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John,
There has not been a lot of clarity around the P3 and director's loans. So we took our director's loans to a bank we work with regularly on participations and they processed for us.
Better safe than sorry.
Greg Saville
First National Bank and Trust
P.O. Box 627 | 225 State Street
Phillipsburg, KS 67661
785.543.6511 – Telephone
785.543.6516 - Fax
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------Original Message------
We're a small $450mm Tampa based community bank and SBA7a has been a small business line for the past three years. Does anyone have clarity as to whether it's acceptable to make a PPP loan to a director that sits on your bank board? I'm primarily concerned with acceptability from the SBA's viewpoint.
Thanks for any insights,
Jack Barrett
John M. Barrett
President & Chief Executive Officer
jbarrett@firstcitrus.com
T: 813.926.1314
10824 North Dale Mabry Hwy.
Tampa, Florida 33618
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