Updated as of 6/1/2020
Effective Monday, April 27, 2020, the Small Business Administration (SBA) has approved additional funding and will begin accepting applications for the PPP or EIDL assistance programs. There are many factors and qualifications to consider when determining which relief package is best suited for your needs.
You can view more info at the SBA’s website: HERE
Paycheck Protection Program (PPP)
This new emergency loan is directed by the SBA and designed to help businesses with 500 or fewer employees retain their workforce and support other operational expenses. As an SBA lender, Ixonia Bank is here to help interested customers take advantage of the PPP.
PPP Loan Forgiveness
Ixonia Bank is pleased to announce that we are investing in technology to assist clients with the navigation of their SBA Paycheck Protection Program (PPP) Forgiveness Applications. Ixonia Bank SBA PPP borrowers can expect to receive a welcome email from the bank with instructions on how to access the website along with a tutorial of the software which will help clients navigate a “guided path” based on their individual scenario. The program will also pre-populate information such as the Business Name, Ixonia Bank Loan Number & SBA Loan Number. As of 6/1/20, certain aspects of the forgives terms are not yet finalized by the SBA and Treasury so we are unable to provide access to the online forgiveness application at this time.
Economic Injury Disaster Loan (EIDL)
We are also working with the SBA to offer low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
For those interested applying for an SBA Disaster Assistance loan and/or the EIDL Loan Advance, applications are processed directly through the SBA.
You can compare your options on the SBA website here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
How to Get Started
Due to extremely high call and email volumes we are asking our customers to start their PPP Loan process by following the instructions below:
- Commercial Lending Clients – Pleas contact your Commercial Lender who will add you to a queue where you will be promptly followed-up with.
- Business Banking / Deposit Only Clients – Please contact your local branch or email the Business Services Team providing them with your name, name of your business, email address and phone number. Our dedicated branch and Business Services staff will also ensure that you are added to the queue promptly!
- Non-Ixonia Bank Clients – For the fastest services during these difficult times, we encourage you to work with your existing financial institution. If you would like to be added to our waiting list, we invite you to contact one of our branches.
FOLLOWING THE INSTRUCTIONS ABOVE WILL ENSURE THAT YOUR APPLICATION IS PROCESSED IN THE MOST EFFICIENT AND QUICKEST WAY POSSIBLE. FAXED AND EMAILED APPLICATIONS MAY BECOME DELAYED.
In these truly unprecedented times, we know businesses are dealing with an ever-evolving financial burden created by the Coronavirus (COVID-19) Pandemic. Clearly all industries and individuals will be impacted, but we’re ready to partner with you to find a way to work through the challenges. As we state in Our Bank Statement, having been in business for more than 100 years, we believe in standing by our customers to help them succeed.
Please contact your Commercial Banker if there is anything not addressed here that you’d like to discuss as your company works through its unique challenges created by this pandemic.