2021 PPP Loan Applicants
PPP Funding has run out for all new applications. Feel free to call the Bank of Brodhead and speak to Adam Sommer with any questions regarding the program.
This SBA forgivable loan program has been developed to assist small business in meeting payroll and other expenses. PPP loans require the borrower to certify that current economic uncertainty requires the funds to support their operations.
- Paycheck Protection Program (PPP): [https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program]
Paycheck Protection Program
- First Draw PPP Loans [https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans]
First Draw PPP Loans
- Second Draw PPP Loans [https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans]
Second Draw PPP Loans
2021 PPP Forgiveness Process – COMING SOON
For customers that have received an SBA PPP loan from Bank of Brodhead in 2021, we will be utilizing an online portal for the preparation of the SBA Application for Forgiveness (SBA Form 3508, 3508 EZ, and 3508S) as well as for uploading of supporting expense documentation.
The portal is not yet fully functional, so if there are questions regarding forgiveness please reach out to Adam Sommer at the Bank of Brodhead.
When the portal is fully functional borrowers will be receiving an email or phone call at the email address and phone number provided on the PPP application regarding next steps.
The Treasury and SBA have created and published updated resources (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-5(opens in a new window)) for borrowers regarding the program. You may find the following information helpful to you as you plan what expenses to pay with the PPP loan proceeds and any other actions you need to take to maximize your loan forgiveness.
- SBA Application for Forgiveness (SBA 3508)(opens in a new window)
- SBA Application for Forgiveness EZ (SBA 3508 EZ)(opens in a new window)
- SBA Application for Forgiveness (SBA 3508S)(opens in a new window)
Information provided is on the PPP administered by SBA. Loan terms are set by the SBA and may be subject to change at any time by SBA without notice to you or the Bank of Brodhead. Approvals are subject to SBA requirements at the time of loan origination. Loans are subject to the availability of funding by SBA. PPP details provided by Bank of Brodhead are accurate as of the time of posting and are subject to change by the SBA solely at their discretion and without notice to your of the Bank of Brodhead. The most up to date information is available on the SBA website.