:

  • You can formally complete your SBA Loan Forgiveness Application via the SBA Direct Portal.

  • To apply for forgiveness all that is required is either your EIN or social security number, the correct loan amount and an e-signature. 

  • Once your application is complete a BBIF team member will submit the application for processing.

For more information and updates visit the SBA Direct Portal. or email loans@bbif.com

SOAR

Southern Opportunity and Resilience (SOAR) Fund

The Southern Opportunity and Resilience (SOAR) Fund is helping small businesses and nonprofits across America’s South access affordable capital and free business support to navigate the pandemic and recover.

Minimum Eligibility Requirements

  • The business or non-profit must employ 50 or fewer full-time equivalent (FTE) employees.

  • The business or non-profit must have suffered a direct economic disruption as a result of COVID-19 in a way that has materially impacted operations.

  • The business or non-profit must have been in operation since at least September 2019, unless the business is a for-profit business and meets one of the following additional criteria:

    • The business can demonstrate three or more years of operating experience in the industry through previous ownership or management; or
    • The business has previously borrowed from the community lender and has had no repayment issues

Loan Terms

Maximum Loan Amount

The maximum available loan amount is $100,000 or up to 100% of your business’ revenues for any three-month period prior to the COVID pandemic outbreak (in 2019 or the first quarter of 2020) whichever is less. The maximum loan amount available under this program is $100,000.

Interest Rates 

  • For-Profit Business: 4.0% Fixed Interest Rate For up to 60 Months
  • Nonprofit Business: 3.0% Fixed Interest Rate For up to 60 Months

Have questions about your eligibility? Visit SOAR’s website for more details or contact a member of BBIF’s loan team today at loans@bbif.com

Apply Now