Applying for a PPP loan. Easier applications and quicker approvals are available for qualified proprietors, partners and corporations. Under this new guidance, borrowers would be exempt from reductions in their forgiveness based on changes in FTE employees and wage reductions. The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. Plus there were more than 58 thousand businesses who accessed an SBA loan in 2019, totaling over $30 billion in SBA projects; further proof of the efficacy of the SBA loan programs. BREAKING NEWS: As of June 30, 2020, the SBA is no longer accepting Payroll Protection Plan (PPP). We will notify you as soon as we are able to take your application. A free tool that helps small business owners navigate the complexity of federal relief to get access to help when they need it most during the COVID-19 pandemic. City National Bank is here to assist you with all of your Paycheck Protection Program (PPP) needs. Bank of Texas is a Texas-based bank serving Dallas, Fort Worth, Houston, Sherman and other communities throughout the state. Download TBA's CARES Act Small Business Assistance: Paycheck Protection Program (PPP) Loans document for a detailed description of how the program works.. Congress has passed and the President has signed the CARES Act. This form will be used to determine the portion of the loan amount that will be forgiven by the SBA. We know how vital your car is to getting around in your everyday life. Because we operate locally, we can ensure timely and easy closings. Please consult your advisors to determine all matters of PPP eligibility and requirements. The Forgiveness application requires Borrowers to submit to the Lender (Wallis Bank). PPP provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. Generally, businesses will be eligible for a second round of PPP loan if: Has used, or will use, the full amount of any first PPP loan on eligible expenses; and. PPP Loan Forgiveness. Either way, we have you covered. If you did not receive the email, please contact us at 800.618.BANK (2265)or by emailing: SBA_PPP@unitybank.com. A representative will process your application and provide you an update on your SBA Paycheck Protection application. The SBA announced a new Form 3508 EZ for certain PPP borrowers to use to apply for forgiveness. The SBA also made borrower-friendly revisions to the full forgiveness application. Starting July 6, 2020, CNB will begin accepting applications for Forgiveness under the CARES Act Paycheck Protection Program (PPP). At Bank of America, the Paycheck Protection Pr… The new application also makes borrowers for PPP loans under $50,000 exempt from: (1) any reduction in forgiveness based on FTE employee reductions; and (2) any reduction in forgiveness for any salary or wage reduction. The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating banks, including Bank of America, must follow. The amount of second round PPP loans will generally be 2.5x average monthly payroll costs (except for certain industries like restaurants and accommodations) and will be capped at $2,000,000. OMB Control No. Click here for more information regarding second PPP loan requirements and forgiveness. Second round PPP expands eligibility to additional types of non-profits, news organizations, destination marketing organizations and others. When completing your application you will be required to use the business name as listed on your PPP Loan application and your SBA loan number. There will be a simplified forgiveness process and form for all PPP loans of $150,000 or less. While the SBA is no longer accepting applications for PPP loans, you may continue to submit your completed application to SBAPPP@texasnational.com. Despite what you may have heard, the SBA loan process has improved significantly over the years, and looks very similar to a non-SBA loan process. SBA loans feature: See sample below. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. Follow this link to complete your online application and submit your supporting documentation . If you're a student or looking to build your credit, we even have cards just for you. Paycheck Protection Program (PPP) Pursuant to the Small Business Administration guidelines, First National Bank Texas, First Convenience Bank and Fort Hood National Bank processes completed customer applications in a “First Come, First Serve” manner. Additional types of costs maybe be used to achieve forgiveness including certain property damage costs, supplier costs, and worker protection expenditures as described above. Bank of Texas is a Small Business Administration (SBA) Preferred Lender, which means easier applications and faster approvals. This is your first PPP loan or you have used the full amount of your first PPP loan on eligible expenses. How can I apply? Click here for more information regarding second PPP loan requirements and forgiveness. These changes are intended to make the application process easier on borrowers and to increase efficiency for lenders and borrowers alike. We know there's no one right loan for everyone, so we've made it easy to find a loan to fit your needs. You will be contacted via email with more details. We anticipate accepting applications for additional PPP loans shortly after receiving and reviewing the SBA's regulations and the necessary forms. You’ll need a business account first. America First FCU – Apply at this link by clicking Apply Now. 3508 PPP Loan Forgiveness Application. Please note that after you open the PDF and fill out your information, you will need to save the PDF in order to keep all the information you have entered. Completed PPP Loan Application: PPP Loan Calculation Form: Documentation to Support Loan Amount: - For companies with employees, please include: copies of W-3 (summary of W-2s), payroll listing, 941 quarterly reports, Quickbooks, etc. SBA Form 3508EZ (06/20) Page 1 . If approved by the SBA, a loan closing will be arranged and funding will follow. Our PPP Loan Forgiveness application portal will outline the following: An online electronic application that will allow for electronic signatures. Customers with Loans $150,000- $5,000,000: Please complete the application link if you have not done so already. To achieve full forgiveness, 60% of the PPP loan must still be used for eligible payroll expense. You demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter gross receipts during the first, second, third, or, fourth quarter. After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. What is the Paycheck Protection Program (PPP)? If employers maintain their payroll, they must apply through their lender for forgiveness on the loan. Still requires that PPP loan funds be used for eligible expenses, but expands the types of eligible expenses to include: To achieve full forgiveness, 60% of the PPP loan must still be used for eligible payroll expense. You should have received an email from the Bank with specific information regarding the PPP Forgiveness Process. : no: With lots of flexible options, we'll help you find the right loan for you today. With many different types of credit cards, you're sure to find the card you need with us. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. Customers with Loans over $75,000: You should have received an email from Unity Bank with an application link on Friday. We participate in most SBA loan programs available, including the SBA 7 (a) Loan, SBA 504 Loan and SBA Express. PPP Loan Forgiveness Application For Loans Less Than $50,000. But only 25% of the loan’s forgiven amount can cover non-payroll costs. Demonstrates at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter. On Wednesday, the House passed a measure to extend the Paycheck Protection Program application deadline to Aug. 8. The first round of PPP funding was depleted in less than two weeks. You will be one step closer if your application is already completed. What is Needed to Apply: Completed SBA FORM 3508S; Complete addendum form; Documentation showing the loan funds were used (i.e. Below are documents needed: Here are some tips that might help you along the way. - For self-employed individuals, please include: Schedule C from your 2019 tax return. Whether you're buying for the first time, upgrading houses, or even looking for a loan to help improve your current house, one of our loans may help you make the most out of your house. On October 8 th, the SBA announced a streamlined loan forgiveness application for PPP loans totaling $50,000 or less.As a result we are offering further guidance on when borrowers should consider applying for loan forgiveness. We look forward to assisting customers who received PPP loans with the forgiveness application in the coming weeks. If you have a PPP loan with Texas National Bank, you need to complete the Linked Loan Forgiveness Application and send it to your Loan Officer. Borrowers must still complete a one-page … PPP Loan Forgiveness Application Form 3508EZ . Last night, the SBA granted approval to offer a streamlined PPP forgiveness process to borrowers with loans of $50,000 or less. CommunityBank of Texas has been working diligently to provide our PPP loan customers with an efficient way to complete their PPP loan forgiveness application. The SBA has released revised guidance on PPP Loan Forgiveness for Borrowers. We offer cards with rewards, cash back or long introductory rate periods. To determine if you qualify for Form 3508-EZ, one of the following statements must be true: Are self-employed and have no employees OR We recommend you have a copy of your loan documents when you fill out these forms as the information contained on the first page will be helpful. S treamlined Loan Forgiveness Application Announced by SBA . Your home is one of your biggest investments. Please be sure to periodically check your spam or junk folder for messages from us, as we cannot control the spam filtering policies of email service providers. The forgoing is only a general summary, is not intended to be legal, tax or business advice, and may be changed prior to enactment into law or by subsequent SBA regulation. You are a business with 300 or fewer employees or are otherwise eligible under the PPP. With Bank of Texas's personal lines of credit, it's like you can write yourself a loan when you need cash fast. 3508S Instructions for Borrowers; Please note: You will need to upload the corresponding 3508 application if you DO NOT agree to e-consent/digital signature. Please visit the SBA or the U.S. Treasury website for more information on the PPP and begin filling out your application and gathering your payroll documentation such as payroll processor records, payroll tax filings, and/or Form 1099-MISC. On June 16, the SBA released a revised PPP Loan Forgiveness Application (Form 3508) and an EZ version of the application (Form 3508-EZ). Charitable Organizations & Not-for-Profit. To better prepare for the PPP forgiveness application, please visit the SBA website. Expiration Date: 10/31/2020 . texas national bank sba ppp covid-19 relief loan application legal name of business applying for loan (“applicant”): primary contact: phone: email: business address (street): city: state: zip: was the applicant yesoperating on march 1, 2020? Para información en español, haga clic aquí. Forgiveness of Existing PPP Loans. Download the application for your loan. 3508 Instructions for Borrowers; 3508EZ PPP Loan Forgiveness Application. 3245- 0407 . Learn about our competitive banking services, credit solutions, financial planning and investment services for individuals, small businesses and institutions. Eligibility Requirements - The SBA will provide a simplified second round application process for PPP loans of $150,000 and less. You will receive a communication from us just as soon as our forgiveness application processes are complete and we are ready to accept PPP forgiveness applications. In the days ahead, your Loan Officer will be in contact with you either through a personal phone call or an email to let you know when it’s time to begin the Application for Forgiveness. Bank of Texas is with you on every step of your financial journey. Charitable Organizations & Not-for-Profit. Expands definition of group insurance benefits that may be included as "payroll costs" when calculating forgiveness. Looking for a loan? After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. IMPORTANT UPDATE as of October 9, 2020. The SBA will provide a simplified second round application process for PPP loans of $150,000 and less. Our team has sent out communications via email, as well as, mail to those customers without a valid email address on file. There will be a simplified forgiveness process and form for all PPP loans of $150,000 or less. When we are ready to process your application, you will receive a separate email with instructions to apply. For the right car, you'll want to find the right auto loan. June 30 would have been the last day for a bank to sign off on a loan. If you are interested in applying for the SBA Paycheck Protection Program, please click the Notify Me link below. Why Bank of Texas? Checklist for Using SBA Form 3508EZ . payroll reports, copies of checks, bank statements, paid … Use this form to apply for the Paycheck Protection Program (PPP) with an eligible lender. Congress has passed legislation, the "Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act", providing additional Paycheck Protection Program (PPP) funding, providing a mechanism for requesting a second PPP loan, and altering forgiveness rules for currently outstanding PPP loans. As of August 8, the SBA is no longer accepting new loan applications for the Paycheck Protection Program (PPP). Up to 100% of the loan is forgivable. Borrowers will fill out a one-page application (3508S) through our … Perhaps you're about to make a large purchase — a car or house — or maybe you're looking for something a little smaller. For all borrowers with PPP loans less than $150,000, we recommend you wait before beginning the … Loans are available through June 30, 2020. To help make sure important emails reach your inbox, please add our unmonitored sending addresses, bokfinancial@emails.bokfinancial.com and alert@bokf.com, to your email address book. The 'Paycheck Protection Program' and What Banks Should Do NOW to Help Their Small Business Customers. A secure and central place to submit all required information, enter eligible payroll and non-payroll costs, and upload all required supporting forgiveness documentation. ×For updates regarding COVID-19 and your services at Texas Bank, please click here. We keep our interest rates competitive, so you can borrow as much as you need without worry. President Trump is expected to sign the new legislation, which will be followed by the Small Business Administration's issuance of implementing and interpreting regulations. 3508EZ Instructions for Borrowers; 3508S PPP Loan Forgiveness Application. PPP has maximum deferrals of up to a year. You'll receive an email confirming your request to apply for the SBA Paycheck Protection Program. Personal Lines of Credit With Bank of Texas's personal lines of credit, it's like you can write yourself a loan when you need cash fast. If Congress passes an additional extension of the program, we may reopen our application in the future. If your PPP Loan was under $50,000.00, please view your application and more information here. Updates regarding COVID-19 and your services at Texas bank, please include: Schedule C from your tax. 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