PAYCHECK PROTECTION PROGRAM (PPP)

The PPP was formed under the CARES Act and is administered by the Small Business Administration (SBA) to make loans to businesses impacted by COVID-19. This unique program includes a provision for the SBA to forgive up to the full amount of the loan, if used for eligible expenses.

Updated March 31, 2021

It has been very rewarding to connect more closely with our community nonprofits and small businesses to provide financial assistance through PPP during this particularly challenging period. Looking at both 2020 and 2021, we have channeled more than $100 million in relief to support the economic resiliency of local organizations. We thank all the organizations that partnered with Seattle Bank through this important program. Seattle Bank is continuing to support current clients with completed or in-process Paycheck Protection Program (PPP) loans, however we are stepping back from new lending.

Current Seattle Bank PPP Loan Borrowers 

  • Seattle Bank will continue to support all organizations with PPP loans originated through Seattle Bank, including facilitating the loan forgiveness application process. More information can on loan forgiveness can be found lower on this page.

  • For First Draw borrowers that do not submit Second Draw applications by March 31, 2021, our PPP Team can assess your needs and direct you to the SBA’s application form that has a new deadline of May 31, 2021.

  • Questions about your loan or loan forgiveness should be directed to [email protected].

Organizations with Seattle Bank PPP Loan Applications in Process 

We will continue to process any applications submitted on or before March 31, 2021 for Seattle Bank originated PPP loans. Please contact us at [email protected] to get started or if you have any questions.

Current Seattle Bank Clients Who Have Not Yet Applied 

If you are a current client and have not yet started a PPP application and meet the criteria, please email [email protected] for assistance. We encourage you to visit the Small Business Administration's website to first determine your eligibility. 

Organizations That Are Not Current Seattle Bank Clients 

We are no longer accepting PPP loan applications from organizations that are not Seattle Bank clients. Please use the SBA’s Lender Match tool to find a local, active PPP lender.

 

PPP Loans - First Draw vs Second Draw

 

FIRST DRAW

SECOND DRAW

Loan Amount

• 2.5x Ave Monthly Payroll
• Up to $10MM

• 2.5x Ave Monthly Payroll
• 3.5x for Hospitality Industry (NAICS Code=72)
• Up to $2MM

Terms

• 5 years
• 1%
• Deferred up to 10 mos. after covered period end date

• 5 years
• 1%
• Deferred up to 10 mos. after covered period end date

Eligibility

• < 500 employees

• < 300 employees
• Utilized all First Draw funding
• 25% reduction in gross revenue (2020 vs 2019)
• First PPP loan cannot be under SBA Review

Documents Required

• 2019 or 2020 payroll documentation (salary, retirement, health care, state taxes)

• Gross receipts from one quarter in 2019 (or 2019 year-end) + gross receipts from the same quarter in 2020 (or 2020 year-end)

• New Seattle Bank clients - 2019 or 2020 payroll documentation

PPP Loan Forgiveness

Updated March 5, 2021

The Economic Aid Act introduced several revisions to the Paycheck Protection Program (PPP), including a requirement that the Small Business Administration (SBA) issue streamlined application forms in order to simplify the forgiveness process. Previously reserved for Paycheck Protection Program borrowers with a loan equaling $50,000 or less, the 3508S application form can now be used for loans up to $150,000. Eligible borrowers will still need to calculate their requested forgiveness amount and verify that the money was used for payment of eligible expenses. All applicants should maintain a record of documentation; however, no payroll, expense, or FTE documentation is required for submission of the 3508S.

We hope this streamlined forgiveness application process will be efficient for you and your organization. Don't hesitate to reach out if our team can help you.

Apply for Loan Forgiveness

Contact Us:

Phone: (206) 281-1500
Email: [email protected]

You can sign up for Seattle Bank Small Business Relief email updates here.

Meet Our Commercial Banking Team

Sorry, content not available.