1-11-2021 UPDATE: PPP Application now open
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Full loan details can be found on the SBA website here.
The First Draw Borrower Application can be found here.
The Second Draw Borrower Application can be found here.
For questions call the lending team at 307-324-2265.
1/7/2021 UPDATE: SBA Issues Rules on Next Round of PPP
The SBA issued the following documents on the next round of the Paycheck Protection Program authorized by end-of-year stimulus package. The application is not yet released but these links can help small businesses to understand what they will need to know to get started when it comes available. The documents include:
We are here for our small business customers
Our team is focused on delivering resources and information to help small business clients navigate what is happening with the PPP. On December 27, legislation affecting the Paycheck Protection Program (PPP) was signed into law. Bank of Commerce plans to participate under the new rules. We will provide updates as we receive guidance from the SBA regarding the eligibility requirements and application process.
Here's what we know right now
The application is not yet open. We are awaiting guidance from the SBA on this round of PPP lending and plan to begin receiving new PPP loan applications when the program opens. We know how important this is for you and your small business and appreciate your patience. Please check back for updates.
- New legislation, signed into law on December 27, 2020 authorizes the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loans up to the $284.5 billion in allocated PPP funding.
- According to the legislation, PPP loans will be available to businesses with 500 or fewer employees that have not previously received a PPP loan to help with payroll, rent, utilities, healthcare costs and more.
- In addition to providing for new PPP loans for first-time borrowers, the legislation also allows certain existing PPP borrowers to receive a “second draw” PPP loan if they have used all of their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%
- The legislation also expands the list of allowable and forgivable expenses, which apply to existing PPP loans for which a borrower has not yet received forgiveness. Additionally, the legislation provides for a more flexible covered period. For details on eligibility and requirements, please visit the SBA website.