UPDATE: December 29th, 2020 
New Information Regarding PPP Loan Forgiveness




On March 27, 2020 President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with two key programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).
Another provision of the CARES Act, the Small Business Debt Relief Program, provides immediate relief to small businesses with current non-disaster Small Business Administration (SBA) loans administered under Section 7(a) of the Small Business Act.
Additionally, the federal government is offering aid to eligible recipients in the form of economic impact payments, also known as stimulus payments. 
On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law, a $900 billion bipartisan coronavirus relief package. The Economic Aid Act includes new funding for the Paycheck Protection Program, Economic Impact Payments and several other provisions, as noted in the applicable sections below.

Paycheck Protection Program (PPP)

The Paycheck Protection Program prioritized millions of Americans employed by small businesses and self-employed individuals by authorizing approximately $660 billion toward job retention and certain other expenses. It provided cash-flow assistance through a 100% federally guaranteed/unsecured loan to maintain payroll costs. Additionally, President Trump signed into law the Paycheck Protection Program Flexibility Act on June 5, 2020. This act reduced the amount of loan needed for payroll to 60%, extended the time period to use funds from 8 to 24 weeks, pushed the June 30 rehire deadline to December 31, 2020 and eased rehire requirements. 

The Economic Aid Act includes updated guidance for the PPP, authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan, subject to certain qualifications:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Frequently Asked Questions (PDF)

Learn more on the guidance for each type of funding with the following SBA resources:

You can view a copy of the recently released PPP applications below to familiarize yourself with the information that will be required. Please note - All Great Western Bank customers will be required to apply online through our PPP Customer Portal.

According to the most recent information published by the SBA, here are the documents you will need:

  • 2019 and/or 2020 Financials
  • Tax Identification Number (TIN)
  • Employee & Payroll Information
  • Business Address & Contact Information
  • Owner Social Security Number (SSN) & Contact Information
  • Your Great Western Bank Account Number
  • Income Tax Information
  • Beneficial Ownership Information
  • IRS Tax Forms 940/941
  • SBA Loan Number (of first draw PPP loans)
We will utilize our PPP Customer Portal for origination applications once we are able, which will allow customers to apply and upload documents online.

PPP Forgiveness

We are proud to have helped our customers through the PPP application process with the first round of funding and now have a seamless process to assist customers through the forgiveness phase. You can find an introduction to our process, additional forgiveness details, requirements and a list of helpful FAQs by following the button below.

Learn More about PPP Loan Forgiveness

Loan programs details are subject to change as prescribed by the US Department of Treasury and/or SBA.

Looking for more information?

Refer to the following links and information regarding the CARES Act and the Paycheck Protection Program (PPP). 

As you will find in the Treasury’s document,  PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS, you will need to provide your lender with payroll documentation in addition to the application.

Additional detail will be provided and additional information may be required based on SBA published regulations for the PPP application process.

Economic Impact Payments (Stimulus Payments)

The bill signed by President Trump on December 27, 2020 also includes a new round of economic impact payments. As stated by the IRS from the Get My Payment webpage: “The IRS continues to monitor and prepare for new legislation related to Economic Impact Payments. The IRS will make updates to the Get My Payment portal to provide updated information for taxpayers in the near future. Please continue to monitor IRS.gov for the latest information.”
Per the IRS guidelines, if you no longer have the bank account identified for direct deposit on your tax return, the bank will reject the deposit and you will be reissued your payment via check to the address the IRS has on file for you.
We encourage you to utilize Great Western ebanking, our online banking platform, to view your account balance for payment availability. You are also able to deposit paper checks through our Great Western ebanking mobile app with Mobile Check Deposit. Learn more about Great Western ebanking here
To find complete information about the payments, please visit IRS.gov/coronavirus/economic-impact-payment-information-center.

Economic Injury Disaster Loan (EIDL)

While the Economic Injury Disaster Loans are typically provided at low interest rates to help businesses and homeowners recover from declared disasters, such as hurricanes or floods, the SBA modified this program to address the current COVID-19 pandemic. In addition, the SBA will automatically defer payments on all existing disaster loans until December 31, 2020 to further assist small businesses at this time.
EIDLs are loans originated and funded directly by the SBA without the involvement of banks and the maximum loan limit is $2,000,000. These loans require satisfactory credit history, ability to repay underwriting, personal guarantees from owners, and collateral in most circumstances.
The bill signed by President Trump on December 27, 2020 repealed a CARES Act provision that required PPP borrowers to deduct the amount of their Economic Injury Disaster Loan advance from their PPP forgiveness amount. The SBA is expected to issue rules to ensure that borrowers are made whole if they already received forgiveness and the EIDL advance was deducted from that amount.
To apply for an EIDL, which must be done directly with the SBA, please go to www.sba.gov 


SBA Debt Relief Program

The SBA Debt Relief Program will provide immediate relief to small businesses with non-disaster SBA loans to help overcome the hardships the COVID-19 Pandemic has caused. With this Program, the SBA will automatically pay the principal, interest, and fees of current 7(a) and microloans for a period of six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law. Please contact your Banker if you are a current SBA customer for more details.

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