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
Click here to read more:
Click here to read PPP Second Draw info from the Treasury Department:
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