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Updated January 15, 2020

Dear Valued Business Client,

The SBA released the application necessary to apply for a SECOND DRAW PPP Loan. An updated application for those who did not receive a PPP loan in the first round has also been published and is available below. The submission portal opened for us this morning at 6am. Banks with asset size larger than $1 billion will not be able to submit until Tuesday.


1. Paycheck Protection Program First Draw Borrower Application Form DocuSign PowerFormcode: PPP2021 (revised 01/08/2021)

2. Paycheck Protection Program Second Draw Borrower Application Form DocuSign PowerFormcode: PPP2021 (01/08/2021)

• If you are applying for a Second Draw PPP Loan

• If you did not receive a PPP Loan during the first round

The application links above will direct you to a PowerForm that you may fill out and sign via DocuSign. A printable PDF has also been made available on our website with additional resources here. Once the applicable PowerForm has been completed, submission will send the application directly to our workflow for review, approval, and submission to the SBA by a PWB banker. We encourage you to provide everything requested up front with a COMPLETE application to avoid any delays in processing. If the application is not complete in its entirely, the application may encounter delays as completed applications will be prioritized.
Please reach out to your PWB banker, email PPP2021@bankpacificwest.com or call us at 503-905-2222 with any questions. We appreciate the opportunity to serve you, and we are dedicated to getting you access to these valuable stimulus funds.

Remember, local banking matters when it matters most. We are here for you.

Terry Peterson
Chief Executive Officer

Robert C. Harding
President and Chief Operating Officer

 

January 8, 2021

Dear Valued Business Client,

We want to keep you informed about the status of the latest COVID-19 Emergency Relief Legislation.

Wednesday evening, the SBA released the new Interim Final Rules for both the reactivation of the Paycheck Protection Program for businesses looking to access the program for the first-time, as well the guidance for businesses wanting to take a Second Draw PPP loan.

The information posted in December on the 28th and 18th below, broadly outlines the parameters that were established in the bill, which has been confirmed by the published guidance.

We anticipate that the SBA will release an updated application form very soon, which we will share with you immediately. We will be ready to submit applications as soon as the SBA makes access to the submission portal available to banks.

What can you do to prepare?
1. We will be ready to assist you when the application becomes available. If you are interested in applying and believe you will qualify for a Second Draw PPP loan, please e-mail us at PPP2021@bankpacificwest.com with the subject “Second Draw – [Your Business Name].”

2. If applying for the Second Draw PPP Loan, begin to prepare documentation demonstrating a 25% decrease in quarterly revenue in 2020. This quarterly reduction in revenue will demonstrate eligibility for the second draw.
a. Specifically, 3-month year-over-year comparisons, for example: full Second Quarter of 2019 and full Second Quarter of 2020. (Profit & Loss Statements for documentation)

3. If you have not applied for a PPP loan previously and are now interested in applying for the first time, please email PPP@bankpacificwest.com.

We are closely monitoring communication by the SBA and the US Treasury and are standing ready to help you and other qualifying Portland businesses, including non-profit organizations. Please reach out to your banker with questions, or call us at 503-905-2222.

Remember, local banking matters when it matters most. We are here for you.

Terry Peterson
Chief Executive Officer

Robert C. Harding
President and Chief Operating Officer

 

December 28, 2020

Dear Valued Business Client,

We want to keep you informed about the status of the COVID-19 Emergency Relief Legislation.

On December 27th, the President signed the legislation. Specific requirements and details of the program may be subject to change based on the interpretation of the Treasury and Small Business Association.

The goal of this communication is to inform you of the requirements and begin qualifying our clients who meet the Second Draw PPP criteria as we currently understand it today. SBA will release an application form in early January which we will then provide to all interested applicants.

Requirements for qualifying for a PPP Second Draw:

Loan Amounts:
2.5 times the average monthly payroll for the calendar year 2019 (or the previous 12 months prior to the loan application date) up to a maximum of $2,000,000.

For businesses who are classified in the NAICS Segment code beginning with 72 (generally, Restaurants, Bars, Hotels), the loan amount is 3.5 times the average monthly payroll for calendar year 2019 (or the previous 12 months prior to the loan application date) up to a maximum of $2,000,000.

Eligible Entities:
Must be businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives.


Use of Loan Proceeds:
The use of loan proceeds has been expanded to include additional categories of expenses, such as certain operational costs, supplier costs, property damage costs, and expenses related to employee protections (PPE) from COVID-19 incurred during the covered period. The 60/40 cost allocation between payroll and non-payroll costs to receive full forgiveness will continue to apply. Examples of operational costs can include software, cloud computing, and other human resources and accounting needs. Eligible property damage costs due to public disturbances that occurred during 2020 must not be covered by insurance.

What can you do to prepare?
1. We want to be ready to assist you when the program becomes available for funding. To that end, we are requesting that if you are interested and believe you will qualify for a second Paycheck Protection Program Draw, please e-mail us at PPP2021@bankpacificwest.com with the subject “Second Draw – [Your Business Name].”
a. If you did not apply for PPP in previous rounds, we are happy to accept your application for initial PPP funding as soon as the program becomes available.

2. Prepare documentation demonstrating a 25% decrease in a 2020 quarter vs 2019 which will demonstrate eligibility (such as a P&L for qualifying quarters in 2019 and 2020). Specifically, 3-month year-to-year comparisons, for example: full Quarter 2 of 2019 and full Quarter 2 of 2020. Applications submitted on or after January 1, 2021 are eligible to utilize the gross receipts from the fourth quarter of 2020.

We are closely monitoring the SBA and Treasury and are standing ready to help you and other qualifying Portland businesses including non-profit organizations. Please visit Federal Resources for Businesses here: https://www.covid-sb.org/covid-stimulus, reach out to your banker with questions, or call us at 503-905-2222.

In turbulent times, local banking matters when it matters most.

Terry Peterson
Chief Executive Officer

Robert C. Harding
President and Chief Operating Officer

 

December 18, 2020

Dear Valued Business Client,

You can count on Pacific West Bank to continue monitoring the pending Congressional approval of the emergency COVID-19 relief legislation bill totaling approximately $900 billion.

The currently proposed bill includes an additional allocation of funding to the Small Business Administration (“SBA”) for a new round of Paycheck Protection Program (“PPP”) loans, as well as other small business support.

While there is uncertainty surrounding the details of the relief legislation, the current draft (subject to change) includes the following provisions specific to PPP loans:

As you are aware, we are Portland’s locally headquartered Business Bank and we were proud to provide paycheck protection to nearly 5,500 Portland families during the previous PPP rounds. Please see the following link: Portland Business Journal.

We are closely monitoring the actions of Congress and are standing ready to help you and other qualifying Portland businesses including non-profit organizations. Please reach out to your relationship manager with questions or call us directly at 503-905-2222.

In turbulent times, local banking matters when it matters most.

Terry Peterson                                           Robert C. Harding
Chief Executive Officer                           President and Chief Operating Officer

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