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:
- Paycheck Protection Program Application Form
- Detailed payroll reports for the past 12 months
- Most recent interim statement
- 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