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SBA Paycheck Protection Program
As an SBA-preferred lender, we are well-positioned to help you efficiently navigate the loan application process.
Over the past several weeks, Nevada State Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program.
With funding for the Paycheck Protection Program still available, we are continuing to accept new applications. We are happy to accept new Paycheck Protection Program applications from any small business, independent contractor, self-employed individual or non-profit that qualifies and has not yet applied for a loan through this program.
How to Apply
We can help you efficiently navigate the loan application process.
ATTENTION: If you are applying for loans on behalf of more than one business entity, you will need to complete separate applications for each loan requested. You will also need to use a unique login and different email address for each application.
If you have ownership in more than one business, please be prepared to complete Addendum A, which will need to be uploaded as part of the application process.
PLEASE NOTE: New applications that are incomplete and inaccurate, or do not include an accurately calculated and properly documented loan amount, requisite ownership and other eligibility information and an accurate 6-digit NAICS (North American Industry Classification System) code for your business, will not be processed. You will also be required to have a current transactional (e.g., checking) account with us bearing the same legal name under which your business applies for the loan, in order for us to deposit the loan proceeds.
Paycheck Protection Program Information
The SBA has published important information about the Paycheck Protection Program. This information is updated frequently, and we recommend you refer to it periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources.
Due to the significant interest in the Paycheck Protection Program, and the large number of applications being received across the country, we cannot guarantee funding will be available to all who apply.
* Subject to SBA approval. Restrictions may apply. Contact a banker for details.
NSB Paycheck Protection Program Highlights
As of May 13, 2020
Approximately 82%of the loans approved were for less than
More than 68%of loans
were made to businesses with
Average loan size was
Median loan size was
Paycheck Protection Program Loan Forgiveness
One of the most attractive features of the SBA’s Paycheck Protection Program is that the entire loan may be forgiven if you meet specific requirements within eight weeks after receiving your funds. For purposes of loan forgiveness, you will have to document loan proceeds used for payroll costs and other use of loan proceeds in order to determine the amount of forgiveness. You will be responsible to calculate the amount of loan forgiveness supported by your documentation and certifications. If you need assistance with loan forgiveness, you should consult your own advisors, such as a CPA or attorney. The SBA and Nevada State Bank will be relying on your certifications and documentation you will provide to support loan forgiveness. If your certifications or documents are incorrect or untrue, you may be subject to penalties under the Paycheck Protection Program or other federal laws making it unlawful to submit false information to a bank or federal agency in connection with a loan.
Specific details regarding the process for applying for loan forgiveness have not yet been released by the SBA. However, there are a few things you can be doing now to prepare for this important process.