bank of texas ppp loan application

What is Needed to Apply: Completed SBA FORM 3508S; Complete addendum form; Documentation showing the loan funds were used (i.e. When completing your application you will be required to use the business name as listed on your PPP Loan application and your SBA loan number. If you have a PPP loan with Texas National Bank, you need to complete the Linked Loan Forgiveness Application and send it to your Loan Officer. Download TBA's CARES Act Small Business Assistance: Paycheck Protection Program (PPP) Loans document for a detailed description of how the program works.. Congress has passed and the President has signed the CARES Act. - For self-employed individuals, please include: Schedule C from your 2019 tax return. If you did not receive the email, please contact us at 800.618.BANK (2265)or by emailing: SBA_PPP@unitybank.com. PPP Loan Forgiveness Application For Loans Less Than $50,000. Our team has sent out communications via email, as well as, mail to those customers without a valid email address on file. IMPORTANT UPDATE as of October 9, 2020. BREAKING NEWS: As of June 30, 2020, the SBA is no longer accepting Payroll Protection Plan (PPP). We keep our interest rates competitive, so you can borrow as much as you need without worry. The Forgiveness application requires Borrowers to submit to the Lender (Wallis Bank). Why Bank of Texas? You will receive a communication from us just as soon as our forgiveness application processes are complete and we are ready to accept PPP forgiveness applications. The SBA announced a new Form 3508 EZ for certain PPP borrowers to use to apply for forgiveness. You'll receive an email confirming your request to apply for the SBA Paycheck Protection Program. You demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter gross receipts during the first, second, third, or, fourth quarter. Paycheck Protection Program (PPP) Pursuant to the Small Business Administration guidelines, First National Bank Texas, First Convenience Bank and Fort Hood National Bank processes completed customer applications in a “First Come, First Serve” manner. You are a business with 300 or fewer employees or are otherwise eligible under the PPP. You will be contacted via email with more details. Learn about our competitive banking services, credit solutions, financial planning and investment services for individuals, small businesses and institutions. SBA loans feature: But only 25% of the loan’s forgiven amount can cover non-payroll costs. The SBA will provide a simplified second round application process for PPP loans of $150,000 and less. Expiration Date: 10/31/2020 . Up to 100% of the loan is forgivable. Bank of Texas is a Texas-based bank serving Dallas, Fort Worth, Houston, Sherman and other communities throughout the state. S treamlined Loan Forgiveness Application Announced by SBA . To achieve full forgiveness, 60% of the PPP loan must still be used for eligible payroll expense. The SBA will provide a simplified second round application process for PPP loans of $150,000 and less. Congress has passed legislation, the "Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act", providing additional Paycheck Protection Program (PPP) funding, providing a mechanism for requesting a second PPP loan, and altering forgiveness rules for currently outstanding PPP loans. 3508 PPP Loan Forgiveness Application. Because we operate locally, we can ensure timely and easy closings. Below are documents needed: Here are some tips that might help you along the way. With lots of flexible options, we'll help you find the right loan for you today. If approved by the SBA, a loan closing will be arranged and funding will follow. After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. Please be sure to periodically check your spam or junk folder for messages from us, as we cannot control the spam filtering policies of email service providers. If you are interested in applying for the SBA Paycheck Protection Program, please click the Notify Me link below. Additional types of costs maybe be used to achieve forgiveness including certain property damage costs, supplier costs, and worker protection expenditures as described above. 3508S Instructions for Borrowers; Please note: You will need to upload the corresponding 3508 application if you DO NOT agree to e-consent/digital signature. The 'Paycheck Protection Program' and What Banks Should Do NOW to Help Their Small Business Customers. After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. Bank of Texas is with you on every step of your financial journey. We recommend you have a copy of your loan documents when you fill out these forms as the information contained on the first page will be helpful. America First FCU – Apply at this link by clicking Apply Now. Borrowers will fill out a one-page application (3508S) through our … Despite what you may have heard, the SBA loan process has improved significantly over the years, and looks very similar to a non-SBA loan process. What is the Paycheck Protection Program (PPP)? A secure and central place to submit all required information, enter eligible payroll and non-payroll costs, and upload all required supporting forgiveness documentation. Use this form to apply for the Paycheck Protection Program (PPP) with an eligible lender. Perhaps you're about to make a large purchase — a car or house — or maybe you're looking for something a little smaller. With Bank of Texas's personal lines of credit, it's like you can write yourself a loan when you need cash fast. Click here for more information regarding second PPP loan requirements and forgiveness. Either way, we have you covered. A free tool that helps small business owners navigate the complexity of federal relief to get access to help when they need it most during the COVID-19 pandemic. You should have received an email from the Bank with specific information regarding the PPP Forgiveness Process. Bank of Texas is a Small Business Administration (SBA) Preferred Lender, which means easier applications and faster approvals. This is your first PPP loan or you have used the full amount of your first PPP loan on eligible expenses. Download the application for your loan. Personal Lines of Credit With Bank of Texas's personal lines of credit, it's like you can write yourself a loan when you need cash fast. In the days ahead, your Loan Officer will be in contact with you either through a personal phone call or an email to let you know when it’s time to begin the Application for Forgiveness. If you're a student or looking to build your credit, we even have cards just for you. June 30 would have been the last day for a bank to sign off on a loan. PPP has maximum deferrals of up to a year. Second round PPP expands eligibility to additional types of non-profits, news organizations, destination marketing organizations and others. Checklist for Using SBA Form 3508EZ . 3508 Instructions for Borrowers; 3508EZ PPP Loan Forgiveness Application. 3245- 0407 . We will notify you as soon as we are able to take your application. ×For updates regarding COVID-19 and your services at Texas Bank, please click here. Borrowers must still complete a one-page … PPP Loan Forgiveness Application Form 3508EZ . The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. CommunityBank of Texas has been working diligently to provide our PPP loan customers with an efficient way to complete their PPP loan forgiveness application. We offer cards with rewards, cash back or long introductory rate periods. payroll reports, copies of checks, bank statements, paid … On October 8 th, the SBA announced a streamlined loan forgiveness application for PPP loans totaling $50,000 or less.As a result we are offering further guidance on when borrowers should consider applying for loan forgiveness. SBA Form 3508EZ (06/20) Page 1 . Customers with Loans $150,000- $5,000,000: Please complete the application link if you have not done so already. Still requires that PPP loan funds be used for eligible expenses, but expands the types of eligible expenses to include: To achieve full forgiveness, 60% of the PPP loan must still be used for eligible payroll expense. Applying for a PPP loan. For the right car, you'll want to find the right auto loan. The Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the Small Business Administration (SBA) with rules, requirements, protocols and processes that all participating banks, including Bank of America, must follow. President Trump is expected to sign the new legislation, which will be followed by the Small Business Administration's issuance of implementing and interpreting regulations. The SBA also made borrower-friendly revisions to the full forgiveness application. There will be a simplified forgiveness process and form for all PPP loans of $150,000 or less. Please note that after you open the PDF and fill out your information, you will need to save the PDF in order to keep all the information you have entered. See sample below. These changes are intended to make the application process easier on borrowers and to increase efficiency for lenders and borrowers alike. If Congress passes an additional extension of the program, we may reopen our application in the future. Our PPP Loan Forgiveness application portal will outline the following: An online electronic application that will allow for electronic signatures. Eligibility Requirements - A representative will process your application and provide you an update on your SBA Paycheck Protection application. texas national bank sba ppp covid-19 relief loan application legal name of business applying for loan (“applicant”): primary contact: phone: email: business address (street): city: state: zip: was the applicant yesoperating on march 1, 2020? Looking for a loan? To help make sure important emails reach your inbox, please add our unmonitored sending addresses, bokfinancial@emails.bokfinancial.com and alert@bokf.com, to your email address book. : no: The first round of PPP funding was depleted in less than two weeks. There will be a simplified forgiveness process and form for all PPP loans of $150,000 or less. Completed PPP Loan Application: PPP Loan Calculation Form: Documentation to Support Loan Amount: - For companies with employees, please include: copies of W-3 (summary of W-2s), payroll listing, 941 quarterly reports, Quickbooks, etc. City National Bank is here to assist you with all of your Paycheck Protection Program (PPP) needs. We participate in most SBA loan programs available, including the SBA 7 (a) Loan, SBA 504 Loan and SBA Express. Last night, the SBA granted approval to offer a streamlined PPP forgiveness process to borrowers with loans of $50,000 or less. Charitable Organizations & Not-for-Profit. Plus there were more than 58 thousand businesses who accessed an SBA loan in 2019, totaling over $30 billion in SBA projects; further proof of the efficacy of the SBA loan programs. Click here for more information regarding second PPP loan requirements and forgiveness. The amount of second round PPP loans will generally be 2.5x average monthly payroll costs (except for certain industries like restaurants and accommodations) and will be capped at $2,000,000. Easier applications and quicker approvals are available for qualified proprietors, partners and corporations. OMB Control No. At Bank of America, the Paycheck Protection Pr… If your PPP Loan was under $50,000.00, please view your application and more information here. Charitable Organizations & Not-for-Profit. On June 16, the SBA released a revised PPP Loan Forgiveness Application (Form 3508) and an EZ version of the application (Form 3508-EZ). Please consult your advisors to determine all matters of PPP eligibility and requirements. Follow this link to complete your online application and submit your supporting documentation . On Wednesday, the House passed a measure to extend the Paycheck Protection Program application deadline to Aug. 8. 3508EZ Instructions for Borrowers; 3508S PPP Loan Forgiveness Application. We know how vital your car is to getting around in your everyday life. Loans are available through June 30, 2020. This form will be used to determine the portion of the loan amount that will be forgiven by the SBA. Under this new guidance, borrowers would be exempt from reductions in their forgiveness based on changes in FTE employees and wage reductions. Whether you're buying for the first time, upgrading houses, or even looking for a loan to help improve your current house, one of our loans may help you make the most out of your house. We know there's no one right loan for everyone, so we've made it easy to find a loan to fit your needs. While the SBA is no longer accepting applications for PPP loans, you may continue to submit your completed application to SBAPPP@texasnational.com. Please visit the SBA or the U.S. Treasury website for more information on the PPP and begin filling out your application and gathering your payroll documentation such as payroll processor records, payroll tax filings, and/or Form 1099-MISC. Your home is one of your biggest investments. The forgoing is only a general summary, is not intended to be legal, tax or business advice, and may be changed prior to enactment into law or by subsequent SBA regulation. Forgiveness of Existing PPP Loans. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest or utilities. We look forward to assisting customers who received PPP loans with the forgiveness application in the coming weeks. We anticipate accepting applications for additional PPP loans shortly after receiving and reviewing the SBA's regulations and the necessary forms. With many different types of credit cards, you're sure to find the card you need with us. PPP Loan Forgiveness. PPP provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, they must apply through their lender for forgiveness on the loan. Para información en español, haga clic aquí. The new application also makes borrowers for PPP loans under $50,000 exempt from: (1) any reduction in forgiveness based on FTE employee reductions; and (2) any reduction in forgiveness for any salary or wage reduction. You will be one step closer if your application is already completed. You’ll need a business account first. As of August 8, the SBA is no longer accepting new loan applications for the Paycheck Protection Program (PPP). Demonstrates at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter. The SBA has released revised guidance on PPP Loan Forgiveness for Borrowers. Generally, businesses will be eligible for a second round of PPP loan if: Has used, or will use, the full amount of any first PPP loan on eligible expenses; and. Expands definition of group insurance benefits that may be included as "payroll costs" when calculating forgiveness. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. Customers with Loans over $75,000: You should have received an email from Unity Bank with an application link on Friday. To better prepare for the PPP forgiveness application, please visit the SBA website. You need cash fast to take your application, please click here application to. 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