Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. SBA Guidance on PPP Loan Forgiveness - August 13, 2020. Paycheck Protection Program New Funding - April 24, 2020, $310B of additional funding was appropriated to the SBA Paycheck Protection Program on April 24, 2020, Paycheck Protection Program: Economic Uncertainty Certification – New Guidance Issued - April 23, 2020. None of the information on this site constitutes legal advice. Expedited loan forgiveness possible for PPP loans under $150,000. This was not a decision made by New Mexico Bank & Trust or any other bank that participated in the government program. This information is provided by the U.S. Treasury. The SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020. N.E. Phone Number: (505) 298-3662. Its headquarters are in Birmingham, Alabama, and it primarily serves Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. We will be providing customers an online tool and calculator to assist in completion of the PPP forgiveness application. California Bank & Trust (CB&T) is ready to help with exceptional products and personal service. The borrower must have made a good faith written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Loyal Trust Bank Mobile Logo Business Banking On August 4, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. This information is provided by the U.S. Treasury. Normal Underwriting guidelines apply. This guidance was issued under the FAQ: “Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?” However, the Treasury Department gave no guidance as to when a company might be considered “large” nor did it suggest that the criteria would only be applicable to large companies, however this may be defined in the future. NEW MEXICO BANK & TRUST (PLP,SE,EE,EWCP) BRANCH OFFICE. Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” 9500 Montgomery Blvd. The following is a summary of certain provisions in the CARES Act. 26 April 27, 2020: $350K–$1M Eagle Bank and Trust Company: $150K–$350K loan to HOPPER TERMITE & PEST MANAGEMENT OF HEBER SPRINGS, INC. SBA Guidance on PPP Loan Forgiveness - August 5, 2020. See our Advertiser Disclosure. Borrowers do not need to apply for this extension. April 26, 2020. Dear Metairie Bank PPP Customer, Metairie Bank & Trust is grateful for the opportunity to serve the New Orleans region through the SBA’s Paycheck Protection Program. From the date your loan was closed to the present, many changes have been implemented by Congress. Normal Underwriting guidelines apply. To apply, fill out the Contact Us to Get Started Form. CLICK HERE . We will be communicating with our clients with PPP Loans of $50,000 or less to provide additional information soon. We will be closed all day on Friday, December 25, for the holiday. You have reached SBA.com®. 13 April 27, 2020: $150K–$350K Univest Bank and Trust Co. $150K–$350K loan to SCHILLER AND HERSH ASSOCIATES, INC. On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, representing one of the largest emergency aid and economic assistance programs ever adopted. PPP Loan Forgiveness Update Webinar. The complete SBA FAQ document can be found here. *The Cares Act PPP Forgiveness guidelines have been formulated by the Small Business Administration. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith, even if they now conclude that there were other sources of liquidity available to it that were not significantly detrimental. We will closely monitor SBA announcements and communicate updates in a timely fashion. This information is published by the U.S. Treasury and not SBA.COM® Any disputes on the accuracy should be directed to the U.S. Treasury or U.S. Small business Administration. In this document the SBA describes its procedures for reviewing PPP loan applications and loan forgiveness applications. Borrowers who determine that they have other adequate sources of liquidity that are not detrimental to business operations may return the PPP funds by May 14, 2020 and will be deemed by the SBA to have made their prior certification in good faith. This website is not a lender and does not broker loans, make loans or make any credit decisions. In most cases, the number of employees is counted together with all affiliates. BLUE WINDOW, LLC, located in LOS ALAMOS, NM has a $150000 - $350000 PPP loan from New Mexico Bank & Trust and retained 25 jobs. Note: The SBA has not yet issued complete rules and guidance on potential reductions in forgiveness and as a result, the specific requirements described below may change. Paycheck Protection Program Loan Forgiveness Application - May 15, 2020. Not all details about individual PPP loans are being released by the SBA. “We’ve processed 764 PPP loans totaling $106 million, preserving more than 13,512 jobs.” To date, banks of all sizes have provided more than $500 billion in PPP loans to small businesses across the … Check out our PPP Forgiveness Resource Center for Regular Updates . FAQ #46 - Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Loan forgiveness now available for small businesses that were unable to rehire employees, hire new employees or return to the same level of business activity as before the virus. SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. Click here for additional details. If other sources of liquidity are or were available to the applicant, then some assessment should be made as to whether these other sources are significantly detrimental to the applicant’s business. On May 22, 2020, The U.S. Treasury Department and the SBA also issued an Interim Final Rule on PPP Loan Review Procedures and Related Borrower and Lender Responsibilities. On July 4, President Trump signed the PPP Extension Bill to allow small businesses to apply for the loans through August 8. Before taking any action regarding the CARES Act, we recommend you consult with your financial, tax and legal advisors as appropriate. Learn about our competitive banking services, credit solutions, financial planning and investment services for individuals, small businesses and institutions. The program was expected to end on June 30; however, it is reported that approximately $130 billion of the $670 billion remained in the program. 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