CARES 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.

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:

• Top-line Overview of PPP First Draw Loans
• Top-Line Overview of Second Draw PPP Loans

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.

• Form 2483 – First Draw Borrower Application
• Form 2483-SD – Second Draw Borrower Application

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.