Paycheck Protection Program
Envision Bank is committed to helping small businesses and self-employed individuals as they navigate the effects of the COVID-19 pandemic. The Paycheck Protection program is a part of the new CARES stimulus package. The objective of this federal loan program is to help keep small businesses running during this worldwide pandemic and related economic crisis.
Paycheck Protection Program Loan Forgiveness Requirements
Please download and review the PPP Loan Forgiveness Requirements document.
We are accepting applications for the second wave of the Paycheck Protection Program.
Due to the overwhelming response to the SBA Payment Protection Program, you may experience a delay in the processing of your application. Please know that all applications received through our website are reviewed and submitted to the SBA in the order in which they are received. Only fully completed applications, with the required supporting documentation, are submitted to the SBA; incomplete applications will cause further delay. Upon the SBA’s approval or denial, you will be notified of their decision within two (2) business days. We appreciate your patience and we do understand the importance of responding to your request as quickly as possible.
Who Is Eligible?
Small businesses with 500 or fewer employees—including certain nonprofits, Veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible.
Businesses with more than 500 employees are eligible in certain industries.
Unique Loan Features
No payments on your loan for the first 6 months
No collateral or personal guarantees are required
Competitive rates and terms
Apply for potential loan forgiveness after receiving the funds
Funds Can Be Used For:
- Payroll expenses
- Employee salaries
- Mortgage Interest
- Interest on debt obligations incurred before February 15, 2020
Easy to Apply
This loan will be packaged as an SBA 7(a) loan, and businesses can apply through qualified lenders including Envision Bank. SBA application fees will be waived for both borrowers and lender. Due to the minimal program requirements, the approval and funding process will be streamlined; resulting in getting capital in the hands of businesses who need it most.
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury.