See What We Can Do For You.
Fill out the form and contact us today.
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
The updated forgiveness application has been released by the US SBA and is available to be completed online. We will be sending out forgiveness links for the remaining loans – those under $150,000 – this week (starting 3/9/21).
Please keep in mind that the Bank has up to 60 days for its review and the US SBA has up to 90 days for final approval. We do not anticipate loans taking the full extent of time to receive forgiveness. However, we will reach out should anything further be needed for forgiveness and of course once we receive confirmation of forgiveness from the US SBA.
Borrowers are encouraged to visit sba.gov or to reach out to their Veritex Bank Lender or Branch Manager for any questions.
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