UPDATE: December 29th, 2020
New Information Regarding PPP Loan Forgiveness
Paycheck Protection Program (PPP)
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.
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 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.
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).
- US Department of Treasury: https://home.treasury.gov/
- US Small Business Administration: https://www.sba.gov
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)
Economic Injury Disaster Loan (EIDL)
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.