"As of December 21, 2020, Congress passed the Coronavirus Response and Relief Act providing an additional $284 billion of funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and extending the program through March 31, 2021.
We are hopeful this new legislation will be signed into law by the President. Once that happens, the Small Business Administration will provide lenders and borrowers further information to make the program available.
Based on the new legislation, there will be changes to the forgiveness application and process. While we wait on further guidance, we will pause accepting any new applications and applications that have not been completed and submitted to Capital One. If your forgiveness application has been submitted to us for review, we will be contacting you soon with next steps, once we receive further guidance from the SBA.
Please visit our website for PPP program updates and note that branches and call centers are not able to help with PPP loans at this time.
Thanks for choosing Capital One. "