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. We look forward to assisting customers who received PPP loans with the forgiveness application in the coming weeks. Customers with Loans $150,000- $5,000,000: Please complete the application link if you have not done so already. With many different types of credit cards, you're sure to find the card you need with us. If employers maintain their payroll, they must apply through their lender for forgiveness on the loan. We know how vital your car is to getting around in your everyday life. 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. Para información en español, haga clic aquí. Under this new guidance, borrowers would be exempt from reductions in their forgiveness based on changes in FTE employees and wage reductions. 3508 Instructions for Borrowers; 3508EZ PPP Loan Forgiveness Application. 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. 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. 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. Expands definition of group insurance benefits that may be included as "payroll costs" when calculating forgiveness. We will notify you as soon as we are able to take your application. Either way, we have you covered. S treamlined Loan Forgiveness Application Announced by SBA . City National Bank is here to assist you with all of your Paycheck Protection Program (PPP) needs. PPP provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. Bank of Texas is with you on every step of your financial journey. The 'Paycheck Protection Program' and What Banks Should Do NOW to Help Their Small Business Customers. 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. PPP Loan Forgiveness. PPP Loan Forgiveness Application Form 3508EZ . Forgiveness of Existing PPP Loans. Starting July 6, 2020, CNB will begin accepting applications for Forgiveness under the CARES Act Paycheck Protection Program (PPP). 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. Bank of Texas is a Small Business Administration (SBA) Preferred Lender, which means easier applications and faster approvals. 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. Follow this link to complete your online application and submit your supporting documentation . We offer cards with rewards, cash back or long introductory rate periods. PPP has maximum deferrals of up to a year. If you're a student or looking to build your credit, we even have cards just for you. We anticipate accepting applications for additional PPP loans shortly after receiving and reviewing the SBA's regulations and the necessary forms. The first round of PPP funding was depleted in less than two weeks. Our team has sent out communications via email, as well as, mail to those customers without a valid email address on file. 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 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. Borrowers must still complete a one-page … Download the application for your loan. Applying for a PPP loan. We keep our interest rates competitive, so you can borrow as much as you need without worry. Why Bank of Texas? 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. We participate in most SBA loan programs available, including the SBA 7 (a) Loan, SBA 504 Loan and SBA Express. We know there's no one right loan for everyone, so we've made it easy to find a loan to fit your needs. After applying and upon approval, you'll have quick access to advances on your personal line of credit, any time you need it. 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. To determine if you qualify for Form 3508-EZ, one of the following statements must be true: Are self-employed and have no employees OR While the SBA is no longer accepting applications for PPP loans, you may continue to submit your completed application to SBAPPP@texasnational.com. With Bank of Texas's personal lines of credit, it's like you can write yourself a loan when you need cash fast. If you did not receive the email, please contact us at 800.618.BANK (2265)or by emailing: SBA_PPP@unitybank.com. Bank of Texas is a Texas-based bank serving Dallas, Fort Worth, Houston, Sherman and other communities throughout the state. America First FCU – Apply at this link by clicking Apply Now. Checklist for Using SBA Form 3508EZ . Here are some tips that might help you along the way. 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. To achieve full forgiveness, 60% of the PPP loan must still be used for eligible payroll expense. You will be contacted via email with more details. 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. Your home is one of your biggest investments. IMPORTANT UPDATE as of October 9, 2020. The SBA also made borrower-friendly revisions to the full forgiveness application. PPP Loan Forgiveness Application For Loans Less Than $50,000. : no: This form will be used to determine the portion of the loan amount that will be forgiven by the SBA. Charitable Organizations & Not-for-Profit. What is the Paycheck Protection Program (PPP)? SBA loans feature: You’ll need a business account first. The eligibility requirements are outlined for applicants on the U.S. Treasury and SBAwebsites. 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. To better prepare for the PPP forgiveness application, please visit the SBA website. 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. 3508 PPP Loan Forgiveness Application. The Forgiveness application requires Borrowers to submit to the Lender (Wallis Bank). Second round PPP expands eligibility to additional types of non-profits, news organizations, destination marketing organizations and others. See sample below. CommunityBank of Texas has been working diligently to provide our PPP loan customers with an efficient way to complete their PPP loan forgiveness application. Customers with Loans over $75,000: You should have received an email from Unity Bank with an application link on Friday. At Bank of America, the Paycheck Protection Pr… Learn about our competitive banking services, credit solutions, financial planning and investment services for individuals, small businesses and institutions. 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. These changes are intended to make the application process easier on borrowers and to increase efficiency for lenders and borrowers alike. 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. You should have received an email from the Bank with specific information regarding the PPP Forgiveness Process. Click here for more information regarding second PPP loan requirements and forgiveness. What is Needed to Apply: Completed SBA FORM 3508S; Complete addendum form; Documentation showing the loan funds were used (i.e. - For self-employed individuals, please include: Schedule C from your 2019 tax return. There will be a simplified forgiveness process and form for all PPP loans of $150,000 or less. 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. 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. You are a business with 300 or fewer employees or are otherwise eligible under the PPP. SBA Form 3508EZ (06/20) Page 1 . For all borrowers with PPP loans less than $150,000, we recommend you wait before beginning the … 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. 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. Charitable Organizations & Not-for-Profit. Last night, the SBA granted approval to offer a streamlined PPP forgiveness process to borrowers with loans of $50,000 or less. 3245- 0407 . 3508EZ Instructions for Borrowers; 3508S PPP Loan Forgiveness Application. OMB Control No. Please consult your advisors to determine all matters of PPP eligibility and requirements. This is your first PPP loan or you have used the full amount of your first PPP loan on eligible expenses. Perhaps you're about to make a large purchase — a car or house — or maybe you're looking for something a little smaller. On June 16, the SBA released a revised PPP Loan Forgiveness Application (Form 3508) and an EZ version of the application (Form 3508-EZ). You'll receive an email confirming your request to apply for the SBA Paycheck Protection Program. 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? 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. 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