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On Friday, March 27, 2020, the Federal stimulus bill in response to COVID-19 virus, known as the CARES Act, was signed into law.  This legislation included the U.S. Treasury and U.S. Small Business Administration (“SBA”) loan program known as the Paycheck Protection Program (PPP).  This program was officially launched on April 3rd with an initial allocation of $349 billion in funds.  By April 16th, the SBA informed its lending partners that the initial funds allocated to the program had been fully committed and that no additional applications would be accepted.  On April 24th, new legislation was signed into law providing an additional $310 billion in funds to the program.

American State Bank was successful in helping over 200 customers with approximately $30MM in funding under round one of the Paycheck Protection Program.  American State Bank is currently accepting applications for future submission to the SBA.  Please see “How to Apply” below for information related to applying for a PPP loan.

Due to the significant demand for the program, it is anticipated that this second round of funding will be exhausted quickly.  As such, submitting an SBA Paycheck Protection Program Borrower Application (SBA  Form 2483) and required supporting documentation does not guarantee approval by the SBA or funding of the SBA loan. 

Paycheck Protection Program Overview

The Paycheck Protection Program (“PPP”) is a temporary expansion of the traditional U.S. Small Business Administration (SBA) 7(a) loan program designed to provide a direct incentive for small businesses to keep workers on their payroll during the COVID-19 pandemic.  The Paycheck Protection Program is a loan program administered by the federal government and facilitated by various lending institutions including American State Bank.

A key benefit of a PPP loan is that a portion, if not all, of the requested loan may be forgiven by the federal government at the end of the eligibility period if certain conditions of the use of funds and other conditions are met.

 The Small Business Administration has provided:

Information for Borrowers

Information Related to Paycheck Protection Program Rules

The above links redirect to specific documents provided on the U.S. Department of the Treasury website.  The above links were updated as of 5/14/20 – Please refer to the U.S. Department of Treasury website  for the latest program information.

How to Apply

If you would like to apply for the Paycheck Protection Program, please complete the Paycheck Protection Program Borrower Application Form (SBA Form 2483) and submit the completed form and supporting documentation to PPP@asbtx.com.  If you are an existing customer and/or have a relationship with one of our lenders, you can also submit your application directly to your loan officer of choice.

Additional Resources