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SBA Paycheck Protection Program

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SBA Paycheck Protection Program

Last updated on April 30, 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.

PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION

At this time, the funds allocated in the CARES Act to the PPP have been used in full. For that reason, we will no longer be accepting applications. We will continue to monitor news from the government and SBA to see if more funds become available.

You’ve secured your PPP loan, now what?

It’s been an incredible few weeks in the business world, specifically for those business owners who secured PPP loans for their businesses. We were thrilled to be able to help so many of our existing clients, and new clients, in securing these funds. But now that you have the funds, what should you be doing to maximize forgiveness from the SBA when all is said and done?

The truth is, no one has an exact answer because the final requirements have not been issued by the SBA.  The SBA is expected to release guidance for the forgiveness aspects of the Paycheck Protection Program, but no time frame has been given.  That guidance will not answer all the different scenarios and questions that will come up regarding forgiveness.  We encourage our clients to work closely with a CPA or Attorney that is familiar with the Paycheck Protection Program and follow their guidance.

The intent of the Paycheck Protection Program was to maintain employees and payroll levels and as long as the majority of the funds (75% or more) is used for that purpose, the SBA has said it will be forgiven.

While we don’t know all of the requirements for forgiveness yet, we have provided an expense tracking log for our clients to use to help keep all expenses tracked and summarized in one spreadsheet. Click on the button below to download the spreadsheet.

Download the PPP Expense Tracking Worksheet

Download

Click on the button below for a great article that was published by Forbes and gives the best summary we have seen so far about the PPP and forgiveness.

Read More

 

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

President
NMLS #618989

About Larry

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.

Before emailing Larry, please be sure there are no account numbers, social security numbers or other sensitive information contained in your email.

Nick
Diller

Senior Vice President
NMLS #614239

About Nick

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.

Before emailing Nick, please be sure there are no account numbers, social security numbers or other sensitive information contained in your email.

Jordan
Ward

Senior Vice President
NMLS #618996

About Jordan

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.

Before emailing Jordan, please be sure there are no account numbers, social security numbers or other sensitive information contained in your email.

Amy
Villalobos

Vice President of Loans
NMLS #1455642

About Amy

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.

Before emailing Amy, please be sure there are no account numbers, social security numbers or other sensitive information contained in your email.

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