Round 3 Coming Soon!
RE: Lubbock National Bank announces plans to offer a 3rd round of PPP loans. New funding expands loans to hardest-hit small businesses and others
LUBBOCK – December 28, 2020 – Lubbock National Bank announced it will be ready to offer Paycheck Protection Program (PPP) loans as soon as the Treasury and the SBA release new guidance on the modified program. This 3rdround of PPP funding is a result of the recent relief bill signed by President Trump. The bank expects these funds to be available on January 8th or shortly thereafter.
“As the area’s first and largest PPP Lender, we stand ready to offer this new round of funding to businesses who need it now more than ever,” says Paul Dannevik, Senior Vice President for LNB. “These funds are critical to the survival of thousands of businesses affected by the pandemic.”
The final rules for this 3rd round of PPP loans have not yet been fully established, however the bank is aware of a few major differences. To qualify, a business must have less than 300 employees and show a reduction in revenue of 25% in any quarter this year. The loans are capped at $2 million. More types of expenses are allowed to be covered by the program as well. Plus, there will also be a simpler form for requests under $150,000. Please visit lubbocknational.com for more details and updates.
Additional industries including nonprofits are allowed in this new round of funding, with a focus on smaller businesses and those serving low-income areas.
“We will also be focusing our efforts on underserved and underbanked businesses and individuals in the area,” notes Dannevik. “These loans are meant for those most affected by the pandemic, no matter their size or location.”
Earlier this year, ANB and LNB (LNB is a branch of Amarillo National Bank) approved $478 million in loans to 2,200 small businesses in the panhandle and downstate markets saving over 40,000 jobs. The majority of the loans went to businesses with less than 50 employees and with average loan amount of $171,000.
More information coming soon. Please check here for updates.
We are here for small businesses!
It's time to prepare your application and documentation for submission for your Paycheck Protection Program (PPP) loan forgiveness.
You are eligible to submit the application as soon as you have depleted all of the funds.
- Submit the Loan Forgiveness Form along with all supporting documentation
- Contact your lender or give us a call at (800) 792-1000.
We hope this loan helped you through this uncertain time. Thank you for banking with us. We truly appreciate the relationship.
How do I apply for forgiveness?
- If your loan is under $50,000, please fill out the Form 3508S
- If your loan is over $50,000, please check your eligibility to use Form 3508EZ, if not, use Form 3508
Contact your lender at LNB, or call our main number at (806) 792-1000. We will then generate a link for you to begin your forgiveness application with supporting documentation. **
In light of changes to the Paycheck Protection Program (PPP) implemented by the PPP Flexibility Act of 2020, we are extending the due date of the first payment on your PPP loan.
Accordingly, your first payment is not due until four months after the date shown on your promissory note. Monthly payments will continue from that point forward for any unforgiven amount.
If you have further questions, see the SBA's website for FAQ’s and more details
**Pending SBA Approval, some additional documents may be required. (It is the Government, after all)