The ability to obtain a PPP loan has been extended to 8/8/2020 and we are still able to take applications. If you received a PPP loan from us, we hope it is providing a benefit for you and your business. At this time, we are still waiting for the SBA to provide the final process and start accepting the applications for forgiveness. As previously mentioned, we will develop the process and notify you when we are ready to start accepting applications.
If you would like to submit an application and supporting documents, calculate the loan amount based on your payroll expenses as described in the SBA Guidance to determine the maximum loan amount you may apply for. We have included the “How to Calculate the Maximum Loan Amount – By Business” from the guidance for your convenience. Click here for the updated interim final rule. You must also submit such documentation as is necessary to establish eligibility such as payroll processor records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
Once we receive ALL the required information, we will process the loan request in order of the date we receive the appropriate application and all necessary documentation. Accurate calculation for the loan amount and providing ALL the supporting documents are necessary to fully complete the process and allow us to get you the financial assistance in the most efficient manner. We will contact you to schedule a closing once we receive approval from the SBA.
We appreciate the opportunity to serve you, especially during these unprecedented times. Thank you for banking with us.
Jack Lynass, President/CEO
Helpful links for you:
SBA Economic Injury Disaster Loans (EIDL) (https://www.sba.gov/funding-programs/disaster-assistance)
Elevate Rapid City Business Resources for COVID-19 (https://elevaterapidcity.com/resources/coronavirus-news)
Small Business Administration (https://www.sba.gov/)