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Wednesday, May 5, 2021 – The Small Business Association (SBA) has announced that the PPP loan funds have been exhausted and applications will no longer be accepted. At this time, Providence Bank & Trust will no longer be able to accept any new PPP loan applications.
Our Relationship Managers are available to continue to answers questions you may have regarding existing PPP loans or PPP loans that are currently pending. You may contact us by calling 888-923-5664 or emailing info@providencebank.com .
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
How the Treasury Department is Taking Action
Assistance for Small Businesses
On Tuesday, March 30, 2021, the President signed the PPP Extension Act of 2021, extending the deadline to apply for PPP Loans from March 31, 2021 to May 31, 2021. The program could end earlier if allocated funds are depleted.
On Monday, February 22, 2021, President Biden announced changes to the SBA’s coronavirus relief program to ensure equity. In order to reach the smallest businesses and nonprofits, the SBA will offer PPP loans to businesses and nonprofits with 20 or less employees and sole proprietors only from Wednesday, February 24, 2021 through Wednesday, March 10, 2021. This will ensure lenders and community partners have ample time to work with small businesses and nonprofits while also ensuring that larger PPP-eligible business will still have plenty of time to apply for and receive support before the program is set to expire.
The SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. Click here to read about these changes and for more information.
The U.S. Small Business Administration (SBA) and U.S. Treasury issued guidance on January 7, 2021 for the reconstituted Paycheck Protection Program. Providence Bank & Trust is participating in the 2nd round of the SBA Paycheck Protection Program (PPP) to assist our non-profit & small business community in accessing this vital capital source during these continued uncertain times.
The SBA and Treasury announced that PPP will re-open the week of January 11, 2021. January 11 and January 12 will be reserved exclusively for First Draw PPP Loans. The SBA will begin accepting Second Draw PPP Loans on January 13, 2021. The SBA will initially only accept Loan Applications for First Draw and Second Draw PPP Loans from Community Financial Institutions. Community Financial Institutions (CFIs) include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. This will better assist with the SBA’s guidance on providing access to capital for Minority, Underserved, Veteran and Women-Owned Businesses.
The SBA and U.S. Treasury have announced that all other participating financial institutions, including Providence Bank & Trust, may begin submitting second round PPP loans on Tuesday, January 19, 2021. The Paycheck Protection Program is anticipated to remain open through March 31, 2021.
Our Relationship Managers will be ready to assist you through the process and help you gain access to necessary capital . As your neighborhood relationship-oriented Bank, we have placed the utmost priority on assisting you through this process and getting your application submitted as quickly as possible.
You may contact us by calling 888-923-5664 or emailing info@providencebank.com . Your inquiries will place you in the queue for your Relationship Manager to contact you regarding the PPP and assist you with any questions and/or concerns you may have within 1-2 business days.
We recommend that you review the PPP Loan applications below as well as review the links from the SBA with information for First Draw and Second Draw PPP Loans in preparation for submitting your loan material.
Paycheck Protection Program First Draw Borrower Application
Paycheck Protection Program Second Draw Borrow Application
Paycheck Protection Program Overview
Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Businesses
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
The SBA has announced that they will begin accepting PPP Debt Forgiveness Applications beginning August 10, 2020.
Click here to find information on the Standard and EZ applications.
The criteria for determining whether you are eligible for use of the EZ application can be found in the instructions for the EZ application. Please note that loan size is not one of the determining factors of eligibility for the EZ application.
For customers who obtained a PPP Loan with Providence Bank & Trust, you will receive a communication from the commercial lending team with information needed to file your application.
If you have any questions regarding your PPP Loan with Providence Bank & Trust, please call us at 888-923-5664 to speak with your commercial officer.
Providence Bank & Trust is committed to the success of our neighborhood businesses and non-profits and the community members employed by those businesses. As we continue to navigate these unprecedented times, it is important to remember that we are all in this together. Being a community-oriented bank, Providence Bank & Trust is working at its full capacity to help our business and non-profit customers navigate the details of the SBA Paycheck Protection Program (PPP). We are working diligently to process these loans and answer questions and, to date, have processed over 400 PPP loans for our customers totaling $100 million. These loans will be funded in accordance with SBA required deadlines.
The SBA will resume accepting Paycheck Protection Program applications on Monday, April 27, 2020 at 10:30am EDT. With this in mind, we continue to work on this important initiative and are now accepting additional applications from businesses and non-profits in the communities that we serve.
For any additional inquiries about an approved loan, pending application or general questions, you may contact us by phone at 888-923-5664 or email at info@providence.bank and a member of our team will be ready to assist you. You may also visit our coronavirus webpage by clicking here for up to date information.
We are committed to helping you through this process as quickly and easily as possible to get you the assistance that you need. We appreciate your business and thank you for partnering with Providence Bank & Trust.
Lapse in Appropriations Notice: The SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL) COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Unfortunately, this means that we are unable to fund or approve any additional PPP loans at this time. We will continue to work with our clients and update you as we continue to receive updates from the SBA.
Providence Bank & Trust is participating in the SBA Paycheck Protection Program (PPP) to assist our non-profit & small business community in accessing this vital capital source during these unprecedented times we are currently experiencing. In addition to the PPP, there is additional guidance and loan resources available to you through the SBA as well as the U.S. Department of The Treasury.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
How the Treasury Department is Taking Action
Assistance for Small Businesses
Paycheck Protection Program (PPP) Information Sheet: Borrowers
Our Relationship Managers are ready to help you navigate through these challenging times. As a community relationship-oriented Bank, we have placed the utmost priority on assisting you through this process and getting your application submitted as quickly as possible. We are currently prioritizing applications for the PPP with our current customers. As we continue to work through the high demand of these loans, we will continue to assess our ability to take on additional requests from non-profit and small businesses that do not currently have a relationship with our Bank.
Current Customers may contact us by calling 888-923-5664 or emailing info@providence.bank. Your inquiries will place you in the queue for your Relationship Manager to contact you regarding the PPP and assist you with any questions and/or concerns you may have within 1-2 business days.
We are committed to helping you through this process as quickly and easily as possible to get you the assistance that you need. We appreciate your business and thank you for partnering with Providence Bank & Trust.
