SBA PAYCHECK PROTECTION PROGRAM FUNDS EXHAUSTED, APPLICATION PORTAL CLOSED
The Small Business Administration (SBA) has notified banks that the allocation of funds in the Paycheck Protection Program has been reached, and the program’s application portal has been closed.
The SBA has reserved some funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There are also limited dollars remaining in congressionally mandated funding for PPP loans made by designated “community financial institutions,” defined as minority depository institutions (MDIs), community development financial institutions (CDFIs), and Certified Development Companies (CDCs).
Zions Bank’s Commitment to Small Business
Over the past year, Zions Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program. Our commitment to the small businesses in our community is at the heart of what we do. Click here for information on the various business banking services available through Zions Bank.
PPP LOAN FORGIVENESS APPLICATION PORTAL OPEN
A digital version of the loan forgiveness application is available now for first- and second-draw borrowers receiving a PPP loan from Zions Bank.
Using the same username and password used to complete your original PPP application, our online forgiveness application allows you to quickly complete your application and will, in many cases, facilitate the processing of your application in days rather than weeks.
The forgiveness application process also now includes the following enhancements:
- Expanded Qualified Forgiveness Expense Categories – In addition to payroll, mortgage, rent and utilities costs, permissible qualified expenses now include covered operations expenditures, covered property damage costs, covered supply costs, and covered work protection expenditures.
- Simplified Forgiveness Process for Loans up to $150,000 – This application is now a simple one-page certification, with no supporting documentation required to be submitted with the application. However, if you did not submit your revenue reduction documents when you received your second draw loan, you will be required to submit them with your forgiveness application.
- Applicable Covered Period Option – You may elect, at your option, to choose a “covered period” ending at any time between 8 and 24 weeks after loan origination. Regardless of the chosen covered period, you must use the full amount of the PPP loan proceeds on eligible expenses during the chosen period, including at least 60% of PPP loan proceeds for eligible payroll costs, to be eligible for full forgiveness.
You are eligible to apply for forgiveness once all loan proceeds for which you are requesting forgiveness have been used. You can apply for forgiveness any time up to the maturity date of your loan. However, if you do not apply for forgiveness within the Deferment Period described in your Promissory Note, your PPP loan payments are no longer deferred, and you will be required to begin making loan payments.
Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney or other advisor on any complicated loan forgiveness questions to determine the most appropriate action for you and your business. We also encourage you to double check your forgiveness application for accuracy before signing and submitting it to us.