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Payroll Protection Plan Update; we are committed to supporting your business. Click here for updates.

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Young business man with beard looking at paper work

Paycheck Protection
Program (PPP)

SBA initiative through CARES


Like you, we are closely monitoring the new opportunities made available to the SBA in response to COVID-19. We are dedicated to providing solutions for your business as your banking partner. Continue reading to learn more about the Paycheck Protection Program (PPP).

BREAKING NEWS: On December 27, 2020, a second bill was signed to add further explanation on PPP forgiveness for loans less than $150,000 with a simplified application. In addition, another round of PPP loan assistance will become available. We are anticipating the application process to begin mid-to-late January. Veritex Community Bank customers should look for additional instructions via email. We are dedicated to maintaining a transparent and open line of communications as the SBA provides information and guidance. Click here to visit the SBA website.  

 

NEW PPP LOANS 

 

EXISTING PPP LOAN FORGIVENESS 

 

More details about the PPP loan forgiveness will be available as soon SBA guidance is available. Check back soon. 

 

GENERAL PPP FAQs 

 

  • Up to 250% of the average monthly payroll 
  • Most businesses with 500 employees or less are eligible
  • No personal guaranty
  • No collateral
  • Loan payments deferred for 6 months 
  • Loan has a maturity of 2 years
  • 1.0% interest rate fixed for life of the loan
  • No loan fees charged to businesses 
  • No prepayment penalty
  • Potential forgiveness of loan if certain criteria is met and documented