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Paycheck Protection Program

Small Business Administration - PPP

Update on your PPP Loan:

Please find the following excerpt from the American Bankers Association.  As you’ll see from these that the SBA has yet to finalize its procedures and its portal will not be open until sometime in August. 

Also testifying before the committee, SBA Administrator Jovita Carranza said that SBA hopes to have a forgiveness portal—through which banks can apply for forgiveness on behalf of their clients—up and running by August. “We are trying to make it right the first time,” she said.”

This is assuming future changes are not made.  It is expected that more will come related to the process and documentation requirements.

Due to this we will not open our portal until it is clear what our procedures are to be and what information is required from you.

We will continue to provide updates to you as information becomes available.  As also, feel free to contact us at PPPTrack@westsuburbanbank.com with and questions.

Small Business Scam Warning

The Office of the Inspector General has put out the following information acknowledging that Fraudsters may attempt to target small business owners during these difficult economic times.  Please keep in mind the following:

Phishing:

  • Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII),to obtain personal banking access, or to install ransomware/malware on your computer.
  • If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
  • Any email communication from SBA will come from accounts ending with sba.gov.
  • The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA.Please cross-reference any information you receive with information available at www.sba.gov.

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at,
https://www.sba.gov/about-sba/oversight-advocacy/office-inspector-general/office-inspector-general-hotline

 

 

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