PPP Loans With SBA
ASB – PPP Loans With SBA
As many of you know from following the national news, the rollout of the Paycheck Protection Program (PPP) has been marred with many issues. Many national & community banks, including Arthur State Bank, have yet to process any loan applications with the U.S. Small Business Administration (SBA), and the few financial institutions that have submitted to SBA have done so without critical guidance as to what is needed to close/fund the loans, secure the note on behalf of the borrower, or authorize the guarantee.
We expect to begin submitting loan applications to SBA soon so that we can secure loan numbers from the Agency and register each borrower’s “place in line” with SBA.
Be sure to have the following:
- your completed borrower application (SBA Form 2483)
- copies of your IRS Form 940, payroll reports or acceptable documentation that proves you paid salary and payroll taxes on or around Feb. 15, 2020,
- driver’s license of all 20% or more owners.
We ask for your continued patience as we work through the challenges and await the final guidance from SBA.