SBA Payment Protection Program (PPP) Update
Update on the SBA
Paycheck Protection Program
Still Waiting – The SBA still has not issued formal guidelines or their SOP’s for this new program. So UBT and other banks are still waiting on SBA to issue these rules and even the application process its self.
It was expected that on Friday 3 April 2020 – SBA would begin accepting applications for Paycheck Protection Program (PPP) loans. Union Bank and Trust will be submitting applications for the banks existing clients first IF the SBA issues the guidelines and opens applications for the program. That have indicated they want to apply and have provided the information to the bank as outlined below.
Attached is the Payment Protection Program (PPP) application form that the US Treasury Department, in conjunction with the SBA has just released, along with a borrower information sheet. We will need interested bank clients to fill out this application and provide the needed information to the bank so that we can submit the application as soon as the SBA will allow applications to be taken:
· Click here to access an overview of the program
· Click here for the borrower information sheet
· Click here to access the application for borrowers
We expect that there will continue to be further guidance, processes and procedures issued by the SBA and will continue to provide updates as they become available. For now please send the completed application and the requested information to the banks loan department email box and CC your lender at the bank. We will review the information and reply to you if we have a full pre-application.
Union Bank and Trust wants to find ways to help out clients through the current stress of the COVID-19 situation that is unfolding in our country, state and communities. We are here for you working hard on your behalf and we are stronger together.
We will share any additional updates on this as soon as they are available.
At Union Bank and Trust we are here to help our customers however we can. Please reach out to one of our bankers and let us know what we can do to help.
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