Through the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the recently approved Relief Act, the government has made billions of dollars available to non-profits and small businesses (500 or fewer employees) affected by the Coronavirus pandemic. Qualifying businesses are eligible for loans to help with payroll costs including benefits, and are expected to apply for loan forgiveness.
January 12, 2021: Applications are now available for the SBA's second round of Paycheck Protection Program (PPP) loans through the Relief Act. See "Borrower Resources" below to download an application. Applications may be emailed directly to a WSB loan officer. Additional documentation will be required. Please contact a loan officer for more information.
For details on the Act's guidance and how it may affect borrowers of both PPP loans and EIDL grants on our recent blog post: PPP Loans Round 2: Details regarding the Relief Act (part 2).
January 4, 2021: The President recently signed the Relief Act (Consolidated Appropriations Act, 2021) providing a second round of PPP loans to businesses and individuals impacted by COVID 19. It contains additional funding to borrowers of original PPP loans as well. Please refer to our recent blog post PPP Loans Round 2: Details regarding the Relief Act (part 1 of 2) .
October 8, 2020: SBA and Treasury announced a simpler PPP forgiveness application for loans of $50,000 or less. Those who have already filled out a forgiveness application do not need to complete this form.
August 10, 2020: SBA now accepting applications for full forgiveness.
August 8, 2020: SBA no longer accepting PPP loan applications from participating lenders.
June 17, 2020: New EZ and revised full forgiveness applications were introduced this morning by the SBA and Department of the Treasury. Learn more about the changes and who qualifies for an EZ application on the Western State Bank Blog.
June 5, 2020: President Trump signed the Paycheck Protection Program Flexibility Act of 2020, easing restrictions for PPP loan recipients and extending the eight-week period to 24 weeks. Learn more about the bill on the Western State Bank Blog.
We will continue to post updates as new information becomes available regarding the PPP.