$162,925,486 SBA Forgivable Loans
1,959 Total Funded Loans
75% New Clients
$92 Smallest Loan
According to a press release issued May 15, 2020,
The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.
The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans.
June 16, 2020 Update
PPP Loan Forgiveness Application Instructions
PPP Loan Forgiveness Application
PPP Loan Forgiveness Application Form EZ Instructions
PPP Loan Forgiveness Application Form EZ
PPP Safe Harbor Guidance - updated as of May 13, 2020
As a reminder, earlier this week, the SBA and Treasury Department announced a ‘safe harbor’ umbrella that will apply to reviews of good-faith certifications concerning the necessity of Paycheck Protection Program loan requests.
In Wednesday’s update to the Treasury’s PPP frequently asked questions page, the agencies said any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.
Based on further clarity from industry experts:
Times like this bring out the very best in people. Unfortunately they also bring out bad individuals, looking to take advantage of others. With emotional and digital vulnerabilities, fraud and hacking is on the rise.
To help make sure the next virus doesn't strike online, our experts recommend everyone refrain from clicking on unsolicited coronavirus related attachments or hyperlinks from unknown/untrusted/unverified email sources, and be especially wary of appeals for help through social media, text messages, or phone calls related to the pandemic.
Vista Bank will NEVER ask for your username, passwords, PINs, or personal account information through unsolicited emails, phone calls, text messages, or pop-up windows. If you receive an unsolicited request for this information please call or visit your local branch or our centralized customer service number at 877.888.4782.
See more fraud news HERE.
*All provided information is sourced by official sites and industry expert interpretation, subject to SBA guidelines and caps that are fluid and subject to change.
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