IMPORTANT ALERT: The PPP program ends on March 31, 2021. Completed applications for PPP Loans will not be accepted after 5 PM CT on March 15, 2021.
IMPORTANT ALERT for sole proprietors, independent contractors, self-employed persons, and other Schedule C filers.
On March 3, 2021, the SBA announced new eligibility rules and issued a new PPP application for these businesses. Our bank is evaluating the requirements for adding this new application to our online portal. At this time, we are not able to accept this new application.
Please check back for updates.
The SBA issued new applications for PPP Loan Forgiveness and will no longer accept previous versions of PPP Loan Forgiveness applications.
The new versions of forgiveness applications are expected to be available in our online portal on April 1, 2021.
Summary of PPP Loan Forgiveness Application Changes
PPP Loan Portal
PPP First Draw Loans
PPP Second Draw Loans
Latest Updates on the Paycheck Protection Program
SBA Released Revisions for Schedule C Filers and Eligibility Rules
March 3, 2021 - The SBA released additional revisions to the PPP loan program which allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.
SBA Will Pause Accepting Some Applications for 14-Day Period
February 22, 2021 - The Biden Administration announced that beginning February 24th, the SBA will institute a 14-day pause on accepting new PPP loan applications for employers with 20 employers or more.
Resources for the Premier Valley Bank PPP Loan Portal
First Draw Portal Guide
Second Draw Portal Guide
Portal First Time Log In
Forgotten Portal Password
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Additional Resources for our Paycheck Protection Program customers
PPP Loan Forgiveness
Premier Valley Bank customers can now register and apply for PPP Loan Forgiveness. Click for our PPP Forgiveness Resource Center
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To view the full FAQ sheet provided by the SBA, in consultation with the Department of the Treasury, click here.
More information can be found on the U.S. Chamber of Commerce Coronavirus Resources site with a Small Business Guide and Checklist.
IMPORTANT NOTICE: These FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. The information provided herein is not intended to constitute legal advice.
AGENT FEE ACKNOWLEDGEMENT: At the time you submitted your PPP loan application with us, each borrower certified as follows:
You acknowledge that the bank provided the forms and necessary information to complete your Paycheck Protection Program Application. By filing an application with us, you further certify that no agent (attorney, accountant, consultant, etc.) was utilized in the completion of your application. You further acknowledge and agree that we will not process any application or close any loans if an agent seeking payment for services has been utilized and that you will inform any persons you have consulted with regarding your application of this requirement.
IMPORTANT NOTE WHEN CLICKING THROUGH TO EXTERNAL WEBSITES: When clicking on links within the video, you will be linking to another website not owned or operated by Premier Valley Bank. Premier Valley Bank is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Premier Valley Bank. Click to go back to video.