PPP Loan Updates

Updates for April 30, 2021

New loan applications
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Beginning, Friday, April 30, 2021, Pursuit Lending, the company we have been using to process our PPP loans, will begin to close our online portal for submitting applications. Please contact your lender to learn more information and to discuss options.

 

Loan forgiveness applications
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Applications for forgiveness of first round (2020) PPP loans continue as before. The forgiveness process for the PPP loans approved in 2021 will begin in October 2021.

Further information and guides on how to complete the forgiveness application are available at Pursuit’s dedicated and frequently updated website on PPP loan forgiveness: PPP Loan Forgiveness Guidance | Guide to PPP Forgiveness | Pursuit (pursuitlending.com)

Updates for March 22, 2021

New loan applications (1st and 2nd draw loans)
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The SBA and Treasury’s Paycheck Protection Program (PPP) loan program for 1st and 2nd draw application was initially set to expire by March 31, 2021 but recent action by US Congress will extent the program until end of May.

That means Jeff Bank customers – if they have not already – can continue to submit applications to the program. Pursuit lending, our partner for the PPP program, is now using this link for all applications from Jeff Bank customers:

Application: https://pursuitlending.com/ppp-application-private/
Bank code: 6443

We encourage our customers to submit their applications for new or 2nd loans as soon as possible since a further extension of the program appears unlikely at this point.

To prepare for applications, please refer to the information available here:

PPP Loan Application | COVID-19 Business Support | Pursuit (pursuitlending.com)

 

Loan forgiveness applications
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All Jeff Bank customers with existing PPP loans should have received notification emails from Pursuit (“Apply for PPP forgiveness” email from notifications@venturesgo.com). These emails contain links for the online submission of applications to have all or part of the original PPP loans forgiven.

Further information and guides on how to complete the forgiveness application are available at Pursuit’s dedicated and frequently updated website on PPP loan forgiveness: PPP Loan Forgiveness Guidance | Guide to PPP Forgiveness | Pursuit (pursuitlending.com)

Updates for January 20, 2021

Paycheck Protection Program (PPP) now open to accept 2nd round loan application

Having implemented the latest regulations and forms, Jeff Bank’s partner Pursuit Lending is now ready to accept applications for the revived Paycheck Protection Program (PPP). Jeff Bank customers can submit their applications online at

https://pursuitlending.com/apply-ppp-loan/  using code 6443.

If the funds are used for the specified purposes, these loans will, once again, be fully forgivable.

The program will remain open for applications until March 31, 2021, or until allocated funds have been used up. The U.S. Government has approved spending in various categories totaling $285 Billion.

Updates for December 21, 2020

Jeff Bank and Pursuit preparing to assist customers for Round 2 of Paycheck Protection Program

Congressional leaders have announced a new stimulus deal that is expected to obtain final approval within days. A second round of the Paycheck Protection Program (PPP) is included in the package, and Jeff Bank will continue its successful cooperation with Pursuit Lending to receive and process online applications for eligible Jeff Bank customers.

A dedicated website and access code will be made available once the program is operating.

Please check this page for details on the effective start date for PPP Round 2 and details on eligibility criteria. We will post updates as soon as they are finalized and become available.

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The new stimulus package also includes additional funding for the Economic Injury Disaster Loan (EIDL) program. This program is directly administered through the Small Business Administration, and eligible applicants need to apply online via the SBA website (www.sba.gov)

Information on the direct economic relief checks and enhanced federal unemployment insurance payments can be obtained directly from the US Treasury at www.treasury.gov.

Updates for December 4, 2020

Paycheck Protection Program (PPP) forgiveness application process
Beginning in December 2020, Jeff Bank’s partner in the processing of all PPP loans, Pursuit Lending, will begin a staggered process to invite borrowers to submit their applications for forgiveness of all or part of their PPP loans. It begins with loans that were funded in April 2020, each month another group of borrowers will be invited to submit applications.

Pursuit Lending has assembled comprehensive information on the PPP forgiveness process on a dedicated website: PPP Loan Forgiveness Guide | COVID-19 Relief | Pursuit (pursuitlending.com).

That page is always updated with the latest information and contains a link to Pursuit’s Loan Forgiveness Application Guide for step-by-step instructions on how to prepare for and submit a PPP loan forgiveness application.

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The PPP program remains closed for new loan applications. Congress is deliberating further pandemic relief measures which may include another round of PPP loan funding. We will update this page as soon as new information becomes available.

Updates for August 3, 2020

Paycheck Protection Program (PPP): now closed for new applications
The current round of the Paycheck Protection Program (PPP) expires on August 8, 2020, and Jeff Bank’s partner for this loan program, Pursuit Lending, no longer accepts new applications.

The program may become available again, if US Congress and the President sign another COVID-19 pandemic relief package into law. Please return to this website regularly to check for updates.

PPP loan forgiveness process: Please continue to stay tuned!
PPP loans contain the possibility to have all or part of the loan amount forgiven, if the loan funds are used for forgivable expenses and within a ‘covered’ period. Detailed information is available at https://pursuitlending.com/resources/ppp-forgiveness/, including an extensive catalogue of Questions & Answers.

Various arms and agencies of the US Government continue to work on regulations and processes for the forgiveness process, including a potentially much simplified forgiveness application for smaller PPP loans. The SBA has signaled general readiness to process forgiveness applications starting August 10, however, Pursuit lending will only begin accepting forgiveness applications from individual borrowers once all the details of the process are finalized. Please continue to collect your documentation on how you spent PPP loan funds.

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For a comprehensive overview of COVID-19 related Small Business guidance and loan resources, please visit the Small Business Administration (SBA) website: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.

Updates for July 3, 2020

Paycheck Protection Program (PPP): Deadline for application extended!
As part of its ongoing efforts to alleviate the economic impact of the continued COVID-19 pandemic, US Congress recently extended the application deadline for PPP loan applications. The program was originally scheduled to expire on June 30.

Jeff Bank continues to partner with Pursuit Lending (www.pursuitlending.com) to facilitate these loans to its customers, and Pursuit is now accepting applications until July 31, 2020.

Applicants should go directly to https://pursuitlending.com/sba-ppp-loans/ to begin their online application using the access code 9898

PPP loan forgiveness process: Stay tuned!
PPP loans contain the possibility to have all or part of the loan amount forgiven, if the loan funds are used for forgivable expenses and within a ‘covered’ period. Detailed information is available at https://pursuitlending.com/resources/ppp-forgiveness/, including an extensive catalogue of Questions & Answers.

The specifics and details of how to apply for loan forgiveness are yet to be finalized by the SBA and US Treasury. Borrowers will be contacted directly by Pursuit as soon as applications for forgiveness can be submitted online. In the meantime, borrowers can prepare by following the recommendations listed here: https://pursuitlending.com/resources/ppp-loan-forgiveness-guide/

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For a comprehensive overview of COVID-19 related Small Business guidance and loan resources, please visit the Small Business Administration (SBA) website: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.

Updates for May 8, 2020

Financial Assistance for Jeff Bank Business Customers using the Paycheck Protection Program (PPP):

On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act was designed to help small businesses survive and recover from losses due to business activity limitations while the country fights the Coronavirus outbreak. Comprehensive information about the various programs and measures is available on the Small Business Administration’s website www.sba.gov.

The Paycheck Protection Program (PPP) is a loan program from the Small Business Administration (SBA), and a key component of the CARES Act. Loans under the second round of funding for the PPP continue to be available. All loan terms will be the same for every borrower, nationwide: 1% interest, 2 years maturity, 6 month deferred loan payments.

Jeff Bank is providing its customers access to the PPP program through Pursuit Lending (formerly NYBDC – New York Business Development Corporation).  All decisions regarding your PPP application will be made by Pursuit.

Please use the following secure website to submit your application online, and to upload required documentation: https://pursuitlending.com/sba-ppp-loans/. The access code is 9898; the website also has an application guide, screenshots to guide applicants through the process, a full list of required documentation, and information on how to maximize loan forgiveness*.

For the latest updates, including upcoming information on the loan forgiveness process, please visit the SBA’s special webpage on the PPP program: 

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp.

Updates for May 4, 2020

Across the United States many business owners either already have or are planning to apply for a loan through the Small Business Association’s (SBA) Payment Protection Program (PPP). Unfortunately, there is also another group who is looking to benefit from the PPP, and those are the scammers. Some of the ways that scammers are contacting businesses are through phone calls, emails, and texts. The Federal Trade Commission (FTC) has put together some “do’s” and “don’ts” to try to help you protect yourself against these scammers. To learn more information and to view this list, please click here to visit their website.

Updates for April 27, 2020

Financial Assistance for Jeff Bank Business Customers under the CARES Act:
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act was designed to help small businesses survive and recover from losses due to business activity limitations while the country fights the Coronavirus outbreak. Key components include loan programs from the Small Business Administration (SBA), changes to tax filing requirements, and modifications to unemployment benefits.

After the initial funding ran out, Congress has now made additional funds available for a variety of aid and relief packages, including the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP).

Economic Injury Disaster Loan program (EIDL):
For information about this program, and how to apply, please go to the SBA’s website www.sba.gov. This program is directly administered through the SBA, with an online application process through a dedicated SBA portal.

Paycheck Protection Program (PPP)
Congress approved an additional allocation of funding for the PPP program. Jeff Bank is working with Pursuit Lending (formerly NYBDC) to provide its customers with access to the PPP loans. Demand for funding under the program has been very high and many applications from the original PPP program remained unfunded when the program ended on April 17. Accordingly, no new applications for funding under the PPP program are being accepted by Pursuit Lending on behalf of Jeff Bank at this time.

However, Jeff Bank customers who previously applied with Pursuit Lending and only received an application confirmation notice (but NOT loan approval and/or funding) do not need to re-submit their application. The applications have remained active and will be submitted for funding as soon as the SBA’s portal for the electronic submission of applications is re-opened.

Please note: There is no guarantee that the additional PPP program funding will be sufficient to fulfill all program demand and some applicants may remain unfunded when the next phase of the program ends.

For the latest updates, including information on the loan forgiveness process, please visit the SBA’s special webpage on the PPP program:

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp.

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