Paycheck Protection Program

COVID-19 and Payment Relief

COVID-19 and payment relief

Paycheck Protection Program

We've stopped accepting Paycheck Protection Program applications.

While we can't provide you with a PPP loan, we might be able to provide you with payment relief options on your business accounts.



    While new applications for PPP loans are no longer being accepted, there's still a lot to know about PPP. As the regulations surrounding the PPP continue to evolve and the Small Business Administration (SBA) provides additional guidance, information on this page will be updated. The following FAQ were last updated on May 26, 2021.

  • Are PPP funds available? Can I apply now?

    You might be able to receive an EIP in this round of payments even if you didn't qualify previously.

    Unfortunately, you can no longer apply for a PPP loan through MERCO Bank as the SBA has stopped accepting new PPP applications.

    While we can't provide you with a PPP loan, we might be able to provide you with payment relief options on your business accounts.

  • When submitting a PPP application, all borrowers must certify in good faith that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." What does this mean? How will the SBA review borrowers' required good-faith certification concerning the necessity of PPP Loan requests?

    As a reminder, it is the borrower's sole responsibility to determine and certify their eligibility to receive a loan under PPP. In addition to reviewing the affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP Loan under the standard established by the CARES Act and the PPP regulations.

    On April 23, 2020, the U.S. Government issued regulatory guidance making clear that a PPP Loan applicant must review carefully the applicant's required certification that "current economic uncertainty make this loan request necessary to support the ongoing operations of the Applicant." This guidance:

    • Directs each applicant to take into account its current business activity and its ability to access other sources of liquidity sufficient to support its ongoing operations in a manner that is not significantly detrimental to the business.
    • Notes, by way of example, that it is unlikely that a public company with substantial market value and access to capital markets would be able to make the required certification in good faith, and such a company should be prepared to demonstrate to the SBA, upon request, the basis for its certification.

    Additionally, to further ensure PPP Loans are limited to eligible borrowers in need, the SBA has decided—in consultation with the Department of the Treasury—that it will review all loans in excess of $2 million, in addition to other loans as appropriate (see SBA's Frequently Asked Question 39, which was issued on April 29, 2020). The SBA will perform this review following the lender's submission of the borrower's loan forgiveness application.

    In reviewing borrowers' required good-faith certification concerning the necessity of their PPP Loan request, the SBA—in consultation with the Department of the Treasury—has determined that the following safe harbor will apply: Any borrower that, together with its affiliates, received PPP Loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith (see SBA's Frequently Asked Question 46, which was issued on May 13, 2020). Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. As noted above, the SBA has previously stated that all PPP Loans in excess of $2 million, and other PPP Loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP Loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request.


    All loans are provided by MERCO Bank and are subject to credit approval and program guidelines. Loans by the SBA or guaranteed by the SBA are subject to SBA eligibility guidelines. Certain restrictions and exclusions apply to refinancing options for SBA loans and are subject to program terms. MERCO Bank does not provide tax advice and recommends that you consult an advisor regarding your particular financial situation.

    This information does not constitute advice and does not cover all aspects of the law, including provisions that may be relevant to, or apply differently to, your business, your employees and/or your shareholders. For any specific questions about the CARES Act and how it may impact your business, we strongly encourage that you contact your legal counsel and your business contacts at Truist.

    Nothing prevents a borrower from retaining professionals to assist in preparing the information we need to process your loan. As is customary in lending transactions, Truist, as lender, will not pay the costs of professionals that our borrowing clients choose to retain.

    MERCO Bank, Member FDIC and Equal Housing Lender. Only deposit products are FDIC insured. Loans are subject to business type and credit approval. © 2021 Truist Financial Corporation. All rights reserved.

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