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Paycheck Protection Program

Apply Today

Call your local Points West Community Bank or get in touch with your banker to start the application process or to learn more.


On March 27th, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, authorizing up to $349 billion in forgivable loans to small businesses as part of the Paycheck Protection Program (PPP). This program is designed to help the businesses hit hardest by the pandemic by providing much-needed funds to cover payroll, rent, mortgage interest, and utilities.

Points West Community Bank, as a U.S. Small Business Administration (SBA) approved lender, is prepared to offer these loans to the small businesses in the communities we serve. We’re happy to take any questions and offer advice now, before the official application becomes available on April 3rd, 2020.

The terms of the loans are the same for everyone: no fees, no collateral, and completely forgivable upon qualification. Highlights and answers to frequently asked questions are below. We encourage every small business to apply.

Dates & Eligibility

  • Small businesses, sole proprietorships, nonprofits, veterans’ organizations, and tribal enterprises can apply beginning April 3rd, 2020.
  • Independent contractors and self-employed individuals can apply beginning April 10th, 2020.
  • Hotels and foodservice operations affiliated with larger organizations or businesses operating as a franchise in the SBA’s Franchise Directory are eligible as long as they individually have fewer than 500 employees.

Loan Terms

  • Loan Amount: 2.5× your average monthly payroll for the most recent 12 months, up to $10 million
      • Payroll costs include: salary, wages, commissions, or tips (up to $100,000 per employee); paid leave, group health insurance premiums, payment of retirement benefits; and state and local taxes
        • For sole proprietorships or independent contractors, payroll costs include wages, commissions, income, or net earnings from self-employment (up to $100,000 per employee)
      • Seasonal employers will be able to calculate monthly payroll using the time period beginning February 15th or March 1st, 2019 and ending June 30th, 2019.
  • Interest Rate: 1% fixed (as of April 2nd, 2020; subject to change)
  • Term: 2 years (as of April 2nd, 2020; subject to change)
    • The loan can be paid off at any time with no prepayment penalties or fees.
  • First Payment: Deferred by 6 months following the close date.
  • No Fees
  • No Collateral
  • No Personal Guaranty


  • Your loan can be forgiven in the amount totaling your spend on payroll costs, mortgage interest, rent, and utilities in the 8 weeks following the date you apply for on the loan.
  • The forgiven amount can be decreased should you:
    • Decrease your full-time employee headcount
    • Decrease salaries and wages by more than 25% for employees earning less than $100,000 annually
      • For those who have already had to make the hard decision to furlough some of your team, you will have until June 30th, 2020 to rehire and restore salary levels for any changes made between February 15th and April 26th, 2020.

What You Need to Apply

  • A completed copy of the Paycheck Protection Program loan application, which is available here
  • Payroll documentation to support the loan amount, such as:
    • Quarterly IRS Forms 941 or 944
    • Payroll summary reports with corresponding bank statement
    • If you’re an independent contractor: IRS Form 1099 for 2019


Click HERE for Application Forms


For more information, resources can be found online from the Small Business Administration and the U.S. Department of the Treasury.

Call your local Points West Community Bank or get in touch with your banker to start the application process or learn more about the Paycheck Protection Program.

We’re working around the clock to make sure our communities have the resources they need to stay in business. If you’re a small business owner, we urge you to apply and we’ll be happy to help you along the way.