Paycheck Protection Program Round 2
New TransPecos Banks PPP customers :
If you received a PPP loan from another institution or did not participate in Round 1 of PPP please click the box below to begin your application and access our secure portal provided by Nymbus SMARTLENDERS powered by SkopeLend.
Existing TransPecos Banks PPP customers from PPP Round 1:
- The Act provides for a simplified loan forgiveness process for PPP loans of up to $150,000. Applicable borrowers will be eligible for loan forgiveness if the borrower signs and submits a one-page certification to the lender (a) describing the number of employees the borrower was able to retain because of the PPP loan, the estimated amount spent on eligible payroll costs and total PPP loan value and (b) attesting that it accurately provided the required certification and complied with applicable PPP requirements.
- The form of the above-described certification is expected to be available by January 20, 2021. Once this form is available, the portal will be updated to support this simplified forgiveness process.
Things to know in advance of applying for a 2nd Draw PPP Loan:
- Second draw PPP loans are available for companies that have fewer than 300 employees and have seen a 25% reduction in revenues since their first PPP loan.
- You must use the full amount of your first PPP loan on or before the expected date your second PPP loan is disbursed
- If you’re seeking a loan of $150,000 or more, you’ll need to provide documentation (e.g., tax forms, financial statements, bank statements) to prove revenue reduction of 25% or more. For loans less than $150,000, you’ll just need to provide this information to receive loan forgiveness.