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Business Loans

Whether it’s an unexpected expense or you need a loan for a long-term project, we’re here with the money and support you need to be successful.

Updates to the Paycheck Protection Program (PPP)

The $900 billion COVID-19 relief package recently signed into law set forth some important provisions that impact PPP, please review the key details below.

  • $284 billion in additional funding has been allocated for the Paycheck Protection Program.
  • This new round of PPP loans is available to both new applicants and those who previously received a PPP loan that meet more stringent eligibility requirements.
    • Applicants must have fewer than 300 employees (excluding NAICS code 72 businesses).
    • Applicants must show a decline in revenue of 25% or more during any quarter in 2020.
  • Loans are now capped at $2M. For those who have already received a PPP loan, the total of the two loans cannot exceed the initial $10M cap.
  • NAICS code 72 (Accommodation and Food Service) businesses’ loan amounts will be based on 3.5 times average monthly payroll costs.
  • 501 (c)(6) organizations, that are not lobbying organizations, such as chamber of commerce and trade organizations are now eligible if they have fewer than 150 employees.
  • Expenses paid for with PPP loans will now be considered tax-deductible.
  • PPP loans under $150,000 will have a one-page forgiveness application.
  • Economic Injury Disaster Loan (EIDL) advances will no longer be deducted from PPP forgiveness requests. The SBA will be establishing procedures to return EIDL advance amounts already deducted from loan forgiveness.

Existing Pinnacle Bank PPP Loan customers will receive an email from noreply@mail.ppp.bankofcolorado.com with your customized link to begin the application process. DO NOT use the link below. Contact your local lender if you have not received your email.

 

If you have not previously received a PPP Loan from Pinnacle Bank, click the Apply Now button to begin the application process.

apply now

 

 

 

Helpful links from the SBA:

For more information and updates, visit  Treasury.gov/CARES