What Does the Paycheck Protection Program in the new CARES Stimulus Bill Mean for Your Small Business?
Round 2 of The Paycheck Protection Program (“PPP”) authorizes up to $310 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
PPP Loan Forgiveness Guidance from SBA:
The SBA just issued much-awaited guidance, allowing borrowers to claim forgiveness of their Paycheck Protection Program (PPP) loans. The SBA’s Loan Forgiveness Application provides detailed instructions for borrowers and the calculation of the PPP loan forgiveness. More guidance from the SBA is still pending and this document is subject to change. It can be found HERE.
Under the new procedures, a borrower must request the forgiveness of PPP loan proceeds by filing SBA Form 3508, Paycheck Protection Program Loan Forgiveness Application. The application has four components:
(1) the PPP Loan Forgiveness Calculation Form;
(2) PPP Schedule A;
(3) the PPP Schedule A Worksheet; and
(4) an (optional) PPP Borrower Demographic Information Form.
Borrowers are required to submit items (1) and (2) to their lender.
More Details found HERE. Again, guidance from the SBA is still pending and this document is subject to change.
WHEN TO APPLY:
We encourage you to apply as quickly as you can because there is a funding cap.
Please know that this is an “all hands on-deck” situation for all of us at Midwest BankCentre, and everyone is doing the best they can to process everyone’s application as quickly as possible. That said, we cannot guarantee that your application will be processed before the money runs out and we cannot guarantee that the SBA will approve your request. We will do our very best for you. Feel free to contact us at any time for help with your PPP Loan Program application.
HOW TO APPLY FOR A PPP LOAN THROUGH MIDWEST BANKCENTRE:
Your application will NOT be considered complete and will NOT be processed with missing documentation.
1.) Download and fill out the borrower application form (SBA Form 2483 (04/20). Click here to download.
2.) Gather the appropriate supporting documentation. See documentation checklist. Click here to download.
3.) Determine the Maximum Loan amount by downloading and completing the Max. Loan Amount Calculator. Click here to download.
4.) Submit Your Application.
- To submit your application, contact your relationship manager, your nearest branch or HeyOrvSTL@midwestbankcentre.com You will need your loan application, max loan amount calculator and all necessary documentation.
Want to learn more?
The entire Midwest BankCentre team, including our Small Business Administration specialist, is ready to provide game-changing assistance for small business owners.
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