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 May 6, 2021
As of May 4, 2021, the Paycheck Protection Program (PPP) general fund allocated to banks has been fully committed. At this time, the U.S. Small Business Administration (SBA) is no longer accepting new PPP loan applications.
What You Can Expect from our PPP Support Team:
- We are no longer processing PPP applications, but we will continue to support all organizations with PPP loans originated through Seattle Bank, including facilitating the loan forgiveness application process. Questions about your loan or loan forgiveness should be directed to [email protected].
- If you are interested in reviewing other COVID-19 relief options such as the Restaurant Revitalization Fund (RRF), please see the SBA’s Funding Programs. Eligible organizations can apply through SBA-recognized point-of-sale vendors, as financial institutions are not involved in this SBA initiative.
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 back, 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.
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.
Email: [email protected]
You can sign up for Seattle Bank Small Business Relief email updates here.