Paycheck Protection Program overview

Originally signed into law on March 27, 2020 under the CARES Act, the Paycheck Protection Program (PPP) delivers relief to small businesses and their employees who have been impacted by the COVID-19 pandemic. Administered by the SBA, this program provides funds to small businesses, independent contractors and self-employed individuals. The loan funds help businesses cover expenses such as:

Payroll expenses

Mortgage interest

Rent

Utilities

These loan funds also help businesses to cover expenses such as covered property damage, covered supplier costs, and covered worker protection expenditures.

On December 27, 2020, President Trump signed the latest COVID-19 relief package into law. The package provides for updates to the Paycheck Protection Program, including new loans, forgiveness on existing loans, and second draw loans.


To date, Synovus has assisted in closing approximately 19,000 loans totaling 2.9 billion dollars since the program’s introduction.

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What happens next with the Paycheck Protection Program?

On January 19, 2021, Synovus will begin accepting PPP loan applications. In the meantime, we’d like to share a few tips and reminders to help you prepare.

First-time borrowers

Apply now coming soon

Understand the requirements for a PPP loan, and find answers to your questions about eligibility, application information and more.

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Second draw applicants

Apply now coming soon

PPP Second Draw Eligibility

  • No more than 300 employees
  • Used full amount of first PPP loan
  • Demonstrate at least 25% reduction in gross receipts in any quarter of 2020 relative to same quarter in 20191

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Apply for forgiveness

Begin gathering required documents to apply for forgiveness, and watch our video here to learn more about how our online portal works.

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Important disclosure information

Your application to participate in the SBA Paycheck Protection Program, including any second draw loans, is subject to review of information and documents the SBA or we may require you to provide. Loan approval is not guaranteed. Synovus will not pay fees to or otherwise compensate anyone acting as an agent of the applicant for advising on or assisting in the preparation of the Paycheck Protection Program application or otherwise.

Synovus will process your application for loan forgiveness as the originating lender for your PPP loan based on the guidance and parameters established by the SBA, which may be subject to change. The SBA, and not Synovus, sets the criteria for loan forgiveness, including the eligibility criteria and the parameters that determine how much of your loan may be forgiven. The SBA may instruct us to hold your loan forgiveness application if it decides to conduct a review of your application, or it may instruct us to deny your loan forgiveness application. In its guidance, the SBA has indicated the reasons why it may decide to review an application for loan forgiveness.

  1. Subject to special provisions for businesses not in operation in 2019 and seasonal businesses. Back