IMPORTANT! Paycheck Protection Program (PPP) Loan UPDATE (June 17, 2020)
The SBA continues to make adjustments to the process to apply for loan forgiveness. Landmark will have a secure online portal, which will allow our borrowers to apply for forgiveness in the most efficient manner. Borrowers will be notified by email when the portal opens for the forgiveness applications to be accepted. Remember, the SBA has extended the period for funds to be used from 8 to 24 weeks, and decreased the requirement for payroll expenses from 75% to 60%.
Times like these can be unnerving, and as a business owner it is smart to put plans in place for the different scenarios that could play out. Even in these unprecedented times, we want you to know you don’t have to go it alone. We want to visit with you, to walk through concerns or fears you have, provide an encouraging word or advice, or simply to serve as a sympathetic ear. As a customer, we have options we can discuss regarding your businesses finances. In addition to that, we have created this resource center to help you locate other financial resources that could assist your business. There is a constant flow of new information, but the following is our best efforts to keep you apprised as to the programs and initiatives that are currently available for your business specifically in the area of cash flow assistance and funding.
It has always been our desire to guide you through the defining moments and financial decisions that shape your life. Now is one of those times.
Paycheck Protection Program Loan –
- As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program will provide loans to businesses, which may be forgiven if the borrower maintains or restores their payrolls.
- If you are a current Landmark National Bank client, and need assistance with a PPP loan, please contact your commercial banker.
Small Business Administration – SBA provides low-interest, long-term loans for economic damage caused by a declared disaster such as the COVID-19 disaster. This program is serviced directly by the SBA and is provided to eligible disaster areas. An online application is available for small business owners in all U.S. states and territories.
- SBA Disaster Loans : The following items must be submitted for all applications. Forms are available online in both English and Spanish.
- Loan application (SBA Form 5), completed and signed – this is electronic/online in the portal.
- Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business.
- Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available.
- Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
- If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year.
- A current year-to-date profit–and-loss statement.
- Loan application (SBA Form 5), completed and signed – this is electronic/online in the portal.Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business.
- SBA Disaster Assistance Fact Sheet
- SBA Economic Injury Disaster Loan Application Tutorial
- SBA Express Bridge Loans: Small businesses who currently have a business relationship with an SBA Express Lender may be able to access a term or bridge loan while waiting for decision and disbursement on Economic Injury Disaster Loan. Contact a Landmark National Bank commercial banker to apply.
USDA – The Coronavirus Food Assistance Program (CFAP) will provide up to $16 billion in direct payments to deliver relief to America’s farmers and ranchers impacted by the coronavirus pandemic. Applications will be accepted beginning May 26, 2020. For additional details, or the application, visit farmers.gov/cfap.
Main Street Lending Program –
The Main Street Lending Program is a new offering created by the Federal Reserve to help businesses during the ongoing COVID-19 crisis and accompanying economic downturn. Companies that have already applied to the PPP are also eligible for loans through the Main Street Lending Program. The term of these loans is 4 years, with a minimum loan amount of $500,000. Landmark National Bank is not a participating lender in this program.
Kansas Department of Commerce –
- Community Development Block Grants– Thirty-six communities in Kansas have revolving loan programs, which the Department of Commerce has streamlined to make loans in as little as two days.
- Hospitality Industry Relief – ALL INITIAL PROGRAM FUNDS HAVE BEEN ALLOCATED – Businesses in the KS Hospitality industry (restaurants, bars, lodging facilities, conference centers, event centers) will be able to apply for a one-time loan of up to $20 thousand at 0% interest for a period of 36 months. There will be no principal or interest payments for the first four months.
Internal Revenue Service –
- Deferred Tax Payments – Income tax payment deferment
- Tax Credits – Covering the cost of coronavirus-related leave
Black & Veatch COVID-19 Accelerator Grant – The Black & Veatch COVID-19 Response Accelerator grant is open to companies nationwide that can help reduce the severity of the coronavirus outbreak, but need help commercializing and rapidly deploying to fulfill a demonstrated and immediate market need.
Additional Resources for Employers –