Last updated on July 31, 2020 by your Farmers & Stockmens Bank experts.
The Paycheck Protection Program is an SBA program that is part of the CARES Act which was signed into law on Friday, March 27, 2020. Below are the details of the program.
Over the last several days SBA has started to share information about the upcoming Forgiveness process. August 10th has tentatively been set as the date SBA will open the Forgiveness Application portal. That is the same day they will be releasing further guidance and direction to PPP Lenders on processing Forgiveness applications. Once Central Bank & Trust has access to the Forgiveness guidance and directions we will put together and share a process with our PPP clients to make the Forgiveness as easy and streamlined as possible. We have intentionally avoided guessing on what SBA will need or require for that process in hopes that we can give you accurate guidance and direction that leads to doing the work just one time.
The reason the August 10th date is tentative is because there are numerous proposals being discussed in Congress to streamline and change the Forgiveness process. If one or more of the proposals gets approved in Congress it could change the Forgiveness process from where it stands now, and virtually all proposed changes would impact most Forgiveness applications. SBA has been clear in recent releases that all dates, processes, and applications are subject to change based on things being worked on in Congress. Many of these proposals could be included in a stimulus bill Congress is trying to get done before the August recess. These are all reasons we encourage our PPP clients to be patient with the process.
Should you have any questions, please don’t hesitate to reach out to your Banker or Relationship Manager.
As we wait for the updated PPP Forgiveness Application from the SBA, we encourage you to use the expense tracking log to help keep all expenses tracked and summarized in one spreadsheet. Please note that the default dates are set for the 8-week period, please adjust this to fit your chosen time period. Scroll down to download the spreadsheet.
Download the PPP Expense Tracking WorksheetDownload
Clearly, there are a lot of questions to be answered about PPP forgiveness. As your bank, we want to make sure that you are armed with the best guidance we can find. We will continue to share any information or direction we receive from the SBA.
Should you have any questions or would like to discuss SBA options in greater detail, please click on a name below to connect with our banking team:
Larry Fluhman moved to Clayton in 1976, and five years later married his wife, Jay, a Clayton native. Raised on a ranch North of Roy, New Mexico, Larry is still active in ranching activities and remains heavily involved in the community, including being a Trustee at First United Methodist Church, a member of Clayton Rotary Club, part of Union County Economic Development, and more.
Larry started at Farmers & Stockmens bank back in 1986 and joined the Board of Directors in 1992. With more than 40 years of banking experience, Larry brings a wealth of knowledge to the team and customers at Farmers & Stockmens Bank and looks forward to what the future holds for the community.
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Born and raised on a farm in Texas, Nick needs no translation when it comes to understanding the needs of farmers and ranchers. With a degree in Agricultural Business, nearly 20 years of banking experience, and a local wheat and corn operation of his own, Nick is personally passionate about extending the same level of care and consideration to every local resident. He specializes in agricultural lending, including farm and ranch real estate, and farm and ranch operating loans.
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With lifelong involvement in the cattle business, Jordan offers beneficial insight from both sides of the desk. With a master’s degree from the University of Colorado School of Banking, Jordan is committed to creating a better future for rural communities through considerate care with banking, real estate, and farm or ranch lending programs.
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Vice President of Loans
A native of Clayton, Amy considers members of this community to be like family. As a consumer loan servicer proficient in auto loans, 4-H loans, student loans, home mortgages and more, she offers a personal touch for every client — whether conversing in English or Spanish. She is proud to work alongside clients long-term as the Bank’s Escrow Agent for Owner Finances.
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