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CARES Act & Paycheck Protection Program Information

Helpful Links:

PPP Information Sheet:  https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

PPP Application:  https://www.sba.gov/sites/default/files/2020-04/PPP%20Borrower%20Application%20Form.pdf

SBA Relief Options Information Page:  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

April 3, 2020 Notice

The SBA has updated the Paycheck Protection Program application, see link below.  A hard copy of the application is also available at the Platte Valley Bank.  Please take note of the instructions on page 3 of the application.  This section explains what can be included in your payroll costs and how to calculate the average monthly payroll.  Keep in mind when calculating your average monthly payroll that payroll costs are capped at $100,000 on an annual basis for each employee.  Also, Independent Contractors are not included in the payroll figure.

If you decide to take advantage of this program, copies of your 2019 941 IRS quarterly federal tax filings and a list of employees as of February 15, 2020 must be submitted with the Paycheck Protection Program application. 

Paycheck Protection Program application - PPP Application

The Economic Injury Disaster Loan Assistance application is still available at the SBA at EIDL Application.

If you have any questions, please contact us at 402-652-3221.

Sincerely,

Brent Karnatz, President

Mark Flamme, Senior Vice President

Cheryl Wietfeld, Vice President

 

April 2, 2020 Notice 

We truly understand that your daily lives, operations, and finances have been impacted during this unprecedented pandemic.  We’re committed to you and our community.  Therefore, we would like to share important information regarding the various COVID-19 loan programs announced recently by the Small Business Administration (SBA) and Treasury.

Economic Injury Disaster Loan (EIDL) Assistance

This is an SBA direct loans applied for online through the SBA website.  The SBA is offering direct economic disaster loans to help businesses affected by COVID-19.

Small business owners can apply for this loan program now and are eligible for an Economic Injury Disaster Loan advance of up to $10,000.  The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.  Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.  We were told there was a specific checkbox that needs to be checked for this advance.

The SBA disaster assistance customer service center can be reached at 1-800-659-2955 (TTY 1-800-877-8339) or disastercustomerservice@sba.gov.  For additional information see the Fact Sheet below.  To apply, visit the website: https://www.sba.gov/funding-programs/disaster-assistance.

Paycheck Protection Program 

Platte Valley Bank will help small businesses by providing these loans.  Although we expect additional changes as the final guidance has not been issued, CLICK HERE to access the current application to apply for this program.  In addition, please provide your 2019 tax return (if completed) and documentation of payroll expenses.  Current information states monthly payroll information as far back as the previous 12 months may be required.

The economic relief plan approved by the Senate and House will provide $350 billion in loans for small businesses to cover salary, wages, benefits, and rent payments worth 2.5 times an employer’s average month payroll with a maximum loan of $10 million.  The new law gives the SBA about 4 weeks to provide instructions to banks.  We will continue to share details with you as they are available.  Please note that even though the application process is expected to open on Friday, April 3, 2020, the SBA has not issued final guidance yet and we believe it is in the best interest of our clients to not submit applications until we receive final guidance from them.

It is important that you contact your Platte Valley Bank lender and let us know if you will need access to the Paycheck Protection Program.  There will likely be a big demand for loan funds nationwide, and we want to be sure your application is completed for approval to receive funds as soon as possible.

If your employment or working hours have been reduced due to COVID-19 and you have current loans with us, please call us to discuss any possible help we may be able to provide.

We continue to be here for you.  We will keep you updated on changes and available resources on our website.  Be sure to visit http://www.pvbonline.com or http://www.sba.gov for the most current information.