UPDATED APRIL 24, 2020
Congress has made additional funding available to small businesses through PPP. This is good news for businesses who applied but whose applications were not processed before the initial funds ran out, and for businesses who were not able to complete an application in time.
Altabank continued to accept PPP applications after initial funding ran out with the expectation that additional fund would become available. As a result our application pipeline is full and we are not accepting additional submissions.
Under the terms of the new funding agreement more entities are accepting and processing PPP applications. We encourage customers who would like to submit an application to do so through one of these entities. Please contact your loan officer for more information.
Customers who previously applied for PPP through Kabbage are encouraged to contact them directly for updates regarding the status of your application
Other Relief Programs
Economic Injury Disaster Loans
Small businesses anticipating revenue loss as a result of COVID-19 can apply for an Economic Injury Disaster loan. Loans through this program are intended to provide working capital of up to $2M, subject to credit approval. Please see eligibility requirements and download an application below.
The SBA Debt Relief program will provide a reprieve to small businesses as they work through the challenges created by the COVID-19 pandemic. Under this program the SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020; and will pay principal and interest of current 7(a) loans for a period of 6 months.
For more information on these and other SBA relief programs please visit www.sba.gov.