U.S. Bank, member of the NMSDC, continues to provide Paycheck Protection Program (PPP) funds. If you are still interested in applying for PPP funds, please read the attached press release for application instructions (see below).
Seventy-five percent of our Council MBEs that have applied for PPP funds have received financial support. If you have not applied for PPP funding, please consider doing so. The net effect is that you are eligible to receive two months of forgivable wages and salaries, plus some mortgage, lease, and utility support.
US Bank continues to take applications for the Paycheck Protection Program (PPP) that may be beneficial to your business. On June 5 the President signed the Paycheck Protection Program (PPP) Flexibility Act into law, which affords significant changes to the PPP as outlined below.
US Bank is accepting new applications online through June 19.
We accept applications for customers nationwide and for non-customers in states where we operate branches. If you know of a small business that may be interested, please share the attached information with more details on the programs. Small businesses can also visit usbank.com/ppp for more information or to apply.
Those with questions may call our Business Service Center at 800-673-3555 between Monday and Saturday from 8 a.m. to 8 p.m. CT.
What is the program?
The PPP is a potentially forgivable loan that helps small- and medium-sized businesses impacted by COVID-19 to cover payroll and other eligible non-payroll costs. For more information, please visit usbank.com/ppp.
What has changed?
Congress made substantial changes to the forgiveness rules and repayment terms, most importantly:
- Extended covered period
The Act lengthened the time that businesses have to incur costs to 24 weeks, so they may have more expenses eligible for forgiveness.
- More flexibility on covered expenses
The new rules require only 60 percent of the forgiveness amount to be used for payroll, while the rest can be used for non-payroll costs such as mortgage interest, rent and utilities.
- Extended maturity date and payment deferral period
New loans will have a 5-year term. In addition, borrowers will not have to start making payments until the SBA has completed its review of the borrower’s application for loan forgiveness. If the borrower does not apply for loan forgiveness within 10 months after the end of the covered period, payments must begin at that time.
- Adjusted requirements for employment levels
Businesses have until December 31, 2020 to return to pre-COVID levels of employment and exemptions for some businesses who have had to reduce employment levels due to certain regulations.
If a business applied and received funding already, the changes apply to most existing loans as well, notwithstanding the loan agreements.