The Latest Small Business Administration (SBA) & Paycheck Protection Program (PPP) Information
The Village Bank SBA PPP has helped more than 1,600 local businesses work to keep 28,000 employees within our communities on their payrolls during the COVID-19 pandemic and we’re here to help you.
For new and existing Village Bank clients who we worked with you to secure a SBA PPP loan, thank you for giving us the opportunity to address your financial needs. We want to help make sure you feel confident and informed regarding what to expect over the course of your SBA PPP loan.
Our processes will continue to be refined to incorporate changing Program parameters. But one thing that won’t change is our commitment to keep you informed. If you have questions regarding your Village bank SBA PPP loan please email us at SBAPPP@VillageBank.com.
Many of you have already applied for, and received, forgiveness for your First Round of PPP (2020). If you have not applied, please keep in mind that you need to do so within 10 months following the last day of the maximum covered period of 24 weeks. The covered period is now any number of weeks between 8 and 24 weeks after the loan is disbursed. If your loan amount is less than or equal to $150,000, the simplified form makes the forgiveness process very easy. We strongly suggest that you complete your First Round (2020) forgiveness application as soon as possible. Please email SBAPPP@villagebank.com for your personalized link.
The aforementioned email address will be utilized for all communication concerning the forgiveness process. If you applied for First Round PPP forgiveness, the Second Round forgiveness process will be the same. If the forgiveness process is new to you, please know we will gladly guide you through the process. The SBA continues to keep their website up-to-date with detailed information regarding PPP Loan Forgiveness. You can click here to access the SBA’s resources.
Village Bank Forgiveness Portal
Village Bank is committed to working with all of its PPP Borrowers to succeed in obtaining full forgiveness from the SBA. As a reminder, you should apply within 10 months following the last day of the maximum covered period of 24 weeks.
Village Bank’s Forgiveness portal requires a link which can be obtained from our PPP team. Please email us at SBAPPP@VillageBank.com for your personalized link and to obtain answers to any questions you may have about the process. You can count on a response from us within 24 hours.
The SBA recently announced the launch of its portal allowing Borrowers with PPP loans of $150,000 or less to apply for forgiveness for their Paycheck Protection Program loan directly with the Agency through the SBA Forgiveness Portal. In addition, the SBA created a PPP customer service team to respond to your questions at 877.552-2692, Mon – Fri, 8 am – 8 pm EST. If you choose to use the SBA’s portal, we suggest that you, first, review the SBA’s Direct Forgiveness User Portal Guide here.
Either portal will provide a user-friendly experience, but keep in mind you must use the same portal throughout the application.
Cash Flow Forecast Worksheet
Adequate cash flow is essential to the survival of a business, especially during these trying times. Our cash flow forecast worksheet template can help you predict whether your business will have enough cash to meet its obligations. Click to download.
Other Business Loan Options
- Term Loans – A term loan is a good option if you have an immediate one-time need for cash and can make regular payments over a set time period.
- Lines of Credit – When you need ready access to cash and flexible terms for repaying borrowed funds, an unsecured line of credit is often an ideal solution.