PPP Loan Application Update

As of January 14, 2021

Update on Paycheck Protection Program (PPP) Application process:

On December 21, 2020, legislation was passed to extend, and create a second draw  PPP loan program. The SBA has provided lending institutions with Interim Final Rules and updated guidance to allow for processing of these loans. As of last night, the SBA announced that our Bank may begin submissions for first and second draw PPP loans on Tuesday, January 19th.
People wishing to apply for either First or Second draw PPP
may use the following documents to begin the application process:
Once the appropriate application and certification worksheet is completed, please contact your local commercial loan officer to review and submit your application.
 
As of January 12, 2021

Update on Paycheck Protection Program (PPP) Application process:

Effective Monday January 11, the Small Business Administration (SBA) is currently accepting First Draw Applications from Community Financial Institutions (CFIs). Bank of the Pacific is not identified as a CFI.
CFIs include Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries. The SBA has indicated that they will let all other institutions know when they are able to process.
Further information regarding First and Second Draw Applications may be found at:   www.treasury.gov
We will provide more information when it becomes available in the coming days.
 
As of December 31, 2020 -

The latest iteration of the Paycheck Protection Program (PPP) provides billions in funding for small businesses and minority-owned businesses.  Bank of the Pacific will continue to help our local businesses to apply for PPP loans when the application, qualification and certification specifics are provided by the Small Business Administration (SBA).  All indications are that this information will be provided by the SBA sometime in mid-January.

Please note that Applications for PPP are not available at this time.

We suggest you check back frequently for further updates.