COVID-19 BUSINESS RELIEF PROGRAMS

We are committed to helping businesses who have been impacted by COVID-19. ACCESSbank is offering interest only options, payment deferrals and fee waivers where appropriate for commercial loan clients who request it.  Please contact your banker to complete the necessary paperwork. If your current situation demands something different, our business bankers can customize a solution to meet your needs.  

UPDATED: October 12, 2020

 

Paycheck Protection Program (PPP) Forgiveness: 

Forgiveness Information for PPP Loans less than $50,000

The Small Business Administration released a streamlined loan forgiveness application for Paycheck Protection Program loans totaling $50,000 or less.

The simplified forgiveness application, Form 3508S, includes certifications from the borrower but does not require calculations to be submitted with the application. Applicants must submit documentation verifying forgivable payroll and non-payroll expenses. Borrowers are required to retain the documentation supporting their certifications for six years.

We are in the process of determining the next steps for PPP loan customers who borrowed less than $50,000.  

Loan Forgiveness Form (3508S)    Loan Forgiveness Instructions (3508S)

Forgiveness Information for PPP Loans from $50,000 to $150,000

The Small Business Administration (SBA) Paycheck Protection Program (PPP) Forgiveness Platform opened and started accepting forgiveness applications on August 10, 2020.  

We are currently awaiting legislation which would streamline the process for customers who received a loan between $50,000 and $150,000.

Forgiveness Information for PPP Loans in excess of $150,000

The Small Business Administration (SBA) Paycheck Protection Program (PPP) Forgiveness Platform opened and started accepting forgiveness applications on August 10, 2020.

We have sent the forgiveness application link to all customers who have a PPP loan in excess of $150,000. If you are unable to locate this email, please contact your Business Banker.

Forgiveness Portal Instructions

Loan Forgiveness Form & Instructions (3508)    Loan Forgiveness Instructions (3508EZ Form)

Extended Deferral Period

The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments of principal, interest, and fees on all PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period). The extension of the deferral period automatically applies to all PPP loans.

Lenders are required to give immediate effect to the statutory extension. The Small Business Administration does not require a formal modification to the promissory note. 

Paycheck Protection Program (PPP) Knowledge Center

For helpful tips on the basic guidelines and concepts related to the Paycheck Protection Program (PPP), please visit the knowledge center. 

PPP Knowledge Center

 

MAIN STREET LENDING PROGRAM:
The Main Street Lending Program was introduced under Title IV of the Coronavirus Aid, Relief and Economic Security (CARES) Act and is designed to provide support to small and medium-sized businesses that were in a sound financial position prior to the COVID-19 pandemic. Please review our guide below for more details. 

 

Emergency Injury Disaster Loan (EIDL): 

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Click here(Opens in a new Window) to learn more. 

To explore options for your business, connect with our business banking team.

 
 

ADDITIONAL TOOLS & RESOURCES:

  • For modifications to existing SBA loans or Emergency loans needed as a result of COVID-19, click here.
  • For assistance with understanding options to help prevent layoffs of employees, click here. 
 
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what our clients are saying

 
"Hats off to ACCESSbank for being there for me during the entire PPP application process. At a time when small businesses need more help than ever, ACCESSbank was there."  - Guinio Volpone, Owner of Concierge Live
 
"I would like to thank Mike Corrigan at ACCESSbank for his help and advice over the last several weeks. If you're looking for a banker that will email you on a Saturday night for help with paperwork due on Monday, Mike is your guy." - Robert Miller, President of CenterPoint Group, Inc.
 
Thanks to ACCESSbank's help with obtaining PPP funds, we can ensure our employees will receive their wages and continue to service clients as normally as possible. I would like to thank Jacques Smith, Taylor Severin, Paul Holubeck, Brittani Clatanoff, and the rest of the team that assisted us. We look forward to working with you in the future." - Kris Roath, President, Sirkdot