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. Para información en español, haga clic aquí. This form will be used to determine the portion of the loan amount that will be forgiven by the SBA. 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. Why Bank of Texas? Applying for a PPP loan. ×For updates regarding COVID-19 and your services at Texas Bank, please click here. Because we operate locally, we can ensure timely and easy closings. 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. PPP has maximum deferrals of up to a year. PPP Loan Forgiveness Application Form 3508EZ . America First FCU – Apply at this link by clicking Apply Now. What is Needed to Apply: Completed SBA FORM 3508S; Complete addendum form; Documentation showing the loan funds were used (i.e. 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. The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. Please consult your advisors to determine all matters of PPP eligibility and requirements. We anticipate accepting applications for additional PPP loans shortly after receiving and reviewing the SBA's regulations and the necessary forms. Up to 100% of the loan is forgivable. Expiration Date: 10/31/2020 . 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. PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ INSTRUCTIONS FOR BORROWERS. If your PPP Loan was under $50,000.00, please view your application and more information here. See sample below. 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. 3245- 0407 . - For self-employed individuals, please include: Schedule C from your 2019 tax return. After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. Customers with Loans over $75,000: You should have received an email from Unity Bank with an application link on Friday. There will be a simplified forgiveness process and form for all PPP loans of $150,000 or less. If you did not receive the email, please contact us at 800.618.BANK (2265)or by emailing: SBA_PPP@unitybank.com. After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. The SBA will provide a simplified second round application process for PPP loans of $150,000 and less. 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. The SBA will provide a simplified second round application process for PPP loans of $150,000 and less. Click here for more information regarding second PPP loan requirements and forgiveness. You’ll need a business account first. SBA Form 3508EZ (06/20) Page 1 . 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. These changes are intended to make the application process easier on borrowers and to increase efficiency for lenders and borrowers alike. 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. 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. Customers with Loans $150,000- $5,000,000: Please complete the application link if you have not done so already. The first round of PPP funding was depleted in less than two weeks. 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. 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. With lots of flexible options, we'll help you find the right loan for you today. At Bank of America, the Paycheck Protection Pr… Bank of Texas is with you on every step of your financial journey. On June 16, the SBA released a revised PPP Loan Forgiveness Application (Form 3508) and an EZ version of the application (Form 3508-EZ). If you are interested in applying for the SBA Paycheck Protection Program, please click the Notify Me link below. Here are some tips that might help you along the way. With many different types of credit cards, you're sure to find the card you need with us. 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. 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. If approved by the SBA, a loan closing will be arranged and funding will 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. Looking for a loan? 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. 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. 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 all borrowers with PPP loans less than $150,000, we recommend you wait before beginning the … Download the application for your loan. If you're a student or looking to build your credit, we even have cards just for you. 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. Bank of Texas is a Texas-based bank serving Dallas, Fort Worth, Houston, Sherman and other communities throughout the state. How can I apply? OMB Control No. Additional types of costs maybe be used to achieve forgiveness including certain property damage costs, supplier costs, and worker protection expenditures as described above. With Bank of Texas's personal lines of credit, it's like you can write yourself a loan when you need cash fast. Eligibility Requirements - When we are ready to process your application, you will receive a separate email with instructions to apply. 3508 Instructions for Borrowers; 3508EZ PPP Loan Forgiveness 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? Under this new guidance, borrowers would be exempt from reductions in their forgiveness based on changes in FTE employees and wage reductions. 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. 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