07/03/2020 | Press release | Distributed by Public on 07/03/2020 15:59
June 12, 2020
SBA, Treasury Issue Guidance on PPP Flexibility Act
June 5, 2020
PPP Flexibility Act signed into law. Read the updates from Washington Trust.
May 23, 2020
An update on PPP loan forgiveness and newly proposed legislation. Watch videos below.
May 14, 2020
The SBA has extended the repayment 'safe harbor' from Thursday, May 14, 2020 to Monday, May 18, 2020. Read the new FAQ #47.
May 13, 2020
SBA issues new 'Safe Harbor' guidance. Read the updated FAQs specifically the addition of #46.
May 3, 2020
Washington Trust's quick response to adapt its small business division
April 27, 2020
KHQ connected with Jack to discuss the second round of small business loans
April 23, 2020
Washington Trust was mentioned in the Spokane Journal of Business
April 17, 2020
PPP Update: New Rules, Requirements, Guidance and Clarification
Stay Informed: Watch Video Updates
PPP loan forgiveness example one
PPP loan forgiveness example two
PPP loan forgiveness example three
PPP Flexibility Act: Changes and Guidance
What you need to know to apply for a PPP Loan
PPP Update: New rules, requirements, guidance and clarification
CARES ACT & PPP: An update & overview for clients
PPP Flexibility Act: Changes and Guidance
The Small Business Administration (SBA) and the U.S. Treasury Department released an interim final rule to reflect changes made by the PPP Flexibility Act. Please watch this video message from our General Counsel, Burke Jackowich for more information on the revisions.
Paycheck Protection Program
Our customers and communities are experiencing unprecedented economic challenges related to the outbreak of COVID-19. In this challenging time Washington Trust Bank is here for you, your families, your business and employees. On April 3, 2020 the application was released by the SBA for the Paycheck Protection Program (PPP). Attached is the application and frequently asked questions. As a reminder, the PPP provides loans to small businesses with less than 500 employees, who can certify that:
The amount of money available under the program will be 2.5 times your average monthly payroll, up to $10 million. These are near term liquidity loans to assist your business through the next couple months. If you want to know more about the PPP, please see the FAQ from the Treasury.
The application process for the loan is very streamlined and the application form is included here. Contact your Washington Trust banker if you wish to apply. Your banker will establish a secure email process for you to submit the application and additional documentation. If you do not have an assigned loan officer, please call our Priority Service team at 800.788.4578 who will help guide you through the application process.
Additional Documents for Application
We will also need the following documentation from you so please begin to gather the following:
To verify your business had employees for whom you paid salaries and taxes, please provide one of the following:
We may be required to ask for additional information. Your banker will contact you with more details as they become available. Washington Trust Bank is a current SBA Lender and is registered to fund SBA loans. You are permitted to submit only one loan application.
PPP Loan Forgiveness
One of the attractive features of the PPP is that a portion and potentially all of the loan amount may be forgiven by the SBA in the future. Neither the Treasury, nor the SBA have issued rules regarding what will be required for forgiveness. We don't expect that the documentation will be much greater than the types of records you keep now, for instance detailed payroll records, mortgage payment records, leases and rent payment records. Once we have additional information regarding the process for receiving forgiveness and what will be required to request forgiveness, we will let you know. The goal of Treasury is to get money into your company's hands quickly if you need it. Because we don't know the full structure for forgiveness, please be certain that you have consulted with your legal and accounting professionals and that you are comfortable with the program.