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The SBA Paycheck Protection Program (PPP) announced that they have added additional funds to this program. VCB is accepting applications. PLEASE NOTE: Submitting an application does not guarantee processing by the SBA or that you'll receive funding. We look forward to helping our clients!
The SBA is guaranteeing these loans but businesses will apply through us at VCB. We are already approved to issue 7(a) loans.
Please contact your Commercial Relationship Manager and he/she will be able to assist you.
PLEASE NOTE: Submitting an application does not guarantee processing by the SBA or that you'll receive funding.
We look forward to helping our clients!
Download PPP Application PPP Uses and Sources Etran Information PPP Checklist
You will be required to submit the above attachments and include the following documentation:
Documentation showing the amount of retirement plan funding your business made for employees over the past 12 months (profit sharing 401(k) plans, cash balance plans, SIMPLE and SEP IRAs). If your 2019 plan administration has been completed, you should use this as the basis for these figures. (Employees’ own 401(k) salary deferrals won’t count for these purposes).
The Paycheck Protection Program is a loan implemented by the Small Business Administration (SBA) with the support from the Department of the Treasury to help businesses keep their workers on the payroll during the Coronavirus (COVID-19) crisis. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The borrower shall have a portion of their loan forgiven in the amount equal to their payroll costs (not including costs for compensation above $100,000 annually), interest payments on mortgages, rent payments, and utility payments between February 15 and June 30, 2020. Loan forgiveness will be reduced if the borrower reduces employment by a ratio similar to their reduction in employment or if borrower reduces salaries and wages by more than 25%.
The U.S. small business sector is facing an unprecedented crisis as a result of the COVID-19. Many businesses have closed their doors which has fueled unemployment claims. Many others are barely surviving and getting to the point of not being able to cover basic operating costs. These businesses need immediate access to capital that can replace their lost revenue and help them get through this crisis. The more small businesses that survive, the stronger the recovery we can expect once it is over.
The business certifies the loan will be used to retain workers, maintain payroll, make mortgage or lease payments, and pay utilities.