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SBA Payroll Protection Program

SBA Payroll Protection Program

Pendleton Community Bank is pleased to now offer customers a direct method to apply for the Small Business Administration (SBA) Paycheck Protection Program (PPP). Please note priority will be given to current PCB customers.
 
 
 
Paycheck Protection Program Checklist
 
What is the Paycheck Protection Program?
 
SBA PPP is available to help businesses and their employees through the economic hardships that have resulted from the COVID-19 pandemic.  PPP may provide eligible businesses added relief because the government is offering to basically pay their bills for six months. Below is a quick overview of the program:
  • PPP is for small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons, private non-profit organizations or 501(c)(19) veterans’ organizations) affected by COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Business owners can apply through any existing SBA 7(a) lender, or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating, which includes Pendleton Community Bank.
  • A PPP loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. At least 75% of the forgiven loan amount must have been used for payroll. Loan payments can be deferred for six months. No collateral or personal guarantees are required, and the government nor lenders will charge small businesses any fees.
  • The loan amounts will be forgiven as long as:
    • the loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
    • Employee and compensation levels are maintained.
  • Review the PPP Information Sheet for complete details.