On December 27, 2020, legislation was signed into law that has allowed for new funding for the SBA Paycheck Protection Program. With this new legislation, self-employed individuals, small businesses and non-profit organizations that have not previously participated in the program can now apply for a PPP loan.
BTC Bank is accepting applications for customers and non-customers.
Under the newly revised regulations, a large amount of our customers became eligible to receive a loan through this program. Those eligible include, but are not limited to:
- Anyone who files a Schedule F on their 2019 or 2020 Tax Returns
- Anyone that shows Positive Net Income on their Schedule C of their 2019 or 2020 Tax Returns
- Any Employer that has under 500 employees that pays W-2 payroll
Based on direction that has been provided relating to the CARES Act, your loan may be eligible for forgiveness. You, the borrower, may not be responsible for repayment of the loan if you use all the funds for forgivable expenses. Lenders will follow SBA guidance to determine the amount that is forgivable and will require an application with supporting documentation and/or certifications, depending on the amount of your PPP loan.
We have a dedicated team ready to assist you and encourage you to contact your Local BTC Bank for more information.