UPDATE: July 6th, 2020 
New Information Regarding PPP Loan Forgiveness

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CARES Act

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. 
 

Paycheck Protection Plan (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. 
 
We are proud to have helped our customers through the PPP application process and are now working to build a seamless process to assist customers through the forgiveness phase. While we wait for the SBA to provide guidance on how to submit forgiveness applications, 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 IRS has begun the distribution of stimulus payments. Many Americans will receive their stimulus payment by direct deposit in April 2020, based on the direct deposit information on file with the IRS. In late April or early May, the IRS is expected to begin sending paper stimulus checks beginning with the lower adjusted gross income taxpayers first. The issuance of paper checks may continue through the summer. You can check the status of your payment by using the IRS Get My Payment tool.
 
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.
 
To apply for an EIDL, which must be done directly with the SBA, please go to www.sba.gov 

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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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