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TransPecos Banks. Texas Banking at its Best.

COVID-19 Small Business Relief

As the world faces the COVID-19 pandemic, our thoughts surround the physical health of friends, families, coworkers and clients.  Yet our thoughts are also on the financial health of the businesses that are the backbone of this country.  We want to share information about new loan programs you may have heard about. 

This one-page overview provides a simple comparison of the two programs.

Paycheck Protection Program Loans  

  • Loans up to the lessor of $10,000,000 or 2.5x your business's average monthly payroll
  • May be used for payroll, employee salaries, rent, utilities, mortgage interest or debt obligations incurred before February 15, 2020
  • 1.00% fixed-interest rate, 2-year term
  • No principal or interest payments for 6 months
  • Loans are unsecured and do not require a personal guarantee
  • Verified amount used for payroll, rent, mortgage interest, utilities, and wages to tipped employees is forgivable  (see FAQs below)
  • Apply directly with TransPecos Banks.  Call your loan officer, or 1.877.445.9550 (toll free)
  
Apply for the Paycheck Protection Program with TransPecos Banks by clicking the button below.  Note this will send you to a third-party portal, NYMBUS SmartLenders we are working with closely to collect and process your application
 
Apply for Paycheck Protection Program
 
 
Payroll and entity document requirements for Corporations, LLCs, Limited Partnerships, Non-profits, Sole Proprietorships, Independent Contractors
 
 Note - this is a secure site, so you will need to log in with your email address and password you created when you first signed in
 
 
 

Emergency Injury Disaster Loans  

  • Loans up to $2,000,000
  • 3.75% fixed interest rate on loans to for-profit companies
  • 2.75% fixed interest rate on loans to non-profits
  • Up to 30-year term and amortization (determined on case-by-case basis)
  • Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact

Currently, you must apply for these loans directly with the Small Business Administration (SBA): Apply for Emergency Injury Disaster Loan

There you will enter your company information, describe the impact of the pandemic on your business and upload the required documentation.  You will need the following essential documents that will help the SBA quickly analyze your registration: 

  • Complete copies, including all schedules, of the most recently filed Federal income tax returns for the business, or an explanation if not available
  • Personal Financial Statement completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member (you may use SBA form 413 or your own version)
  • Schedule of Liabilities listing all fixed debts
  • If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
  • A current year-to-date profit –and-loss statement
  • Tax Information Authorization (IRS Form 4506-T available in the SBA loan portal after registration), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.  

For additional information:

SBA Small Business Owners Guide to the CARES Act

SBA Small Business Guidance Web Page