Paycheck Protection Program
To our Customers:
A new federal pandemic economic relief package is expected to be in place in the next few weeks, providing relief to individuals, small businesses and not-for-profit organizations impacted by COVID-19.
Included in the new relief package are modifications to the existing Paycheck Protection Program (PPP) loan forgiveness requirements as well as an additional round of PPP funding. The PPP program will continue to be administered by the U.S. Small Business Administration (SBA). It will take the SBA a few weeks to establish program rules, set up procedures, train staff, and roll out the program communication to borrowers and financial institutions. Currently, we do not know when the SBA will be ready to make the new PPP funds available.
A few key elements of the new relief package related to the PPP include opportunities for certain eligible businesses to obtain a second draw PPP loan. In addition, existing and new PPP loans with balances less than $150,000 will be able to use a streamlined loan forgiveness application.
The U.S. Chamber of Commerce has posted what appears to be a pretty good summary of those parts of the relief package impacting small businesses, independent contractors, and non for-profit organizations. You can find that summary at https://www.uschamber.com/report/guide-small-business-covid-19-emergency-loans.
Mountain West Bank plans to participate in the new round of PPP funding. When the new rules, procedures, and new application are available from the SBA, we will be ready to send out applications and process PPP loans for borrowers.
We value your relationship and want to ensure we are here for you during this challenging economic period. We will continue to post updates on our website as information and more specific timelines become available.
Scott C. Anderson President and Chief Executive Officer