Paycheck Protection Program (PPP) Support
The SBA is opening the Paycheck Protection Program portal on Friday, 1/15, to lenders with $1 billion or less in assets. Borrowers can now submit their new or second draw loan application for processing.
Borrowers submitting a second draw application will be required to provide documentation proving a 25% reduction in gross receipts.
MAJORITY OWNERS AND STAFF
Current PPP regulations prohibit banks from originating and funding loans to their majority owners and staff. BBOK can provide a direct loan for these needs.
- Refer their application and all supporting documentation to BBOK, who acts as the lender.
- BBOK will originate, fund and manage the loan.
If you need extra resources to process applications:
- Refer your application and all supporting documentation to BBOK, who acts as the lender.
- Your bank will receive the agent fee based on the percentages outlined by the PPP program.
Our processes include these documentation requirements:
Due to the high volume of applications, we request that you provide all of the information indicated on the checklist before submitting an application. Once we receive a completed package, we will verify the information and upload the application. We appreciate your assistance in making this a smooth and timely process.
Once complete, upload your documentation securely to our SAFe platform.
For assistance with downloading documentation, contact Amanda Williams | 1.800.999.5725.
For SAFe account activation or password reset, contact Dennis Willey | 1.800.999.5725.
If you have an interest in partnering with BBOK or would like to learn more, please contact: Craig Ellis, Tim Binns or Alison Clutter at 1.800.999.5725.