new mexico bank and trust ppp loanPosted by in smash-blog | December 29, 2020
From the date your loan was closed to the present, many changes have been implemented by Congress. Not all details about individual PPP loans are being released by the SBA. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning necessity of the loan request. 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. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help businesses through these times of uncertainty. On August 11, 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. 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. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. 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. PPP Forgiveness Resource Center; ... New Mexico Bank & Trust Savvy Online Banking . Answer: Yes. Today the U.S. Treasury released an additional FAQ (#46) regarding the Paycheck Protection Program. PLEASE DO NOT COMPLETE AND SUBMIT THIS APPLICATION AT THIS TIME. New Mexico Bank & Trust will provide an online application and calculator tool for submitting and processing forgiveness applications. BURRITO EXPRESS INC, located in RIO RANCHO, NM has a $150000 - $350000 PPP loan from New Mexico Bank & Trust and retained 35 jobs. Check balances and manage your accounts day and night, 24/7 from any device. For more information, call us at 505.995.1200 during normal business hours. In this document the SBA describes its procedures for reviewing PPP loan applications and loan forgiveness applications. Is an employer that repays its PPP loan by the safe harbor deadline (May 14, 2020) eligible for the Employee Retention Credit? In the state, Enterprise trailed only Wells Fargo, Bank of America and U.S. Bank … Customers should not fill out or submit SBA PPP forgiveness applications to New Mexico Bank & Trust. “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 … The SBA will resume taking applications for the Paycheck Protection Program on Monday, April 27, 2020 at 10:30 am EDT. SBA has previously stated that all PPP loans in excess of $2 million, and other PPP loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. Click for our PPP Forgiveness Resource Center, SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less - October 8, 2020. Normal underwriting guidelines apply. The SBA, which oversees the program, will ask Century Bank to verify certain information from those receiving PPP loans so that we may attest that borrowers have met the qualifications for forgiveness. Learn about our competitive banking services, credit solutions, financial planning and investment services for individuals, small businesses and institutions. 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. 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. Address: 5150 San Francisco Rd NE #A Albuquerque, NM 87109 Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith, even if they now conclude that there were other sources of liquidity available to it that were not significantly detrimental. 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. Important Information - Loyal Trust Bank will close at 2 PM on Thursday December 24th, and will be closed on Friday & Saturday December 25th - 26th. The SBA, in consultation with the U.S. Treasury, released a “simpler” loan forgiveness application for PPP loans of $50,000 or less. 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. The complete SBA FAQ document can be found here. Paycheck Protection Program Update - April 29, 2020. 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. SBA.com® is an independently owned and operated website and has no government affiliation. 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. BIXBY ELECTRIC, INC., located in ALBUQUERQUE, NM has a $1000000 - $2000000 PPP loan from New Mexico Bank & Trust and retained 130 jobs. 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. Give yourself peace of mind with a … We have no affiliation with the U.S. Small Business Administration or any other government agency. Dear Metairie Bank PPP Customer, Metairie Bank & Trust is grateful for the opportunity to serve the New Orleans region through the SBA’s Paycheck Protection Program. ... PPP Forgiveness Resource Center. Albuquerque, NM 87110. Set up scheduled or recurring transfers between accounts, and pay your loans. 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. Lines of Credit. Please check back for updates. The following page contains a link to the list of size standards and a size standards tool: Incentivizes businesses to retain employees and rehire any employees already laid off or furloughed due to the COVID-19 outbreak, Program period from February 15, 2020 through June 30, 2020, Loans for qualified costs related to employee compensation and benefits, including (i) payroll costs, (ii) continuation of health care benefits, (iii) employee compensation (of those making less than $100K), (iv) mortgage interest and scheduled principal payment obligations, (v) rent, (vi) utilities and (vii) interest on debt incurred before the covered period, Maximum loan based on employee salary formula, but not more than $10 million, Principal, interest and fees deferred for 6 to 12 months from origination date, 2-year term from date borrower applies for loan forgiveness, All or a portion of the loan may be forgivable in an amount equal to the amount spent during an 8-week period after the origination date on (i) rent, (ii) payroll costs for workers making less than $100K, (iii) interest on a mortgage, and (iv) utility payments, Incentivizes businesses to retain and rehire employees laid off or furloughed due to the COVID crisis by reducing the amount forgiven proportionally by any reduction in employees retained compared to the prior year, Loan forgiveness under this program will not be included in gross income for federal income tax purposes, Loans made by lenders locally using delegated authority, Businesses that employ no more than 500 employees (or a greater number based on the size standard applicable to the industry). 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. CISA Tracking Fraudulent Emails Posing as SBA - August 12, 2020. 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 - … None of the information on this site constitutes legal advice. We are not sending additional new applications for the SBA Paycheck Protection Program at this time. 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. Credit cards are issued and serviced by New Mexico Bank & Trust d/b/a HTLF Card Services. On Friday, May 22, 2020, The U.S Treasury Department and the SBA issued the Interim Final Rule for PPP Loan Forgiveness. Vehicle Loans. Business Loans; Small Business Credit Card; Merchant Services; Small Business Online Banking; Commercial. 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.” Normal Underwriting guidelines apply. 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 ServisFirst, Synovus Refusal to Pay PPP Loan Agents Florida Complaint. Paycheck Protection Program Flexibility Act Guidance Published - June 10, 2020. However, you may not take out an EIDL and a PPP for the same purposes. Loan repayment terms of five years, at 1% interest. You have reached SBA.com®. On June 5, 2020, the Paycheck Protection Program Flexibility Act was signed by President Trump and became law. 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. New Mexico Bank & Trust has not received any information from the SBA on when they will begin to accept applications for forgiveness. Please continue to visit our PPP Forgiveness Resource Center for updates on PPP Forgiveness. 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. The following is a summary of certain provisions in the CARES Act. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. 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. Employee Retention Credit Eligibility after return of PPP Loan by May 14, 2020 - May 6, 2020. Credit cards are issued and serviced by New Mexico Bank & Trust d/b/a HTLF Card Services. 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. N.E. Additional SBA Guidance Released - August 24, 2020. 13 April 27, 2020: $150K–$350K Univest Bank and Trust Co. $150K–$350K loan to SCHILLER AND HERSH ASSOCIATES, INC. NEW MEXICO BANK & TRUST (PLP,SE,EE,EWCP) BRANCH OFFICE. 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. On July 6, the SBA chose to release PPP loan information at the request of Congress, the media and others given the significant taxpayer commitment to the program. BIG VALLEY AUTOMOTIVE INC, located in PORTALES, NM has a $150000 - $350000 PPP loan from New Mexico Bank & Trust and retained 35 jobs. This guidance was issued under the FAQ: “Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?” However, the Treasury Department gave no guidance as to when a company might be considered “large” nor did it suggest that the criteria would only be applicable to large companies, however this may be defined in the future. 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. PPP Loan Forgiveness 1For purposes of this safe harbor, a borrower must include its affiliates to the extent required under the interim final. We will be providing customers an online tool and calculator to assist in completion of the PPP forgiveness application. Contact Us. 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. 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. New Mexico Bank & Trust will continue to support you and our other business customers as we do our part to help fuel the economic recovery in our community. The SBA announced that the $350B of funds allocated to the Paycheck Protection Program have been depleted. 26 April 27, 2020: $350K–$1M Eagle Bank and Trust Company: $150K–$350K loan to HOPPER TERMITE & PEST MANAGEMENT OF HEBER SPRINGS, INC. Reduction in Forgiveness Due to Reduction in Employees or Wages - April 29, 2020. This information is published by the U.S. Treasury and not SBA.COM® Any disputes on the accuracy should be directed to the U.S. Treasury or U.S. Small business Administration. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. BRIGHT HORIZONS, INC., located in ALBUQUERQUE, NM has a $350000 - $1000000 PPP loan from New Mexico Bank & Trust and retained 115 jobs. PPP Loan Forgiveness Update Webinar. FAQ #46 - Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? The complete SBA FAQ document can be found here. Borrowers do not need to apply for this extension. Loyal Trust Bank Mobile Logo Business Banking The SBA has stated that businesses with more than 500 employees will qualify if they otherwise meet size standards. 17 April 8, 2020: $150K–$350K Iowa State Bank and Trust Company of Fairfield, Iowa: $150K–$350K loan to SUNNYBROOK HOME CARE INC. Paycheck Protection Program Funds Depleted - April 16, 2020. To apply, fill out the Contact Us to Get Started Form. “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. This is the third time since its inception. This information is provided by the U.S. Treasury. We are here to help and answer any questions you may have about PPP or our other small business programs. 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. We will be communicating with our clients with PPP Loans of $50,000 or less to provide additional information soon. *The Cares Act PPP Forgiveness guidelines have been formulated by the Small Business Administration. Albuquerque, NM 87110. If you have previously submitted an electronic application to us, we will send you an email communication regarding the status of your application. Names of borrowers with a PPP loan under $150,000 will not be identified at this time. We are working to quickly understand how this affects our client borrowers. This website is not a lender and does not broker loans, make loans or make any credit decisions. Therefore, the employer will be eligible for the credit if the employer is otherwise an eligible employer for purposes of the credit. For PPP loans over $150,000, the SBA released the name of the business along with the information above. Nothing on this website is an offer or a solicitation for a loan. 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. This information is provided by the U.S. Treasury. 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. ... Funds Transfer and Loan Payments. For more details please see the full alert here. Before taking any action regarding the CARES Act, we recommend you consult with your financial, tax and legal advisors as appropriate. The information provided herein is not intended to constitute legal advice. Lines of Credit. 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 … On May 15, 2020 the SBA published a PPP Loan Forgiveness Application and instructions. The SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020. As of July 6, the SBA has not begun to accept applications for forgiveness. 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. This was not a decision made by New Mexico Bank & Trust or any other bank that participated in the government program. 505-830-8325 • 505-830-8338 F. NEW MEXICO BANK & TRUST (PLP,SE,EE,EWCP) BRANCH OFFICE. SBA.com® is not SBA.gov. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. We will closely monitor SBA announcements and communicate updates in a timely fashion. The U.S. Small Business Administration, in consultation with the Treasury Department, recently released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. To apply, fill out the Contact Us to Get Started Form. 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. was utilized in the completion of your application. Its headquarters are in Birmingham, Alabama, and it primarily serves Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. 505-830-8200 • 505-830-8213 F. NEW MEXICO BANK & TRUST (PLP,SE,EE,EWCP) BRANCH OFFICE. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. April 26, 2020. CLICK HERE . SBA Guidance on PPP Loan Forgiveness - August 5, 2020. N.E. PPP Loan Forgiveness - Century Bank Direct Entry This Direct Entry is for borrowers that have done calculations and have filled out the Schedule A along with the 3508 or EZ. Vehicle Loans. The bank's loans in New Mexico totaled $625 million, down from $678 million a year earlier. 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. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. Extension to Return PPP Funds - May 5, 2020. We will communicate via email and our website, if and when, we are able to accept additional applications, although this will require additional action by the government to enhance and expand the PPP loan program. We appreciate your trust and willingness to work with us through this process. Although this occurred after the initial round of funding was depleted and $349 billion in loans already approved, it is apparent that the U.S. Treasury Department intends this guidance to apply to loans that have already been approved and funded. 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. This information is provided by the U.S. Treasury. ESSA Bank & Trust corporate offices and branches will close at 12:00 noon Thursday, December 24 and will remain closed Friday, December 25. 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. Here’s a link to the Paycheck Protection Program Flexibility Act. Borrowers who determine that they have other adequate sources of liquidity that are not detrimental to business operations may return the PPP funds by May 14, 2020 and will be deemed by the SBA to have made their prior certification in good faith. The borrower must have made a good faith written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. 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. 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