The PPP is helping small businesses pay their employees as part of the coronavirus relief plan. The deadline to apply for a Paycheck Protection Program (PPP) loan has been extended to August 8, 2020. You will also need to use a . Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. Applicants may apply online using the Electronic Loan Application (ELA) ... PPP, and other federal loans and programs. Troy Lerner is the CEO of the Denver-based digital advertising agency Booyah, which was approved for more than $1 million in PPP loans. With the Army Corps of Engineers expected to open the Bonnet Carre Spillway for the third time in just 15 months, fishers are beginning to fear the impacts, FOX 8-TV reports. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. Current Loan Status (PPP) At this time, the funding for the SBA PPP loan program has been exhausted and the application window is now Closed. (Your privacy is important to us—see our Privacy Notice). 7800 East Dorado Place, Suite 100. Vectra Medical, Inc. in Oxnard, CA received a Paycheck Protection Loan of $104,015 through BANK OF THE SIERRA, which was approved in April, 2020. The potential jobs preserved comes in at 31,199 with the bulk at companies with fewer than 50 employees. His company worked with Vectra Bank … PPP Loan - Banks Accepting Applications. Unselect an account or use clear all to start over. We will review and evaluate your application and, upon approval, forward it to our SBA Packaging Division. You can compare maximum three products at a time. They will be forgiven if 75% of the loan is used on payroll and the remainder for rent, mortgage interest or utilities. Certification requirements are more stringent than those you needed to qualify for the loan, and if you just observe how the landscape is evolving, more uncertainty is on its way. The program is accepting applications through June 30, 2020, with loans available for 2.5 times your average monthly payroll over the 12 months preceding the loan, up to $10 million. Quotes are not sourced from all markets and may be delayed up to 20 minutes. Apply here. Based on standard PPP eligibility rules, Vectra Medical, Inc.'s total 2019 payroll expenses were approximately $499,272 in order to qualify for the PPP loan amount received. Consider donating! Get your funds in as little as 1 business day after approval. Customer Portal Customer Secure Login Page. Please see our Privacy Notice and our Online Privacy Statement. Bank of the Sierra VECTRA MEDICAL, INC. received a Paycheck Protection Loan of $104,015 through Bank of the Sierra, which was approved in April, 2020. For businesses with fewer than 500 employees, PPP can provide the financial assistance needed during these times to help keep companies running. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. A division of Zions Bancorporation, N.A. According to SBA data, 68.6% of the 5.2 million PPP loans were at $50,000 or less. More Information . PPP Loan Account Setup You can not set up a bank type account as a loan, call it wht you will but it is still treated as an asset. Over at Alpine Bank in Glenwood Springs, the bank started forgiving the more than 4,000 clients that received a PPP loan. A: No, the loan proceeds must be deposited into an account at Vectra Bank. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated. Member FDIC |  Equal Housing Lender, © 2020 Zions Bancorporation, N.A. Vectra Bank is an SBA-preferred lender and as of May 6, 2020 has obtained approval and/or funding for more than 3,000 PPP loans. His federal Paycheck Protection Program loan contained an unexpected string. Some members of the company spent countless hours preparing the application for the PPP loan program with Vectra Bank’s branch in Steamboat Springs. Employee compensation levels were maintained over the 8 week period. For five days, Steven Marks, who runs a counseling practice, has waited anxiously to apply for a loan under the new federal Paycheck Protection Program. For five days, Steven Marks, who runs a counseling practice, has waited anxiously to apply for a loan under the new federal Paycheck Protection Program. To see the rate and offering available to you, please select the state where you bank. If your bank is not offering PPP loans, consider the following Colorado and national lenders that are accepting applications from non-customers or may work with new customers on a limited basis. “My accountant informed me that I was obliged to pay a tax of $ 45,000 on my phantom income because of the’income’of the forgiveness part of the PPP loan,” … Based on standard PPP eligibility rules, VECTRA MEDICAL, INC.'s total 2019 payroll expenses were approximately $499,272 in order to qualify for the PPP loan amount received. The SBA approved of 41,635 PPP loans worth more than $7.39 billion for Colorado-based small businesses. The Small Business Administration released new guidance on the Paycheck Protection Program just hours before the program was set to open. Login to your Customer Portal Customer Account. PPP recipients in this industry report an average of 11 employees, With the loan, small businesses are expected to pay their employees during the COVID-19 pandemic. In fact, more than 87% of the PPP loans administered by Vectra Bank have been made to businesses with fewer than 50 employees. A second round of PPP funding opened Monday and is expected to award another $370 billion to small businesses impacted by the COVID-19 pandemic. Rates and products offered may differ from state to state. 1. unique login and different email address. Nationwide, 13,305 businesses in the "All Other Miscellaneous Ambulatory Health Care Services" industry received a total of $1,358,409,224.00 in PPP loans. separate applications. The biggest change is that the loans … for each application. Many businesses have had to cut down on their operations whether by necessity or state regulations. Have FederalPay.org's open data tools been valuable? Vectra Bank is an SBA-preferred lender and as of May 6, 2020 has obtained approval and/or funding for more than 3,000 PPP loans. According to the Steamboat Springs Chamber, Yampa Valley Bank, Alpine Bank, Vectra Bank and Mountain Valley Bank filed 800 applications for businesses, which resulted in $62 million for Routt County. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $42,307 (compared to this company's $104,015). Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $99,854 per employee1. © 2020 FederalPay.org. We are not taking new applications. HOW to aPPLY. Oxnard, CA. Rates and products offered may differ from state to state. On April 3, 2020 small businesses and sole proprietorships were encouraged to apply for and receive PPP loans through existing Small Business Administration lenders, the Treasury explained. We’ve partnered with Kabbage to connect you with these loans to help you cover payroll, rent, utilities and other eligible debt obligations. VECTRA INTEGRATION INC is a subchapter s corporation located in Vincennes, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,943,600.00 in April, 2020. Paperless eStatements, eNotices and eTax Documents, ACH Routing Number and Wire Transfer Information, Questions & Answers About Vectra Bank Accounts, Small Business Administration (SBA) Loans, What Businesses Should Know About New EMV Requirements, As Tax Bill Approaches, Public Opinion is Mixed, What You Need To Know About the Paycheck Protection Program. Big Enough To Count / Small Enough To CareTM, Data Collection and Rights – Do Not Sell My Personal Information $ PPP Loan Information Loan … Calculation methods vary based on entity type. … Complete our application online, by phone, or in person. Usage is subject to our Terms and Privacy Policy. Q: WHY DO I NEED A DEPOSIT ACCOUNT WITH THE BANK? All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA. 120% higher than Vectra Medical, Inc.'s reported 5 employees, and received an average PPP loan of $102,098, 2% lower than this company's loan of $104,015. Vectra Medical, Inc. is a subchapter s corporation located at 300 E Esplanade Drive in Oxnard, California that received a Coronavirus-related PPP loan from the SBA of $104,015.00 in April, 2020. During these unprecedented times there is a lot of uncertainty around the state of the economy. We are well positioned to help small businesses efficiently navigate the loan application process, so contact us today to learn more. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations. NOTE: If you are applying for a loan for more than one business entity, you will need to complete . Step 2. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. AT ANOTHER BANK? Colorado Springs, Colorado 2020-12-22 16:41:40 – Frisco’s restaurant owner Bob Starekou received catastrophic news last week. No business is too small to be considered for a forgivable PPP loan, and every business owner who believes they could benefit from this assistance should check their eligibility and contact an SBA lender for more information. This icon will be included whenever we link to a website that is not owned or operated by Vectra Bank or Zions Bancorporation. Loans at $50,000 and below made up 12% of the $525 billion total approved for small businesses. 8] As of April 5, 2020, this was the right loan application for SBA Section 7(a) Loans under PPP, though the forms have not been clearly date/time stamped and there were several iterations so … The PPP loans provide 2.5 months worth of payroll expenses to businesses and nonprofits with fewer than 500 employees. For example, for loans up to $350,000, the lender would receive a 5% origination fee; the agent who’d helped prepare the application would receive 1%, which would come out of that 5%. Learn more about our offerings and apply today. Ownership/Titling and TIN as the SBA PPP loan. For more information on the Paycheck Protection Program, review our fact page on FAQs. Additionally, applicants should include information on mortgage, lease and utility obligations that may be covered by the loan as well. Vectra Bank Colorado, his commercial bank, still hadn’t opened its online loan application site as other banks pumped out billions of dollars in emergency loans. Vectra Bank Colorado, his commercial bank, still hadn’t opened its online loan application site as other banks pumped out billions of dollars in emergency loans. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. All Other Miscellaneous Ambulatory Health Care Services (NAICS code 621999). Everything you need to know about the Paycheck Protection Program. ... Vectra Bank - Shannon Anderson or Stephanie Alfieri - 719-687-3013. These third-party websites are not affiliated with Vectra Bank or Zions Bancorporation and may have a different privacy policy and level of security. Step 3. If 75% of the loan disbursement is spent on … We are well positioned to help small businesses efficiently navigate the loan application process, so contact us today to learn more. To help small businesses during this time, the government approved a federal relief program called the Paycheck Protection Program (PPP). View sitemap, FederalPay is a free public resource site, and is not affiliated with the United States government or any Government agency, All Other Miscellaneous Ambulatory Health Care Services. A: Loan proceeds must be deposited into an account with the same Account . Businesses can submit a request to their lender and include documents on the number of employees they have, including their salaries or pay rates. Vectra Bank and Zions Bancorporation are not responsible for, and do not endorse or guarantee, the privacy policy, security, accuracy or performance of the third–party’s website or the information, products or services that are expressed or offered on that website. Please adjust the selection accordingly. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods. You can only compare three products at a time. To see the rate and offering available to you, please select the state where you bank. PPP loans are typically for 2½ times the average monthly payroll. 2. Small businesses in many states have experienced anywhere between a 25% to 60% decline in revenues since the COVID-19 pandemic began, reported The Brookings Institution. for each loan requested. You have to learn to make entries, the work flow is and always has been, make entries, downloan banking, match This should be a liability account, a … The Colorado Sun received a PPP loan. STEP 3: Sign Up and Log In. Here is everything you need to know about how this government aid is helping businesses during the COVID-19 pandemic. All rights reserved. The Department of the Treasury explained that the Paycheck Protection Program has authorized up to $349 billion in forgivable loans specifically for small businesses. Vectra Bank Colorado, his … Toll Free ( 800) 737-6620 All rights reserved. Launched April 2, the initial funding was … Greenwood Village, CO 80111. But with just a trickle of demand from customers, Alexander said the bank is processing loans within minutes and the SBA is responsive to getting loans approved. As a community bank that serves a number of clients in the mountain resort community, officials expect that many will benefit from a second loan. A division of Zions Bancorporation, N.A. If you receive a loan from the PPP, you are required to also show that the forgiveness amount was used to pay employees and make eligible payments on mortgage, rent or utilities. In Colorado, 88% of small businesses approved for paycheck loans were less than $150,000. Our lenders work with you to close the loan and disburse the funds so you can get back to business. These favorable loan terms are the same for everyone who applies and is approved as long as they satisfy two requirements: It's important to note that payroll costs are capped at $100,000 for each employee on a yearly basis. La Mer Psychiatric Medical Group So far, Vectra Bank has processed 3,642 loans for a total of $482 million. Vectra Bank Colorado Residential Lending Group NMLS #467014. The Electronic Code of Federal Regulations outlines eligibility requirements for SBA loans , and small businesses, independent contractors, self-employed individuals and non-profits that qualify are encouraged to apply for this assistance. Your privacy is important at Vectra Bank Colorado. Step 1. Oxnard, CA, Pure Sports Medical Corporation Click here to apply. Get a decision & customize your loan. For more information on the Paycheck Protection Program, review our fact page on FAQs. Member FDIC | Equal Housing Lender. A local lending officer will help you complete the loan application package. 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