Note: The SBA has not yet issued complete rules and guidance on potential reductions in forgiveness and as a result, the specific requirements described below may change. This information is provided by the U.S. Treasury. PPP Loan Forgiveness These emails include a malicious link to the spoofed SBA website that the cyber actor is using for malicious re-directs and credential stealing. We will also close on New Year's Eve at 3:00 pm Thursday, December 31 and remain closed on New Year's Day, Friday, January 1, 2021. 3002 Louisiana Blvd. “New Mexico Bank & Trust is proud to have helped hundreds of small businesses during this difficult and challenging time,” said R. Greg Leyendecker, President and CEO of New Mexico Bank & Trust. The SBA released a dollar range for these loans, not the exact amounts. 505-830-8200 • 505-830-8213 F. NEW MEXICO BANK & TRUST (PLP,SE,EE,EWCP) BRANCH OFFICE. ... ©2020 New Mexico Bank & Trust. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. Give yourself peace of mind with a … Normal Underwriting guidelines apply. In this document the SBA describes its procedures for reviewing PPP loan applications and loan forgiveness applications. See our Advertiser Disclosure for more information on how we try to connect you with a Paycheck Protection Program (PPP) lender or other small business lenders. Contact Us. However, you may not take out an EIDL and a PPP for the same purposes. In addition, given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns. Our offices will close at 12:30 p.m. and our Customer Care Center will close at 1:30 p.m. on Thursday, December 24. Its headquarters are in Birmingham, Alabama, and it primarily serves Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. Check out our PPP Forgiveness Resource Center for Regular Updates . Lines of Credit. California Residents: Do Not Sell My Personal Information. Names of borrowers with a PPP loan under $150,000 will not be identified at this time. New Mexico Bank & Trust customers can now register and apply for PPP Loan Forgiveness Click for our PPP Forgiveness Resource Center Latest Updates on the Paycheck Protection Program SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less - … Give yourself peace of mind with a … SBA’s determination concerning the certification regarding the necessity of the loan request will not affect SBA’s loan guarantee. On May 22, 2020, The U.S. Treasury Department and the SBA also issued an Interim Final Rule on PPP Loan Review Procedures and Related Borrower and Lender Responsibilities. Loan repayment terms of five years, at 1% interest. The SBA will resume taking applications for the Paycheck Protection Program on Monday, April 27, 2020 at 10:30 am EDT. The Cybersecurity and Infrastructure Security Agency (CISA) is currently tracking an unknown malicious cyber actor who is spoofing the Small Business Administration (SBA) COVID-19 loan relief webpage via phishing emails. Not all details about individual PPP loans are being released by the SBA. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. On May 15, 2020 the SBA published a PPP Loan Forgiveness Application and instructions. For more details please see the full alert here. ... Funds Transfer and Loan Payments. Employee Retention Credit Eligibility after return of PPP Loan by May 14, 2020 - May 6, 2020. The SBA has stated that businesses with more than 500 employees will qualify if they otherwise meet size standards. Paycheck Protection Program Flexibility Act Becomes Law - June 5, 2020. N.E. Business Loans; Small Business Credit Card; Merchant Services; Small Business Online Banking; Commercial. On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, representing one of the largest emergency aid and economic assistance programs ever adopted. We will be communicating with our clients with PPP Loans of $50,000 or less to provide additional information soon. “We’ve processed 764 PPP loans totaling $106 million, preserving more than 13,512 jobs.” To date, banks of all sizes have provided more than $500 billion in PPP loans to small businesses across the … Loan forgiveness now available for small businesses that were unable to rehire employees, hire new employees or return to the same level of business activity as before the virus. Small Business Advice (or "SBA®" or SBA.com®") offers business advice, information and other services related to the formation, financing, operation and management of businesses. Albuquerque, NM 87110. Expands the type of eligible businesses and includes non-profits, Business was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or paid independent contractors, Waives the credit available elsewhere, personal guaranty and collateral requirements, Borrower certification of satisfaction of program requirements and economic hardship, Federal regulations required to fully assess eligibility and complete applications, Development of specific loan terms and documents, Establishment of criteria for eligible lenders in addition to SBA approved lenders, Lender adoption of procedures to process applications. IMPORTANT NOTICE: These FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Paycheck Protection Program Update - April 29, 2020. The SBA is extending the safe harbor date for repayment of PPP funds from May 7, 2020 to May 14, 2020 by borrowers that have concerns about their prior certification that economic uncertainty made their loan request necessary to support ongoing operations. For loans under $150,000, only the city, state, zip code, the number of employees benefited, and the congressional district will be identified, along with the name of the lender that made the loan. On the PPP Forgiveness Resource Center you will find: Click Here for the PPP Forgiveness Resource Center, Small Business Administration (SBA) Releases PPP Loan Information - July 7, 2020. If a borrower (employer) offers to rehire an employee at the same wages and number of hours and the employee declines the offer of employment, the borrower (employer) may exclude the laid-off employee from the forgiveness reduction calculation and that might otherwise reduce the borrower’s loan forgiveness amount if its full-time equivalent employees decrease from the level at February 15, 2020 and are not rehired by June 30, 2020. Lines of Credit. Important Information - Loyal Trust Bank will close at 2 PM on Thursday December 24th, and will be closed on Friday & Saturday December 25th - 26th. On June 5, 2020, the Paycheck Protection Program Flexibility Act was signed by President Trump and became law. 1For purposes of this safe harbor, a borrower must include its affiliates to the extent required under the interim final. Normal underwriting guidelines apply. Albuquerque, NM 87110. ServisFirst, Synovus Refusal to Pay PPP Loan Agents Florida Complaint. Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” For more information, call us at 505.995.1200 during normal business hours. The complete SBA FAQ document can be found here. The information provided herein is not intended to constitute legal advice. We offer information and services related to small businesses. SBA Guidance on PPP Loan Forgiveness - August 13, 2020. April 26, 2020. Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. 13 April 27, 2020: $150K–$350K Univest Bank and Trust Co. $150K–$350K loan to SCHILLER AND HERSH ASSOCIATES, INC. 17 April 8, 2020: $150K–$350K Iowa State Bank and Trust Company of Fairfield, Iowa: $150K–$350K loan to SUNNYBROOK HOME CARE INC. We are here to help and answer any questions you may have about PPP or our other small business programs. We are not sending additional new applications for the SBA Paycheck Protection Program at this time. The Paycheck Protection Program (PPP) is closed again. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. This is in effect a penalty in that it may reduce your forgiveness amount beyond the reduction you might already incur if your monthly payroll costs for the 8 weeks after the date your loan is disbursed are less than the amount used to calculate your eligible loan amount. On April 23, 2020, The U.S. Treasury Department issued an update to its PPP Frequently Asked Questions (FAQs), specifically addressing an applicant’s certification of necessity. Vehicle Loans. Today the U.S. Treasury released an additional FAQ (#46) regarding the Paycheck Protection Program. The Alert includes a screenshot of the malicious webpage and the Indicators of Compromise as well as mitigation steps. Please continue to visit our PPP Forgiveness Resource Center for updates on PPP Forgiveness. Set up scheduled or recurring transfers between accounts, and pay your loans. BIG VALLEY AUTOMOTIVE INC, located in PORTALES, NM has a $150000 - $350000 PPP loan from New Mexico Bank & Trust and retained 35 jobs. The following is a summary of certain provisions in the CARES Act. You have reached SBA.com®. Additional SBA Guidance Released - August 24, 2020. Click here for additional details. New Mexico Bank & Trust Has Created the PPP Forgiveness Resource Center to Provide Our Customers Access to Important Information on the PPP Loan Forgiveness Process - July 27, 2020. NEW MEXICO BANK & TRUST (PLP,SE,EE,EWCP) BRANCH OFFICE. The program was expected to end on June 30; however, it is reported that approximately $130 billion of the $670 billion remained in the program. This website is not a lender and does not broker loans, make loans or make any credit decisions. Borrowers do not need to apply for this extension. Expedited loan forgiveness possible for PPP loans under $150,000. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. SBA payment deferral of up to 6 months of principal, interest and fees for eligible SBA loans Waiver of limits on maximum maturity for eligible loans given deferral and extended maturity in the year following enactment of the CARES Act. If a PPP applicant, including one that already has an approved loan, did not specifically consider alternate sources of liquidity in connection with their initial application, they should do so. CLICK HERE . The Paycheck Protection Program (PPP) is a government effort to aid business during the coronavirus pandemic by providing funds to keep them from laying off workers. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help businesses through these times of uncertainty. Vehicle Loans. On Friday, May 22, 2020, The U.S Treasury Department and the SBA issued the Interim Final Rule for PPP Loan Forgiveness. Normal Underwriting guidelines apply. ... PPP Forgiveness Resource Center. New Mexico Bank & Trust is providing this as a further guide regarding forgiveness during the period between now and when you may apply for forgiveness New $349 billion US Small Business Administration (SBA) loan program for businesses with no more than 500 employees impacted negatively due to the COVID-19 outbreak. SBA.com® is not SBA.gov. BLUE WINDOW, LLC is in the Full-Service Restaurants industry, has a $150,000 - $350,000 PPP loan from New Mexico Bank & Trust, and has potentially retained 25 jobs. We are a private business providing resources for small businesses, including resources for PPP loans. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. If other sources of liquidity are or were available to the applicant, then some assessment should be made as to whether these other sources are significantly detrimental to the applicant’s business. Credit cards are issued and serviced by New Mexico Bank & Trust d/b/a HTLF Card Services. Applications for the loans opened April 3, and the bank received about 1,000 requests over the next 72 hours, New Mexico Bank & Trust President … In the state, Enterprise trailed only Wells Fargo, Bank of America and U.S. Bank … On June 10, 2020, the SBA and US Treasury publish guidance for Paycheck Protection Program Flexibility Act. PLEASE CONTACT YOUR LENDER IF YOU CURRENTLY HAVE AN SBA LOAN TO DISCUSS ELIGIBILITY AND PAYMENT PROCEDURES, SBA pays the principal, interest, and fees owed for loans in regular servicing status, whether on deferment or not, that were made before the enactment of the Act for the 6-month period following the next payment due date, and for any such loans that were made within 6 months after the date of enactment of the CARES Act, six months from the date the first payment is otherwise due, SBA shall make payments to the lender not later than 30 days from when the first eligible payment is due and those payments shall be applied such that the borrower is relieved of any obligation to pay that amount, Waiver of limits on maximum loan maturity for loans given deferral and extended maturity during the year following enactment of the CARES Act, SBA §7(a) Loans and loans made by an intermediary using §7(a) loans or grants, Currently no apparent application requirement Paycheck Protection Loans and EIDLs are not eligible, Federal regulations to establish program procedures SBA establishment of lender payment procedures, EIDL disaster relief loan program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue they are experiencing, Available to eligible small businesses in all U.S. States and Territories in response to the COVID-19 outbreak, Provides for advances of up to $10,000 within three days of applying, Program period between January 31, 2020 and December 31, 2020, EIDL disaster relief loans in all U.S. States and Territories in response to the COVID-19 outbreak, May request an advance of up to $10,000 within three days after the SBA receives an application (subject to verification of program eligibility) and is not subject to repayment, even if the loan request is ultimately denied, Loan proceeds for use to pay paid sick leave due to COVID-19, payroll, increased costs due to supply chain disruption, mortgage and rent payments and other obligations that cannot be met due to revenue losses, Waives the requirement of personal guarantees for loans up to $200,000, the requirement that the applicant must be in business for a year (but must be in operation on January 31, 2020), and the credit elsewhere test, Businesses with no more than 500 employees, May be approved solely on the bases of credit score or by use of alternative methods to gauge the applicant’s ability to repay, Authorizes the Treasury Secretary to make up to $500 billion worth of loans and loan guarantees to eligible businesses, non-profits, states, and municipalities, No more than $25 billion can be loaned to passenger air carriers, no more than $4 billion to air cargo carriers, and no more than $17 billion to businesses important to maintaining national security, Specific loan program for mid-sized businesses and non-profits with between 500 and 10,000 employees, Enhances access to credit for mid-sized and large organizations impacted by COVID-19, Mid-sized businesses and non-profits will not be required to make payments for at least 6 months, Mid-sized businesses and non-profit loan interest rate no greater than 2%, Other loan terms to be determined and may include warrants, options and other equity features, Eligible businesses include passenger air carriers or any other business that has not already received adequate economic relief in the form of loans or loan guarantees under other provisions of the CARES Act, Must adhere to restrictions on the payment of dividends, stock repurchases and employee compensation, No reduction in force greater than 10% before September 2020, Eligible mid-sized organizations required to certify intent to maintain at least 90 percent of their current workforce, not outsource or offshore jobs and certain other matters relating to union activity, Federal regulations to establish program procedures, It is anticipated that this program will be administered directly by the U.S. Treasury Department and the Federal Reserve, Up to 90 days of forbearance for multifamily borrowers with a federally backed multifamily mortgage loan who have experienced a financial hardship, The opportunity to defer payments due to COVID-19 related hardship for 30 days with extensions for an additional 60 days, Not obligatory and forbearance can be revoked, Mortgages on real property designed for five or more families that are purchased, insured, or assisted by Fannie Mae, Freddie Mac, or HUD, May not evict or charge late fees to tenants for the duration of the forbearance period, Federal regulations to establish program procedures Submit a request for forbearance, If you have a multi-family mortgage with us and would like to make a request for forbearance, please click here. We are unable to accept requests to apply for the Paycheck Protection Program or submit any additional applications for the Paycheck Protection Program to the SBA at this time. In most cases, the number of employees is counted together with all affiliates. On July 4, President Trump signed the PPP Extension Bill to allow small businesses to apply for the loans through August 8. We have no affiliation with the U.S. Small Business Administration or any other government agency. We appreciate your trust and willingness to work with us through this process. BURRITO EXPRESS INC, located in RIO RANCHO, NM has a $150000 - $350000 PPP loan from New Mexico Bank & Trust and retained 35 jobs. This information is provided by the U.S. Treasury. None of the information on this site constitutes legal advice. Credit cards are issued and serviced by New Mexico Bank & Trust d/b/a HTLF Card Services. AGENT FEE ACKNOWLEDGEMENT:  At the time you submitted your PPP loan application with us, each borrower certified as follows: You acknowledge that the bank provided the forms and necessary information to complete your Paycheck Protection Program Application. Certain businesses in the Accommodation and Food Services Industry (NAICS Code 72) may be eligible if they have no more than 500 employees per physical location. If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of PPP loans with respect to this issue: Any borrower that, together with its affiliates,1 received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. By filing an application with us, you further certify that no agent (attorney, accountant, consultant, etc.) This information is provided by the U.S. Treasury. At CB&T, you'll find a level of personal service more typically found at a community bank combined with the comprehensive solutions offered by one of the largest financial institutions headquartered in California. As of July 6, the SBA has not begun to accept applications for forgiveness. The bank's loans in New Mexico totaled $625 million, down from $678 million a year earlier. Extension of the PPP Loan Program through August 8, 2020 We will closely monitor SBA announcements and communicate updates in a timely fashion. On August 24, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance on the Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. Here’s a link to the Paycheck Protection Program Flexibility Act. The total amount of your loan that may otherwise be forgiven may be reduced if you have a Reduction in Employees or Reduction in Salary or Wages, each as further described below, during the period beginning on February 15, 2020 and ending on April 26, 2020. PPP Forgiveness Resource Center; ... New Mexico Bank & Trust Savvy Online Banking . Extension to Return PPP Funds - May 5, 2020. Therefore, the employer will be eligible for the credit if the employer is otherwise an eligible employer for purposes of the credit. On August 4, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. PPP Loan Forgiveness Update Webinar. Reduction in Forgiveness Due to Reduction in Employees or Wages - April 29, 2020. SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. This guidance does not require an applicant to demonstrate that they were unable to obtain credit elsewhere, but rather support their application certification that a PPP loan is necessary to support ongoing operations.
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