On Wednesday evening, the $349 billion Paycheck Protection Program (“PPP”) fund was exhausted. Washington is considering additional funding but until that occurs, banks cannot secure authorization for any new PPP loan requests. If you received notice that your loan was authorized, your funding is secured. If new funds are allocated, Platinum Bank will process the PPP applications for the few existing clients who were not able to secure funding before the pool ran dry. Currently, we are not accepting any additional applications.

As of today, we still do not have the final Small Business Administration rules on how the forgiveness process for PPP loans will work. Many of you have asked for this guidance and we understand the lack of clarity is frustrating. There have been indications the SBA is planning to create a spreadsheet to assist PPP borrowers with calculating the forgiveness amount. There are many examples of these on-line. To avoid creating further confusion, Platinum has elected to not create a forgiveness spreadsheet until additional clarification is received from the SBA. Once Platinum Bank receives the details about the forgiveness portion of the PPP program, we will immediately provide that information as well as direction on the submission process for your PPP loan forgiveness to Platinum Bank.

Following are specific actions you can take now that will allow you to streamline your PPP loan forgiveness process.

  1. Once the PPP funds are disbursed, the eight-week measurement period commences in which you are required to spend 75% of the funds on covered payroll cost and 25% on covered rent, utilities, and mortgage interest costs. Platinum Bank recommends all recipients of the PPP funds review the FAQ’s published by the SBA and Department of Treasury to assure your compliance and calculation of funds. If you have specific questions about calculations, we strongly recommend you reach out to your accountant.
  2. Maintain meticulous records of how the PPP funds are being used. As we do not know what detailed records will be required by the SBA, we suggest keeping thorough back-up records for how your PPP funds are being spent.

Your Relationship Managers and the entire Platinum Team are here to assist you as needed.

The federal Paycheck Protection Program (PPP) is providing a $349 billion lifeline to small businesses across the United States. The PPP offers small businesses forgivable loans to cover the cost of paying their employees during the COVID-19 pandemic. For many companies, PPP loans have made the difference between laying employees off and keeping everyone on the payroll.

Due to its popularity, however, many small business owners have found it difficult to secure the much-needed funding. Banks are struggling to keep up with demand. That’s why Platinum Bank was honored to be featured by one of our customers in a recent St. Paul Business Journal interview with journalist Patrick Rehkamp.

Our bankers were able to help Oak Marsh Golf Course owner Steve Whillock apply for and secure his PPP funding earlier this month. In the interview, Steve explained how the Platinum Bank team helped guide him through the application process, including answering any questions he had about the new program and how he could use the funding.

While Steve’s losing golf-related revenue due to the statewide Stay at Home order, he says the PPP loan will help him and his team weather the pandemic.

We were honored to be able to help Steve and other small business owners like him with their PPP and other loans during this difficult time. We have been able to help 250 business owners receive approximately $100 million in PPP loan relief. Today, the federal government is working on a solution to allow us to continue to serve even more business owners.

If you have questions about the financial health of your small business or just need to talk to a banker, the Platinum Bank team is here to help. Contact us today to get the conversation started.

The federal Paycheck Protection Program (PPP) is providing a $349 billion lifeline to small businesses across the United States. The PPP offers small businesses forgivable loans to cover the cost of paying their employees during the COVID-19 pandemic. For many companies, PPP loans have made the difference between laying employees off and keeping everyone on the payroll.

Due to its popularity, however, many small business owners have found it difficult to secure the much-needed funding. Banks are struggling to keep up with demand. That’s why Platinum Bank was honored to be featured by one of our customers in a recent St. Paul Business Journal interview with journalist Patrick Rehkamp.

Our bankers were able to help Oak Marsh Golf Course owner Steve Whillock apply for and secure his PPP funding earlier this month. In the interview, Steve explained how the Platinum Bank team helped guide him through the application process, including answering any questions he had about the new program and how he could use the funding.

While Steve’s losing golf-related revenue due to the statewide Stay at Home order, he says the PPP loan will help him and his team weather the pandemic.

We were honored to be able to help Steve and other small business owners like him with their PPP and other loans during this difficult time. We have been able to help 250 business owners receive approximately $100 million in PPP loan relief. Today, the federal government is working on a solution to allow us to continue to serve even more business owners.

If you have questions about the financial health of your small business or just need to talk to a banker, the Platinum Bank team is here to help. Contact us today to get the conversation started.

Beginning Friday, April 3, 2020, the SBA will begin accepting applications for Paycheck Protection Program (PPP) loans.

Funds in this program are expected to run out quickly. There are specific calls to action you must do for potential entry into the program. Once applications are approved and accepted, Platinum Bank will work with you and your company to finish the details per program requirements.

Following is information on the Paycheck Protection Program (PPP):

The necessary documents you must supply to Platinum Bank for potential entry into the PPP are:

  1. Paycheck Protection Program Application Form
  2. Detailed payroll reports for the past 12 months
  3. Most recent interim statement

PLEASE NOTE

  • Platinum Bank cannot guarantee that funds for all borrowers will be available.
  • Not all borrowers will qualify for funds.
  • Platinum Bank will work its best to get all qualified applications filed with the SBA but has no ultimate control of when that system runs out of authority and funding commitments.

Platinum Bank will continue to provide SBA updates as they become available. Please pass this information to your colleagues. They may also request to have these communications sent directly to them.

Contact us with questions: (651) 332-5200; www.platinumbankmn.com