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Paycheck Protection Program (PPP)

The Small Business Administration (SBA) has announced that Paycheck Protection Program (PPP) funding has been exhausted and that the PPP application portal has stopped accepting applications for loans from most lenders.

The SBA has also reserved approximately $6 billion in funding for previously submitted loan applications subject to hold codes that have yet to be resolved. There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans made by designated minority depository institutions (MDI) and community development financial institutions (CDFI).

For businesses in Colorado and Arizona who would like to apply for PPP lending, please visit the following websites for information on qualified lending institutions.

Colorado CDFIs      Arizona CDFIs

What Our Clients Say About Our Delivery of Round One

“We had been with a large national bank for many years but had become unsatisfied with the lack of personal attention to our needs. Obtaining the PPP loan and guidance from First Western was important for the sustainability of our business. We were able to track and obtain PPP loan confirmation in a timely manner, working directly with a private banker.  In these difficult times, it is good to have a bank you can trust.” — Stan C.

Summary | Paycheck Protection Program under the Consolidated Appropriations Act, 2021

Based on our current understanding:

  • $284 billion has been allocated to PPP (including $138 billion of unspent loans from the first round that were reinvested) and the program has been extended to March 31, 2021.
  • The program makes available First-draw loans and Second-draw loans to qualified businesses.
  • To be eligible for a first-draw PPP loan:
    • Your business has less than 500 full-time, part-time, or seasonal employees.
    • Your business was operational before February 15, 2020 and remains operational.
  • To be eligible for a second-draw PPP loan:
    • Your business has less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location.
    • You are able to demonstrate a revenue reduction of at least 25% on a quarterly or year-over-year basis when comparing 2020 and 2019 revenues.
    • You have used or will use the full amount of the first-draw PPP for authorized uses.
    • Your business was operational before February 15, 2020 and remains operational.
  • Businesses eligible for PPP loans have been expanded, and loan limitations have been expanded for certain businesses.
  • Businesses eligible for first- and second-draw PPP loans include: Sole proprietors, Independent contractors, Self-employed individuals, Certain non-profits, Seasonal employers, Faith-based organizations, and Housing cooperatives that employ less than 300 people.
  • Forgiveness for loans under $150K has a new, simplified one-page application.
  • While expenses eligible for forgiveness still require a 60/40 split of payroll costs/other eligible expenses, group health insurance benefits are now included in payroll costs (and these entail life insurance, disability benefits, vision, and dental insurance).
  • Eligible expenses for forgiveness have been expanded (for first-draw loans that have not yet been forgiven and for second-draw loans).
  • Borrowers are allowed to choose a covered period that is any period of time between eight and 24 weeks.
  • A clarification has been made indicating that interest rates on PPP loans are non-compounding and non-adjustable.
  • A clarification has been made indicating that forgiven PPP loans are not taxable and forgiven expenses are tax-deductible.

Information to Prepare Before Applying for PPP

  1. First Western’s Client Identification Program (CIP) requirements: 
    1. All PPP Borrowers, both First and Second Draw
      1. Organizational documents
      2. Date business established
      3. Certificate of Good Standing 
      4. Beneficial Ownership form
  2. Small Business Administration (SBA) requirements – Please reference subsection (g) of the SBA PPP Interim Final Rule (IFR) for a detailed explanation of required documentation. 
    1. First Draw
      1. Copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2020 should be presented.
      2. Copies of payroll reports for each pay period for the preceding 12 months. Reports should include gross wages including Paid Time Off (PTO) (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan.
      3. Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination. Copies of monthly premium invoices may be used.
      4. Documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of work papers, schedules and remittances to the retirement plan administrator may be used.
    2. Second Draw – Applicants must have utilized the full amount of their initial (first) draw PPP loan on or before the expected date of the second draw PPP loan is disbursed.  If the loan is less than $150,000 for a Second Draw, documentation is not required at the time of origination but will be required for forgiveness.
      1. PPP First Draw SBA Loan Number.
      2. Gross sales receipts to affirm a reduction of either a quarterly (quarter to quarter) or annual (year over year) decline of at least 25% in 2020 in comparison to 2019.  Please note that PPP loans over $150,000 will also require proof of this decline with financials documentation.
      3. Copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2020 should be presented.
      4. Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including Paid Time Off (PTO) (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan.
      5. Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination. Copies of monthly premium invoices may be used.
      6. Documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of work papers, schedules and remittances to the retirement plan administrator may be used.

Please also note that a portion of the above information may not be required for those businesses who previously applied for PPP loans with us at First Western.   For more information, please refer to SBA PPP Interim Final Rule (IFR) or connect with us at 2021PPPLoans@myfw.com for details.

Helping Our Communities Through PPP Lending

Depository Services page

With a focus on supporting businesses and their employees within our communities, we’ve worked hard to quickly prepare for PPP funding – well ahead of many larger peer banks.

risk management and insurance page Paycheck Protection Program |

We have helped support businesses across multiple industries, including real estate, retail, technology, manufacturing, healthcare, nonprofit and government services sectors.

Marketing Insights page - Paycheck Protection Program |

So far, we have assisted hundreds of businesses, providing over $220 million in PPP lending, and helping support approximately 15,000 local jobs in the communities we serve.

retiree health solutions page Paycheck Protection Program |

Nearly half of the small businesses we assisted were new to First Western Trust – often referred to us by our clients and others within our communities.

Hear From Our Clients

risk management and insurance page Paycheck Protection Program |

We would love your feedback and thoughts

We know how important it is to understand the needs of our clients and communities.  We invite you to share your thoughts with us on PPP and your needs during this process:

trust and estates page Paycheck Protection Program |

Let’s connect – we are ready to help

  • Connect with a local private banker in your community through the form below.
  • Not sure where to start? Call us at 303-634-2737 and we will be glad to assist.
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To connect with a local private banker with questions or where to start, complete the form below.