Stimulus and PPP Updates

(Update: March 12, 2021)

The Internal Revenue Service now has the Get My Payment tool, an online portal to check the status of Economic Impact Payments. 

COVID-19 Economic Impact Payments

(Update: December 30, 2020)

With the recent signing of the economic stimulus package into law, individuals and families will soon be receiving Economic Impact Payments. Many of the transactions will be sent as ACH payments and will be posted directly to your checking or savings account.

The IRS database will be used to determine routing and bank account numbers for qualified individuals. We received information from the government that the soonest your payment could deposit to your account is Monday, January 4, 2021. If the IRS does not have account information on file for direct deposit, then you may receive a check or prepaid debit card. Paper checks will begin to be mailed today, December 30.

Economic Impact Payments

(Update: April 14, 2020)

Economic Impact Payments, or stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.

If you haven’t filed for 2019, but filed a 2018 federal tax return, the IRS will use their information from 2018 tax filing to make the Economic Impact Payment calculations. If you did not file a 2018 or 2019 federal income tax return, please visit the Internal Revenue Service's website to enter payment information.

Visit the IRS Economic Impact Payments Information Center to answer your questions about eligibility, payment amounts, what to expect, when to expect your payment, and more.

 

If you have any questions, please contact your lender. 

 

For loans under $150,000 - 3508S

EZ Loan Forgiveness Application. See instructions in link to qualify - 3508EZ

Loan Forgiveness Application and Instructions - 3508

 

The Small Business Administration has informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal will stop accepting applications for loans from most lenders.

SBA said it has reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There also is approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated "community financial institutions," defined for bankers' purposes as minority depository institutions and community development financial institutions. 

The Small Business Administration has issued several updated forms for the Paycheck Protection Program. The updated forms include the following:

The Small Business Administration released an interim final rule on changes to the Paycheck Protection Program recently announced by President Biden. The rule addresses expanded aid for sole proprietors, independent contractors and the self-employed. 

SBA has updated its frequently asked questions to provide additional detail on these and other changes (borrower bankruptcy, partial first draw borrowers, size requirements, etc.) SBA has also provided new forms for borrowers.

PPP First Draw Borrower Application Form

PPP First Draw Borrower Application Form - Schedule C Filers Using Gross Income

Second Draw Borrower Application Form

Second Draw Borrower Application Form - Schedule C Filers Using Gross Income

The White House announced several measures to ensure the smallest businesses have access to Paycheck Protection Program loans, including the following:

The SBA released revised first-draw and second-draw borrower application forms with updated demographic data.

(Update: January 20, 2021)

The Small Business Administration has released revised loan forgiveness forms for the Paycheck Protection Program — Forms 3508, 3508EZ and 3508S*. SBA also released an updated interim final rule on PPP forgiveness and a new conflict of interest disclosure.

*Form 3508S is for loans under $150,000.

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Paycheck Protection Program

(Update: April 1, 2020)

The Paycheck Protection Program (a provision of The CARES Act) authorizes up to $349 billion toward job retention and certain other expenses for small businesses and eligible nonprofit organizations during the COVID-19 crisis. Loan proceeds have the potential to be forgiven as long as certain criteria are met by the business.

We are encouraging business customers interested in the Paycheck Protection Program to review the PPP borrower information sheet to determine your eligible loan amount and the documents needed for processing the loan request.

The Payment Protection Program has ended.

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SBA Economic Injury Disaster Loan Emergency Advance

(Update: March 27, 2020)

The SBA's Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by COVID-19. The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.

Applications for the COVID-19 Economic Injury Disaster Loan and loan advance are accepted on the Small Business Administration's website.