Third Round of Paycheck Protection Program (PPP) Approved

January 4, 2021

The recently signed Emergency Coronavirus Relief Bill includes another round of funding ($284.6 Billion) of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). We are pleased to announce to our Embassy Bank customers that we will participate again. It is our understanding that this round does include funding for both first and second-time borrowers.

We are aware that second-time borrowers will need to demonstrate a 25% quarterly drop in gross receipts from 2020 vs. 2019, as well as having spent the original loan proceeds on eligible expenses. Once we can review the SBA's guidance and requirements, we will finalize the loan application process and update our website. Until then, you can begin to compile your information in order to prepare for the application process.

We do appreciate that so many of our business banking clients reached out to their elected representatives in order to help move this bill forward.

We understand the challenges that we are all facing during this time. You can be assured that we are working diligently on your behalf to help support you, your business, your employees and our community.

David M. Lobach, Jr.
Chairman, President and CEO
Embassy Bank for the Lehigh Valley

Additional Information Can Be Found at the Following Links:

SBA Paycheck Protection Program Website
Treasury Paycheck Protection Program Website

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