Paycheck Protection Program
Servion Commercial Loan Resources is committed to helping lenders and borrowers navigate the recent COVID-19 relief programs related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CARES includes a new SBA program, called the Paycheck Protection Loan Program, designed to assist small businesses and nonprofits in making payroll and funding related critical business expenses like utilities, rent and interest on mortgages.
July 5 Update Regarding PPP Funds Availability
The Paycheck Protection Program has been extended. Businesses now have until August 8 to apply. As of July 4, $130 billion was still available. Contact your credit union or community bank to find out if your business may benefit from the PPP program.
Guidance and Forms for Lenders
We are making every effort to provide up-to-date information regarding the Paycheck Protection Program, the details of which are still being changed by the Department of the Treasury.
April 16 Servion Presentation: This presentation shows the 4 steps lenders need to take regarding PPP loans: 1) Applications; 2) Underwriting 3) Registering with SBA; and 4) Loan Documentation
Program Overview: This document is a basic, 1-page explanation of the program.
Lender FAQ/Information Sheet: This document contains detailed answers about lender eligibility, loan guarantees, underwriting, fees and more. Prepared by the Department of the Treasury.
Servion's Guide to SBA Relief: This detailed presentation is an overview of all the SBA’s coronavirus relief programs.
Lender Application Form: This is the application all lenders must submit.
Not an SBA-approved lender? You can still offer PPP loans, but must complete this special PPP Lender Agreement first.
Borrower Certifications & Loan Forgiveness Statement: Applicants wishing to have all or part of their PPP loan forgiven must understand and sign this form.
Lender PPP Loan Forgiveness Requirements: This document describes the lender’s responsibilities regarding an applicant’s loan forgiveness.
PPP Underwriting Guide for Lenders: This document describes what lenders must do in terms of underwriting a PPP loan.
E-Tran Information for Lenders
The following documents have been made available by the SBA to assist lenders in accessing and utilizing the Capital Access Financial Systems (CAFS) electronic lending (E-Tran) system.
E-Tran webinar: This slide deck walks you through the system, including how to sign up, how to fill out a loan application, etc. SBA delivered this as a webinar in March 2020.
Authorizing Official: Use this document to sign up as your institution’s Authorized Official, or AO. Every lending institution must have an AO. AOs verify other users at the institution, set up role permissions and perform other administration functions.
Setting up new users who are not Authorizing Officials: These instructions explain the steps for obtaining CAFS/E-Tran access for people at your institution who are not Authorizing Officials.
Tips for entering PPP Loans into E-Tran Origination: Step-by-step instructions to help you correctly complete a PPP application in the E-Tran system.
Paycheck Protection Program Resources for Borrowers
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent and utilities. Please reference the SBA’s website for full information.