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SBA PAYCHECK PROTECTION PROGRAM FUNDS EXHAUSTED, APPLICATION PORTAL CLOSED
The Small Business Administration (SBA) has notified banks that the allocation of funds in the Paycheck Protection Program has been reached, and the program’s application portal has been closed.
The SBA has reserved some funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There are also limited dollars remaining in congressionally mandated funding for PPP loans made by designated “community financial institutions,” defined as minority depository institutions (MDIs), community development financial institutions (CDFIs), and Certified Development Companies (CDCs).
Nevada State Bank’s Commitment to Small Business
Over the past year, Nevada State Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program. Our commitment to the small businesses in our community is at the heart of what we do. Click here for information on the various business banking services available through Nevada State Bank.
PPP LOAN FORGIVENESS APPLICATION PORTAL OPEN
A digital version of the loan forgiveness application is available now for first- and second-draw borrowers receiving a PPP loan from Nevada State Bank.
Using the same username and password used to complete your original PPP application, our online forgiveness application allows you to quickly complete your application and will, in many cases, facilitate the processing of your application in days rather than weeks.
The forgiveness application process also now includes the following enhancements:
Expanded Qualified Forgiveness Expense Categories – In addition to payroll, mortgage, rent and utilities costs, permissible qualified expenses now include covered operations expenditures, covered property damage costs, covered supply costs, and covered work protection expenditures.
Simplified Forgiveness Process for Loans up to $150,000 – This application is now a simple one-page certification, with no supporting documentation required to be submitted with the application. However, if you did not submit your revenue reduction documents when you received your second draw loan, you will be required to submit them with your forgiveness application.
Applicable Covered Period Option – You may elect, at your option, to choose a “covered period” ending at any time between 8 and 24 weeks after loan origination. Regardless of the chosen covered period, you must use the full amount of the PPP loan proceeds on eligible expenses during the chosen period, including at least 60% of PPP loan proceeds for eligible payroll costs, to be eligible for full forgiveness.
You are eligible to apply for forgiveness once all loan proceeds for which you are requesting forgiveness have been used. You can apply for forgiveness any time up to the maturity date of your loan. However, if you do not apply for forgiveness within the Deferment Period described in your Promissory Note, your PPP loan payments are no longer deferred, and you will be required to begin making loan payments.
Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney or other advisor on any complicated loan forgiveness questions to determine the most appropriate action for you and your business. We also encourage you to double check your forgiveness application for accuracy before signing and submitting it to us.
WE'RE GETTING NEVADA BACK TO BUSINESS.
BACK TO HOPE. BACK TO THRIVING.
When the pandemic shut down non-essential businesses, Nevada State Bank worked around the clock to help businesses in need with their Paycheck Protection Program loan. We are proud of the number of loans we’ve processed and the jobs we’ve helped to impact. But the numbers only tell part of the story — every number represents a person with a story of his or her own. A business owner who refused to give up in the face of unprecedented challenges. An employer looking for a way to avoid laying off loyal workers. Someone looking for a lifeline to help keep their doors open.
At Nevada State Bank, we’re grateful to have played a part in their stories — ones that the numbers can only hint at.
"When COVID 19 hit, everyone was so scared. Overnight, people stopped going to their doctor’s office. When patient flow is low, minimal services are provided, resulting in reduced billing which equates to reduced revenue. But it was critical that APO never shut down. There is nowhere else for some patients to go for their orthotic and prosthetic services. The PPP loan was not only critical to my business, but the bank was actually ensuring an essential medical service--allowing us to still serve our patients.”
"During the PPP, our banker was essentially at our side, keeping us informed about all the steps and requirements of the application process and helping us in every way. She was invaluable and we could not have completed the process without her. If our PPP loan application had not been approved, our ability to conduct business would have been severely impacted, and the ongoing operation of our Artown organization would be uncertain. We’re very thankful to have NSB on our side."
Dr. Vincent D'Ascoli
Reno, Carson City, Gardnerville, Incline Village, Fernley,
So Lake Tahoe
"My private banker, Sherilyn Laughlin, was reaching out to me about the PPP loan opportunity for my business before the bank with my business accounts did. In fact, after I reached out to them via email, as directed online, I never heard back. Nevada State Bank got it done. My other dentist friends started reaching out “Did you get approved?” Their banks had not responded. I told them you are just a number to them; at Nevada State Bank, you get personalized service and they take care of you."
Co-Founder & President
Las Vegas, NV
"This is a bank that sees you, hears you, and wants you to prosper. They make you feel like an individual, not another account number. During the process of applying for PPP funds, my banker John Whitehead made himself available at all hours, even responding to my questions at midnight. The process was convoluted, required a lot of revisions, but he never faltered and was able to guide us to the much-needed funds for our company to keep people employed."
Velasquez Immigration Law Group
Las Vegas, NV
"Advice to other business owners: It feels like NSB really does care about small businesses. It’s the best customer service I’ve ever dealt with. As a small business owner, I am grateful to have found a wonderful working experience with Nevada State Bank! You have found yourselves a new business customer for life! Many thanks from myself (and my still-working employees)!"
Co-Owner / Founder
Las Vegas, NV
"The care and guidance we received from Nevada State Bank’s SBA department, Jeremy Trosper particularly, was seamless. They prepared us to have our application complete and ready the moment when the program was to be launched. We were made to feel that our business was a priority--in stark contrast to fellow small business owners' stories that have been relayed to us."
Exotic Car Rentals Las Vegas | Benz Tek Performance | Battle Born Collision
Las Vegas, NV
"Everyone I dealt with at NSB has been fantastic! I have a lot of business contacts, and they all say the same thing – they were bumped off by a big bank. I told them to go get it taken care of with NSB. Here’s what the PPP loan meant to me: My companies have a chance to make it through these crazy times, and my workers can feed their families. It’s been stellar – I can’t say enough."
"NSB Business Banker Cesar Quintanilla contacted us to inform us of the PPP Loan Program the first week it opened; he wanted to know if we were interested in applying. There were hiccups, but Cesar worked with us through the weekend, processing our application three times Sunday night until finally, he emailed us late that night that the SBA accepted our application. The PPP loan gave us time to review our options and come up with a plan. We were able to keep our entire team employed, keep the business running, and most importantly, we have been able to pay it forward to a few of our clients who were struggling."
"Nevada State Bank cares about people. I was not even a client, and my NEW banker, Jeanette Perez, got it done. As a business guy, I really appreciated her reaching out and helping with my PPP loan, making calls into the evening. I was able to give full payroll to my employees without worrying. We’re back open—the plant is making ice cream, and we are serving it up at Meadows Mall and Palms Plaza, with more to come.”
"When COVID19 hit our economy, and PPP was announced, our banker John Whitehead was very proactive and, together with our CFO, worked long days to make sure that we got the PPP documents needed for approval. We've been fortunate to be able to keep all 160 employees on board so that everyone can provide for their families. Some drivers with high-risk family members have chosen to stay on the road for the past two months, isolating themselves from their families while doing an important service to this country."
Ronald McDonald House Charities
Chief Executive Officer
Las Vegas, NV
"The application experience was intense, and time was of the essence. As a nonprofit that has never borrowed money or even written a government grant before, the worry of shouldering it completely on our own was daunting. The assistance of our banker Rich Justiana every step of the way-with phone calls, emails, and texts at all hours of the day and evening-provided reassurance. There is no such thing as ‘banker’s hours’ where Nevada State Bank is concerned!"
NSB PAYCHECK PROTECTION PROGRAM HIGHLIGHTS
as of July 1, 2020
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