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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 .
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.
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
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.
