Paycheck Protection Program Forgiveness and Loan Options
The latest Small Business Administration (SBA) Paycheck Protection Program (PPP) becomes available Tuesday, January 19, 2021 and expires March 31, 2021. SBA program guidelines and rules are subject to change.
Forgiveness of an Existing PPP Loan at CommunityBank of Texas, N.A. Click here to apply for FORGIVENESS ONLY. CURRENT CLIENTS ONLY.
As a PPP loan Borrower of CommunityBank of Texas, N.A., you may apply for forgiveness of your existing PPP loan by clicking on the FORGIVENESS ONLY link above.
As you prepare to apply online, you will be asked to provide your original email used at the time of PPP loan application, the TIN or SSN associated with the Borrower on the loan, and the SBA PPP loan number.
First Draw or Second Draw (NEW LOANS ONLY) Click here to apply for the First or Second Draw NEW LOANS ONLY. CURRENT CLIENTS ONLY.
First Draw PPP Loans - Applicants may apply if they have not received a prior PPP loan during the first round PPP. The loan program is for Applicants with no more than 500 employees, that are not publicly traded, in business on or before February 15, 2020, and currently in operations (cannot be permanently closed). The program permits First Draw loan amounts up to $10,000,000. We encourage you to visit the SBA website for additional details on the program.
Second Draw PPP Loans Click here to apply for the First or Second Draw NEW LOANS ONLY. CURRENT CLIENTS ONLY.
CommunityBank of Texas, N.A. clients with an existing PPP loan, may apply for a Second Draw PPP loan if they meet certain qualifications, including but not limited to, the Borrower must not have more than 300 employees and must demonstrate they experienced a 25% or greater decrease in gross receipts either same quarter over quarter or year over year period. Please note, in order to qualify for a Second Draw PPP loan, you must have spent all of the funds from your first PPP loan by the time of application even if you have not applied for forgiveness of your First Draw PPP loan. We encourage you to visit the SBA website for additional details on the program.
Not Currently a CommunityBank of Texas, N.A. Client Click here to apply for First or Second Draw NEW LOANS ONLY FOR NON-CUSTOMERS
If you are currently not a client of CommunityBank of Texas, N.A., you may still apply for a First or Second Draw PPP loan. We are partnering with ACAP & The Loan Source to help secure PPP loan funding in order to provide you with the resources you need to keep your employees and business moving foward.
If you have additional questions, please contact us at PPPSupport@cbotx.com and provide your contact data (name, phone number, email, and business name) and one of our PPP representatives will respond.