Joe reviews the new SBA Paycheck Protection Program. Coronavirus Aid, Relief, and Economic Security (“CARES”) Act allows business to access resources to address challenges associated with COVID-19.  Specifically the forgiveable loans,Paycheck Protection, for payroll and overhead expenses.  Additional resources below for SBA Lenders in North Texas.

This situation is dynamic but this is the latest on what we are seeing as appropriate documents:

  • Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities:
    • Federal Tax Returns – 2019, if completed
    • Payroll Tax Reports
    • IRS Forms 941, 940, W-3, etc
    • Other Items as necessary
  • Copy of Borrowing Authority and Affiliate Listing (if applicable):
    • Certificate of Incorporation/Formation filed with the state
    • Articles of Incorporation and By-Laws
    • Company Agreement
    • Partnership Agreement
    • Assumed Name Certificate filed with the county and state
    • Other Items as necessary

Banker Quote:

"Don't Panic.  We'll get through this. It will take a while"

Application Updated: SBAv2  (updated)
Application Updated: SBAv2  (updated again newer) but not fillable at this time.
Interim Final Rule: IFRN (page 8 explains how much you can borrow)
Reports SBA E-Trans Portal Down 4/6/2020
2nd Round Funding begins 4/27/2020. Some update guidelines to be a little more permissive with bankruptcies. Loans seem to be two year terms at 1%.

CHECK back for updates or contact your banker directly.

SBA Lender Process Dates Fees Contact Info
Frost Bank Will start Accepting April 3rd, 2020
Approval Time unknown
Heather Hurd
Heather.Hurd@frostbank.com
214-515-4962
BBVA Compass Link
 
Kimberly Heinrich
kimberly.heinrich@bbva.com
972-705-8721
Lakeside Bank Link Kevin Pate
(972) 771-8311
Amegy Bank Waiting on SBA for Direction
Approval Time unknown
Kelly Bowman
Kelly.Bowman@amegybank.com
BB&T Bank Waiting on SBA for Direction
Approval Time unknown
 
Wells Fargo Closed Portal 4/5/2020  

Feel free to send us any additional information at support@einsteinseyes.com or call us at 972-997-8200

Lastly, Collin Allred, the local US Rep, is encouraging those who are having difficult to contact him for help with Economic Injury Disaster Loans or Paycheck Protection Program - https://allred.house.gov/contact

Joe Costantino

Posted by Joe Costantino

About Joe Costantino

In 1999, Joe founded Einstein’s Eyes, providing internet marketing solutions for small to medium sized businesses throughout Dallas/Fort Worth. The company’s services include website development, e-commerce, online marketing, and content development.

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