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The Small Business Administration (SBA) indicated in a June 30, 2020 report that approximately $130 billion in PPP Funding is still available. We are encouraging those businesses that did not pursue a PPP loan previously to consider these funds as a valuable tool to assist their businesses during the COVID-19 pandemic. To meet the SBA's deadline, any interested businesses should submit their application and all supporting documentation by August 8, 2020.
The Paycheck Protection Program Flexibility Act signed into law in early June allows for more flexibility in how PPP funds can be used and has relaxed terms for repayment.
As a U.S. Small Business Administration (SBA) lender, it has been our privilege to facilitate millions of Paycheck Protection Program (PPP) relief funds for our area's small businesses. That translates to thousands of jobs in our area that were saved by securing these needed dollars to keep businesses running. With our personalized approach and easy to follow digital application instructions, we made the application process safe and convenient. Unlike the "big banks", we were happy to help all businesses, not just current customers, and all loan sizes. The purpose of the Paycheck Protection Program is to swiftly get money into the hands of America's small business owners, who are the engine of our economy, to help them continue to pay their employees during this time when commerce is shut down due to states' safer-at-home orders. We took the intent and spirit of the CARES Act to heart and adjusted staffing schedules accordingly to ensure our team was available to upload the loan documents to the SBA during the hours the SBA portal was open. Our bankers worked over the weekends, on holidays, and all through the night at times, to align with the SBA's hours. During this public health emergency we are so grateful to play a role in helping to keep our local small businesses afloat, and their workers paid.
Our hearts are with all of those in our communities who are facing hardships. As a community bank, we understand the seasons and cycles of business - and the corresponding financial and cash-flow needs. We care about the success of our communities, and the success of the small businesses within them. Our experienced bankers are responsive and ready to serve you.
Together with our customers, we look forward to overcoming today's challenges and serving our business communities for years to come.
Personal Banking options are available no matter what your financial needs are.
Business Banking services include the innovative solutions you need with a personal touch.
24/7 Digital Banking services make managing your finances in today's enviroment safe and convenient.
To connect with a banker about any of our business or consumer products or services, please give us a call at 815-728-8000 or email: email@example.com.
Loan Forgiveness Document Portal is COMING SOON
We are currently awaiting final SBA PPP Loan Forgiveness Guidance from the federal government.
In the meantime, if you have any information that you need to send to us electronically, please send those documents using our secure email.
The offical Paycheck Protection Program Forgiveness Application (SBA Form 3508) includes important forgiveness details and instructions for calculating PPP Loan Forgiveness. While this may help you get a sense of the supporting documents required, please keep in mind that the SBA and Treasury Departments have announced they are working on revising the application to incorporate recent changes to PPP.