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Business Observer Wednesday, Jul. 22, 2020 1 week ago

Bank extends application window for PPP funds

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St. Petersburg-based First Home Bank has already processed some 6,500 loans, totaling $820 million.

ST. PETERSBURG — First Home Bank plans to continue to process applications for federal Paycheck Protection Program loans after the loan availability period ends on Aug. 8.

In a press release, the St. Petersburg-based bank says it has already processed 6,556 PPP loans for a total of more than $820 million. Seventy percent of the loans were for less than $150,000. 

Courtesy. Tom Zernick, president of CreditBench, First Home Bank’s SBA lending division.

The forgivable PPP loans were authorized in March as part of the federal government’s Coronavirus Aid, Relief and Economic Support (CARES) Act. They are available to companies and non-401(c)(3) nonprofits of 500 employees or less, as well as sole proprietors, self-employed people and independent contractors. The funds can be used for payroll, group health benefits, salary and employee commissions, mortgage interest, rent and utilities.

“Although we are national in scope, at heart we are a Tampa Bay community bank with a reputation for serving small businesses,” states Tom Zernick, president of CreditBench, First Home Bank’s SBA lending division, in the release. “This program has proven to be a critical lifeline for the small, independent, locally owned companies who’ve been hit the hardest by COVID-19. For that reason, we will continue to offer PPP loans as long as the funds are available."

First Home Bank reported $78.8 million in gross revenue in 2019, up from $51.14 million in 2018. 

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