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SBA Paycheck Protection Program

We stand by you, West Bank Strong.

We recommend reviewing the requirements at the SBA website and consulting with your professional advisors such as your CPA, Attorney, and/or Payroll Provider regarding your eligibility and maximum loan amount in advance of your application. The SBA PPP program is currently set to expire on March 31, 2021, or when available funding becomes exhausted.

March 3, 2021 update
The SBA has implemented Paycheck Protection Program changes for sole proprietors and other borrowers that file IRS Form 1040, Schedule C.

The program now allows borrowers who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income. SBA has issued updated PPP application forms for borrowers reflecting these changes and step-by-step loan amount calculations.

This SBA calculation change will apply only to PPP loans approved after the rule’s effective date of March 3, 2021. Borrowers who have already had their loans approved cannot increase their PPP loan amount based on the new maximum loan formula.

SBA PPP Second Draw Loans

Businesses that meet certain eligibility requirements may apply for a PPP Second Draw loan. 

Basic eligibility requirements for the PPP Second Draw loan include:

  • Business has used, or will have used, the full amount of your first PPP Loan for authorized uses before applying for a second draw loan
  • Have no more than 300 employees
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

SBA PPP Second Draw Loan Application:
Form 2483-SD – Second Draw Borrower Application

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

Resources:

SBA PPP First Draw Loans

SBA PPP First Draw Loan Application:
Form 2483 - First Draw Borrower Application

Borrower Application Form for Schedule C Filers Using Gross Income

Resources:

How to Apply for a SBA PPP Loan

Please contact your West Bank banker directly. Your banker will provide you with a secure link to electronically submit your completed application. If you need to be connected with your banker, please contact us at 1-800-810-2301.

SBA PPP Loan Forgiveness Information

Please work directly with your West Bank banker to submit your PPP Loan Forgiveness application to the SBA. The SBA has issued three application forms for PPP Loan Forgiveness:

3508S Loan Forgiveness Simplified Form: two page forgiveness application for borrowers who received a PPP loan of $150,000 or less. This form requires fewer calculations and less documentation for eligible borrowers. In most cases, no additional documentation is required to submit your application.

3508EZ Loan Forgiveness EZ Form: streamlined forgiveness application for borrowers who received a PPP loan above $150,000 and fit certain criteria. See page 5 of the application for criteria.

3508 Loan Forgiveness Standard Form: standard loan forgiveness application for borrowers who received a PPP loan above $150,000 and do not meet the criteria for the 3508EZ application.

Visit the SBA website for information regarding PPP loan forgiveness

How to submit your loan forgiveness application
Please contact your West Bank banker directly. Your banker will provide you with a secure link to electronically provide your application and supporting documents. If you need to be connected with your banker, please contact us at 1-800-810-2301.

Alternatively, you may drop off your application and supporting documents in an envelope in the drive-up at any of our locations. Please address your envelope to the attention of your banker.

For your protection, please do not email your completed application using unsecure email.

Note: the SBA PPP Loan Number requested in the application is the same as your Lender PPP Loan Number. Your Lender PPP Loan Number is the 10-digit Loan Number found on your West Bank PPP Promissory Note labeled “Loan No.”.

Timing
To be eligible for forgiveness, Borrowers must apply within 10 months of the last day of the covered period. We encourage you to apply as soon as possible to help facilitate the process.

Please visit the SBA and Treasury websites for the latest information.
SBA Paycheck Protection Program
U.S. Department of Treasury SBA Paycheck Protection Program

West Bank makes no promise nor commitment that a loan will be made to your business or that any pending application will be accepted and funded. The Small Business Administration’s Paycheck Protection Program is administered in accordance with their rules and regulations. West Bank makes no representations regarding the suitability of any applicant for the Program, the degree to which the Program may benefit any applicant, or the possible penalties for non-compliance with SBA rules.

 

 

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