Paycheck Protection Program (PPP) Update

UPDATE-05/08/20: As of today, Park State Bank and Trust has secured PPP funding protecting 1,000 local jobs with just under $5 million in relief funds.

We will continue to take applications until the SBA ends the current funding cycle.

If your small business serves Teller, Park, Fremont, or El Paso counties, please apply, and we will be in touch to complete your application just as quickly as possible.

If you have any questions, please email Kathryn.perry@psbtrust.com

The PPP application is now live. There are instructions on each page, catching places that are confusing. PLEASE read the instructions on each page before completing that page. PLEASE upload supporting documents, even if you’ve already submitted those by paper or by email to PSBT. The more complete your application when you submit, the faster it will be processed.

In order for this loan to be forgiven, you must maintain the payroll amount reported here for eight weeks. The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. You will need to monitor this to ensure your eligibility for loan forgiveness!

We know this process is clunky. We’d love to make it smoother and easier, but the entire program has been developed on the fly. Just keeping up with changes has been challenging! Thank you for your patience!

Thank you,
Tony L. Perry
Park State Bank & Trust

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