HIDDEN CONTENT
Coronavirus Aid, Relief, and Economic Security (CARES) Act
Paycheck Protection Program (PPP)
The Payment Protection Program has been extended until August 7, 2020. As an organization focused on putting #PeopleFirst and remaining true to our commitment to serving our local businesses and communities, Choice Bank continues to accept applications for businesses still in need of a PPP loan, on a first come first served basis.
Choice Bank will continue to accept COMPLETE PPP Loan Application Packages through 11:59 PM on Sunday, August 2, 2020. If you are interested in applying for a PPP loan, we encourage you to contact any of our Choice Bank locations.
Find a Choice Bank Location LOAN FORGIVENESS INFO ›
Please note that submitting a complete application package does not guaranty our ability to secure financing for your business before the CARES Act deadline of 8/7/2020.
As an organization focused on putting #PeopleFirst and remaining true to our commitment to serving our local businesses and communities, Choice Bank will continue to process complete application packages on a first come first served basis. The following provides additional detail on how we will handle processing:
- Complete PPP Application Packages received prior to the exhaustion of the first round of funds, that Choice Bank was unable to process in time, will be processed first.
- Second, fully completed application packages received following funds exhaustion on Thursday, April 16, will be processed.
Businesses that previously submitted an INCOMPLETE PPP loan request to Choice Bank will be contacted by a Choice Bank representative to obtain missing documentation. Once all additional details have been received by Choice, your loan will also be placed into our queue.
Choice Bank will continue to accept COMPLETE PPP Loan Application Packages until funds are once again exhausted. Please note that submitting a complete application package does not guaranty our ability to secure funding for your business before appropriations are exhausted.
PPP Loans are not available at this time because the fund has been exhausted.
As of April 16, we are no longer able to process SBA PPP loan applications. However in the chance more funds are appropriated, you may begin the process by completing our form below. If additional funds are appropriated, we will be in touch with additional information.
We are currently experiencing delays with the SBA platform used for securing funds, impacting our response time for processing loans.
The CARES Act was signed into law on 3/27/2020. The Act includes the Paycheck Protection Program (PPP) which was put in place to keep people employed and aid Small Businesses. The loans are not yet available to businesses until SBA interprets the regulations and issues its rules and guidance. Below is a brief summary of sections of the Act. Refer to the Act here for full requirements while we await SBA guidelines and their interpretations of the requirements.
The CARES Act was signed into law on 3/27/2020. The Act includes the Paycheck Protection Program (PPP) which was put in place to keep people employed and aid Small Businesses. The loans are not yet available to businesses until SBA interprets the regulations and issues its rules and guidance. Below is a brief summary of sections of the Act. Refer to the Act for full requirements while we await SBA guidelines and their interpretations of the requirements.
SBA Product Comparison
Should you apply for one or both?
| Economic Injury Disaster Loan (EIDL) | Paycheck Protection Program (PPP) |
|---|---|
| A direct loan made by SBA | Preferred SBA lenders (PLP), such as Choice Bank, make the loans |
| A maximum interest rate of 3.75% | A maximum interest rate of 1% |
| For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposes | For eligible working capital and payroll expenses |
| No set maximum loan size | Allowed to roll in outstanding balances on EIDL loans |
| No forgiveness | Maximum loan size is 2.5 times your average monthly payroll |
| 30-year term | Funds may be forgiven after 8 weeks by showing funds were used for eligible expenses |
| Collateral and Personal Guarantees required | Balances not forgiven will be repaid over a 2-year term |
| No collateral and no personal guarantees required |
STEP 1
Begin the PPP Application Process Here
Simply complete the form below to get the process started with our Choice Bank Team. Upon completion, a confirmation will be sent to your email with information on next steps.
General questions regarding the Payment Protection Program can also be directed to ppp@bankwithchoice.com
STEP 1
Begin the PPP Application Process Here
As of XXXXXXX, all funds have been exhausted from the PPP Loan Program. While we cannot currently process any additional applications, we encourage you to still begin the process with us now, in the event additional funds become available.
General questions regarding the Payment Protection Program can also be directed to ppp@bankwithchoice.com
STEP 2
PPP Application Information
We are still awaiting final guidance from the SBA for application submission, however, businesses interested in applying for a PPP Loan may begin filling out the application. If you have not already done so, please complete the contact form above BEFORE filling out this application.
PPP Application PPP Overview Borrower Information Fact Sheet
Economic Injury Disaster Loans (EIDL)
A direct loan made by SBA
A maximum interest rate of 3.25%
For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposes
No set maximum loan size
No forgiveness
30-year term
Collateral and Personal Guarantees required
Paycheck Protection Program (PPP)
Preferred SBA lenders (PLP), such as Choice Bank, make the loans
A maximum interest rate of 4.0%
For eligible working capital and payroll expenses
Allowed to roll in outstanding balances on EIDL loans
Maximum loan size is 2.5 times your average monthly payroll
Funds may be forgiven after 8 weeks by showing funds were used for eligible expenses
Balances not forgiven will be repaid over a 10-year term
No collateral and no personal guarantees required
PPP Loan FAQs
How long will funding last and how will businesses know if Choice Bank will be able to process their loan?
We anticipate that the next round of funding will go quickly. As a result, we will update our website daily each day, sharing how many applications have been processed and how many are still in our queue. We hope that this provides additional transparency to those that are deciding how to proceed with a new application. We ask that you utilize this information on our website to help track the likelihood of funding.
Choice Bank will continue to accept and process COMPLETE PPP Loan Application Packages until funds are once again exhausted. Please note however that submitting a complete application does not guaranty our ability to secure funding for your business before appropriations are exhausted.
Required Documentation for a Complete Application Package
You can review a list of all documentation required, here.
What happens once a complete application is submitted? How will a business know if funds have been reserved for them?
Once a completed application is received and verified by Choice Bank, it will be sent to our loan underwriting team. Businesses will be notified via email as soon as we have reserved funds for their loan. The email will also include details regarding the process. All loan documents will be sent through DocuSign.
We understand that the time-sensitivity of this program creates a desire for real-time updates. It is our desire to process as many applications as possible each day, and appreciate your understanding and patience as we work through the high volume of requests we are receiving.
What if a business submitted a PPP Application Package with Choice Bank and is no longer interested?
Businesses no longer interested in pursuing a PPP loan with Choice Bank may contact us at pppquestions@bankwithchoice.com to cancel their application.
SBA Product Comparison
Should you apply for one or both?
| Economic Injury Disaster Loan (EIDL) | Paycheck Protection Program (PPP) |
|---|---|
| A direct loan made by SBA | Preferred SBA lenders (PLP), such as Choice Bank, make the loans |
| A maximum interest rate of 3.75% | A maximum interest rate of 1% |
| For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposes | For eligible working capital and payroll expenses |
| No set maximum loan size | Allowed to roll in outstanding balances on EIDL loans |
| No forgiveness | Maximum loan size is 2.5 times your average monthly payroll |
| 30-year term | Funds may be forgiven after 8 weeks by showing funds were used for eligible expenses |
| Collateral and Personal Guarantees required | Balances not forgiven will be repaid over a 2-year term |
| No collateral and no personal guarantees required |