High Country Bank will again participate in providing Paycheck Protection Program (PPP) Loans to the communities it serves. The PPP program began as a response to the economic hardships brought on by the coronavirus known as COVID-19. With hundreds of small businesses shut down, or working at reduced capacity due to the effort to slow and stop the spread of the virus, incomes disappeared, or have been radically reduced. The PPP program offers funding to replace some of the losses.
High Country Bank has announced financial support for the Chaffee County Rental Deposit Guarantee Program. Photo by Henry DeKam.
The Small Business Administration (SBA) has release updated guidance and the applications for borrowers to begin to complete and submit to High Country Bank. Both the first time borrower and second draw borrower application forms are on the SBA site listed below.
To be eligible for a Second Draw PPP Loan, the borrower must have experienced a revenue reduction of 25 percent or greater in 2020 relative to 2019. A borrower must calculate this revenue reduction by comparing the borrower’s quarterly gross receipts for one quarter in 2020, with the borrower’s quarterly gross receipts for the corresponding quarter of 2019.
High Country Bank will begin to process applications upon receipt, and will communicate with borrowers to facilitate the funding of their PPP loan. To submit your application, or if you have any questions, contact anyone in the Commercial Loan Dept.
SBA: http://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
HCB: http://www.highcountrybank.net/commercial-borrow-commercial-loan-team
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