Supporting Agriculture: SBA Paycheck Protection Program - Deadline EXTENDED!
4/3/2020
SBA Paycheck Protection Program Field Blue

Wave 2 Application Support - Deadline EXTENDED!

7/6/2020 Update: The federal legislature recently approved the extension of the SBA PPP loan application deadline to August 8, 2020. Funds remain available and GreenStone is ready to assist members in submitting an application through our simple, secure online portal to the SBA. 

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4/3/2020 Original Details:

The federal legislature approved $310 billion in additional funding for the Small Business Administration (SBA) Paycheck Protection Program (PPP). GreenStone is working with members now through a new, direct path to expedite the submission. 

Without question, this remains a stressful time for our members and your business. We want our members to have the best options for the financial support you need during these challenging times. While the funding availability will continue to be the unknown, your GreenStone team has learned through this process and are prepared to assist you with a streamlined experience and an automated connection with SBA.

As a GreenStone member, if you would like to submit your PPP loan application with us, please contact your financial services officer. To expedite your application submission into SBA, we will send you a link to apply directly online. At the same time, our financial services officers will work with you to determine which supporting documents will be necessary and will then quickly review and submit your application automatically to SBA.

What You Need to Know:

  • Applications will be processed with SBA in the order received, as long as funding is available and your application is determined to be complete and necessary documentation is submitted.
  • There is no guarantee that by submitting your application it will be approved and funded by SBA prior to any federally allocated dollars being exhausted.
  • SBA PPP loans are eligible for forgiveness. Please reference the “Loan Forgiveness” section below for additional details to be prepared to apply for forgiveness.

PPP Details:

  • Businesses and sole proprietor employers can apply anytime.
  • Eligible business applicants must have less than 500 employees.
  • Loan amount is determined based primarily on documented payroll-related costs, not to exceed $10 million.
  • 2-year term, 1.0% fixed interest rate.
  • No payments for first six months. 18 monthly principal and interest payments thereafter.
  • Applicant must be authorized to borrow on behalf of the business.
  • PPP loans cannot be applied for and received at more than one financial institution.
  • Go to Paycheck Protection Program Interim Final Rule for more detailed information.
  • If workforce and pay-roll is maintained, SBA will forgive the portion of the loan proceeds used to cover payroll and certain other expenses following loan origination.
  • Other restrictions may apply.

Loan Forgiveness:

5/18/2020 Update: For members who secured their PPP loan through GreenStone, please review this blog, and future blogs, for additional details on the SBA PPP Forgiveness Application process through GreenStone. This same information has also been provided to those members through direction communications. 

If you plan to apply for debt forgiveness, you will need to ensure you are prepared to request forgiveness. We encourage you to go to the SBA website and familiarize yourself with the requirements. Because the forgiveness details may evolve over the coming weeks, we encourage you to seek the latest information and necessary details from the SBA website.

Please keep the following information in mind and seek specific details through the SBA:

  • Forgiveness is not automatic; you are responsible for submitting the request and necessary information to us for forgiveness.
  • Forgiveness is only available if you meet certain criteria and use the funds for purposes permitted by the SBA.
  • Requests for loan forgiveness will require documentation. It is important that you work with your tax accountant and keep good records during this time.
  • You remain responsible under the loan for any amounts not forgiven. 

Additional Resources:

 

 



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