Dear Metairie Bank PPP Customer,
Metairie Bank & Trust is grateful for the opportunity to serve the New Orleans region through the SBA’s Paycheck Protection Program. We appreciate your trust and willingness to work with us through this process.
From the date your loan was closed to the present, many changes have been implemented by Congress. Most notably, the PPP forgiveness process has been revised to allow borrowers to adopt an 8-week or 24-week covered payroll period. Additionally, the ratio of direct payroll expenses to the loan amount has been reduced from 75% to 60%. These changes were adopted to provide borrowers with greater flexibility in utilizing the program funds. Finally, the date of your first payment under the PPP loan program has changed. Your first PPP loan payment will not be due until the SBA has completed its review of your PPP forgiveness application. The amount of your PPP loan payment will be calculated based on the amount not forgiven and the number of months remaining under your loan agreement.
With regards to the PPP forgiveness application process which opened on August 10, 2020, Metairie Bank is encouraging its customers to patiently wait for additional action from Congress. We, and many other PPP lenders who are taking this same approach, believe that additional steps will be taken to streamline the forgiveness process and possibly expand the list of eligible expenses. As noted earlier, there are no payments due under the PPP loan program until the SBA has approved your forgiveness application. Therefore, delaying your PPP application will not have an adverse impact on, and could potentially benefit, your company.
We look forward to working with you through this process and remain committed to providing our community with the level of personal service that has served as Metairie Bank and Trust’s hallmark for over 73 years. We will continue to send out periodic email updates as we move forward in this process. If you have any questions, please email us at SBA@metairiebank.com and we will promptly respond to your inquiries.
Ron E Samford Jr