CARES Act: Paycheck Protection Program
Information for Small Businesses that Have Been Affected by COVID-19
The Coronavirus Aid Relief and Economic Security (CARES) Act provided one of the largest stimulus aid packages to individuals and businesses in the nation’s history. The CARES Act included the Paycheck Protection Program (PPP), a $349 billion business loan program that offers relief measures to small businesses, primarily to keep employees on payroll and cover other stipulated business expenses. On Friday, April 24, new legislation was signed into law that provided an additional $310 billion into PPP.
Over the length of the program, American Momentum Bank approved over 1,505 applications representing $268.6 million of PPP loans. As many of our clients approach the conclusion of their covered period forgiveness terms, we are entering the forgiveness request phase of the program.
PPP Loan Forgiveness
American Momentum Bank is not accepting PPP Loan Forgiveness Applications at this time. However, our team is sponsoring a series of webinars to provide you with additional information about the PPP Forgiveness Phase and to answer any questions you may have regarding the program. To view past recordings of the webinars as they come available, please click on the links below:
- Overview of PPP Loan Forgiveness - 6-26-20
Additionally, we continue to gather information and will regularly update this webpage with new content. Whether you plan to submit the traditional PPP Loan Forgiveness Application or the EZ Forgiveness Application (Form 3508EZ), we want to make this process simple for you. Please see below for our helpful guides:
Please note that we cannot provide counsel concerning the forgiveness provisions of the PPP. It is recommended that you consult with your attorney and/or CPA as more guidance is made available by the SBA. You may also visit the website for the U.S. Department of Treasury for more information.
Thank you for continuing to choose us as your financial partner, and please, contact your American Momentum Bank commercial lending officer or local banking center manager if you have any questions. Also, continue to monitor this webpage, as we will update it with any changes.