SBA SUSPENDS ACCEPTANCE OF PPP APPLICATIONS

The Small Business Administration (SBA) has notified banks that the initial allocation of funds in the Paycheck Protection Program has been reached, and they have suspended accepting new applications. Additional funding for the program is currently under review by Congress, and it appears there is strong bi-partisan support to provide this additional funding. We encourage you to reach out to your Congressional delegation asking them to expedite the allocation of additional funds to support small businesses.

For Businesses That Have Submitted Applications to The Commerce Bank:

We will continue to process the applications we have already received. Doing this will help ensure we are ready to submit these applications to the SBA for their approval and to prepare for the loan’s closing, if and when Congress provides additional funding.

Acceptance of New Applications by The Commerce Bank:

On the presumption additional Paycheck Protection Program funds will be appropriated by Congress; we will continue accepting new applications. These new applications will be processed in the order in which they are received. PLEASE NOTE: New applications that are incomplete and inaccurate, or do not include an accurately-calculated and properly-documented loan amount, requisite ownership and other eligibility information and an accurate 6-digit NAICS (North American Industry Classification System) code for your business, will not be accepted by the SBA. To follow regulatory requirements and Know Your Customer rules, you will also be required to have a current transactional (e.g.¸checking) account with us bearing the same legal name under which your business applies for the loan, in order for us to deposit the loan proceeds. Due to the significant interest in the Paycheck Protection Program, we cannot guarantee funding will be available to all who apply.

Please check back here for updates regarding this program.