Premier Valley Bank
PPP First Draw Loans

Updated as of 05/15/2021

IMPORTANT ALERT: May 4, 2021 - SBA Announces PPP 2 Funds Exhausted

The SBA announced that the funds allocated to the Paycheck Protection Program (PPP) have been nearly exhausted
and has halted submission and approval of PPP loan applications from most financial institutions at this time.

The SBA reserved funding for applications submitted to the SBA but not yet approved due to unresolved hold codes.

There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans
made by designated minority depository institutions and community development financial institutions.

Premier Valley Bank is currently not accepting or processing PPP 2 Loan Applications.
Visit our PPP Resource Center for updates on PPP 2 Loans and PPP 1 Loan Forgiveness.

Our Online PPP Forgiveness Portal is now open to accept
Forgiveness Applications for Round One PPP Loans.

PPP Resource Center

Click Here

PPP Forgiveness
Resource Center

Click Here

Resources for the Premier Valley Bank PPP Loan Portal

First Draw Portal Guide

 

Click for First Draw
Portal Guide (PDF)

First Draw Schedule C Application

 

Click for First Draw
Schedule C Application Guide (PDF)

Portal First Time Log In

 

Click for First Time
Log In Guide (PDF)

Forgotten Portal Password

 

Click for Forgotten Portal
Password Guide (PDF)

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The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5, 2020 have a maturity of two years. Loans issued after June 5, 2020 have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

PPP Loan Eligibility

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees or that meets the SBA industry size standard if more than 500 employees.
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location