Paycheck Protection Program | Restaurant Revitalization Fund | Economic Injury Disaster Loan | Peoples State Bank Options
PPP Forgiveness Applications
CliftonLarsonAllen (CLA) is managing all of Peoples State Bank PPP loan forgiveness applications. Please log into the link sent to your email to access the CLA portal. If you need help accessing the portal, please contact your commercial banker or our PPP help desk via PPPinfo@bankpeoples.com.
Forgiveness Applications for Borrowers Under $150,000 ONLY
The SBA has released a new forgiveness application form 3508S for borrowers under $150,000. This is a one-page attestation on use of funds and employee headcount (with no supporting documentation). Peoples PPP borrowers can submit the 3508S one-page application to CliftonLarsonAllen (CLA) for the forgiveness of their PPP loan. Access the new form here.
Timeline for Forgiveness Applications
Once you submit your application to CLA for forgiveness they review for accuracy and completeness and will follow up if further information is needed. Once complete by CLA, they will send to Peoples and we will in turn submit to the SBA. This first process can take up to 60 days. Once submitted to the SBA, they have up to 90 days to provide a final decision on the forgiveness application. Please understand that once you submit your application, it could be a matter of weeks or even months until that final decision is made. The Bank will notify you, in writing, and have you sign an attestation of forgiveness within 15 days of forgiveness by the SBA.
Please note that all PPP loans are in deferral (meaning no payments are due) for ten months from the end of the covered period (which is between 8-24 weeks from your funding date, whichever you elect on your forgiveness application). For most borrowers choosing 24 weeks, it would mean you have no payments due for approximately 16 months from fund date. If the forgiveness application is submitted to the SBA before the end of the deferral period, no payments are required. Please be cognizant of the review time it takes with CLA and try to submit your forgiveness application 30-60 days before the end of your deferral period. If you have received an interest payment due notice, please contact your banker.
The SBA has created emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.
Applications are being accepted starting May 3 at participating point-of-sale providers including Square, Toast, Clover, NCR Corporation (Aloha), and Oracle, or by visiting the SBA application portal athttps://restaurants.sba.gov.
For more information including program details, who can apply, how to apply, and funding criteria, please visit www.sba.gov/restaurants.
Peoples customers may also reach out to commercial bankers Bob Chasteen at 715.420.2104 or Adam Siewert at 715.847.4152 with additional questions.
We’re Here For You
For any PPP related questions, please contact us via PPPinfo@bankpeoples.com.
Our entire team at Peoples State Bank is here for you. Thank you for the privilege to serve you.
The SBA will provide low-interest federal disaster loans to small businesses affected by the COVID-19 pandemic. Businesses must apply directly through the SBA for this loan.
HOW IT WORKS
Under the SBA’s Economic Injury Disaster Loan (EIDL) program, small businesses and non-profits may qualify for up to $2 million in loans to cover losses resulting from the pandemic.
Businesses may request an expedited disbursement that is to be paid by the SBA within three days of the request. The advance may not exceed $10,000, and must be used for authorized costs, but is otherwise not repayable if the EIDL Loan is not approved by the SBA.
More details are available on the SBA’s website.
People State Bank's commercial banking team is poised to assist you with other lending needs and business lines of credit. Contact your commercial banker for more information, or to discuss options that may be available.
CASH MANAGEMENT OPTIONS
We offer programs designed to help maintain control of your cash flow and daily cash management, especially in a digital environment.
The COVID-19 pandemic reminds all of us that employees, financial operations, supply chains, and customer relations can all be affected. Fraudsters and cyber-criminals are also taking this opportunity to catch your business with its guard down.
That’s why every business owner needs a plan to meet disruptions with clarity, confidence, and relative calm. And you need a bank partner who is there to assist you through the choppy waters. Your business objectives are our priority. Contact your Peoples State Bank commercial banker today.
Wisconsin Economic Development Corporation
Wausau Region Chamber of Commerce
Oneida County Economic Development Corporation
Rhinelander Chamber of Commerce
Vilas County Economic Development Corporation
Milwaukee Economic Development Corporation
Milwaukee County Economic Development Division
Metropolitan Milwaukee Association of Commerce
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