SBA Paycheck Protection Program (PPP)
On Friday, April 24, President Trump signed into law the bill authorizing $310 billion in additional Paycheck Protection Program (PPP) funds. The Treasury Department and Small Business Administration have informed us that the SBA will resume accepting Paycheck Protection Program loan applications at 7:30 a.m. on Monday, April 27.
If you have an application in progress at Wheatland Bank, we will continue to work with you to ensure that your application is complete and ready to submit when SBA begins accepting new applications. Wheatland Bank will continue to accept new applications and encourage those interested in pursuing these funds to read the information that we have provided below.
Thank you for your interest in applying for the SBA Paycheck Protection Program loan through Wheatland Bank. We have received a very large volume of requests and our Wheatland CARES Team has been working around the clock successfully processing applications through to SBA approval.
Q: If I haven't submitted my application, is it too late?
Not necessarily. Wheatland Bank will continue to process applications on a first come, first served basis in anticipation of a second round of funding. If you do submit an application, we will keep you informed of when additional information is provided by the SBA.
Q: How can I ensure that my application is processed as quickly as possible?
To speed up the processing of your application, please refer to our SBA Paycheck Protection Program (PPP) Preliminary Checklist, and follow the detailed rules in the Interim Final Rule issued by the Treasury and SBA to ensure your application is accurate and complete. Incomplete applications will need to be sent back to you for more information. All of these tools are available on our website. You may want to consult with your tax preparer or accountant for assistance with any calculations on the application, should you have questions.
Q: Do I need to be a customer of Wheatland Bank to get my SBA relief loan through Wheatland Bank?
Yes. Due to the high number of applications that Wheatland Bank has received since the program launched on April 3, we are currently limiting our acceptance of new applications to Wheatland Bank customers only.
We are so pleased to be able to help serve our local communities with this important program and are dedicating every resource we can to it. Thank you for your patience and understanding.
What is the SBA Paycheck Protection Program (PPP)?
The SBA Paycheck Protection Program is a program through the U.S. Small Business Administration (SBA) passed into legislation on March 27, 2020 as part of the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act to help businesses that have been impacted by COVID-19.
FEATURES OF THE SBA PAYCHECK PROTECTION PROGRAM
- Loan amounts up to 2.5x average monthly payroll, not to exceed $10 million
- Payments may be deferred for up to six months
- Loan forgiveness for eligible payroll, mortgage interest, rent and utilities during the covered eight-week period after origination. However, not more than 25 percent of the loan forgiveness amount may be attributable to non-payroll costs.
- No loan origination fees
- No business collateral or personal guarantee required
- No prepayment penalties
- To qualify, must have fewer than 500 employees
ASSISTANCE FOR SMALL BUSINESSES
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. To help you better understand the program, below are links to the resources that have currently been made available.
Treasury Department Resources
- PPP Topline Overview
- PPP Information for Borrowers
- PPP Application for Borrowers (Please download or open in Internet Explorer for E-Sign functionality to work)
- PPP Interim Final Rule
- PPP Interim Final Rule - Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- PPP Interim Final Rule issued April 24, 2020
- PPP Frequently Asked Questions
- PPP Loan Forgiveness Application (Please download or open in Internet Explorer for E-Sign functionality to work)
Senate Small Business & Entrepreneurship Committee Resources
As an SBA Preferred Lender, Wheatland Bank has a team of experienced SBA lenders and we stand ready to lend support to the local businesses in the communities we serve to help get them through the economic downturn caused by the COVID-19 Pandemic.
Wheatland Bank has a dedicated team of employees focused on providing the highest level of customer service and efficiency in streamlining the SBA application and approval process for the Paycheck Protection Program. If you are ready to apply now you can access the application form here.
To prepare your application, we suggest you review and utilize our SBA Paycheck Protection Program (PPP) Preliminary Checklist and Additional Guidance for Self-Employed Individuals to help ensure that you provide all of the information that will be required to complete your application.
Completed applications and documents can be securely uploaded using the link below. You can expect one of our SBA PPP loan specialists to reach out to you and follow up with an acknowledgement of the receipt of your application. And, we will most likely have a few follow up questions.
Q: How do I contact someone to assist me with questions I have?
If you have an existing loan officer or other contact at your local Wheatland Branch, please contact them. If not, please complete the short form below and a local human banker, who lives in your community, will contact you to assist you.