Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. This is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. 

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.

More Information 

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. We are not taking new applications. If and when additional funds are made available we will re-open our application window but we will not be taking applications ahead of time.

For further assistance, please contact your local branch or send an email to ppp@timberlinebank.com.

SUBMIT YOUR APPLICATION FOR 2021 PPP LOAN

You may also watch the recent Webinar online, or download the notes. 

Information about the second round of the program

• PPP Re-Opens week of January 11, 2021 for new borrowers and certain existing PPP borrowers
• Initially only accessible through Community Financial Institutions
  • 1st Draw PPP Loans on Monday January 11, 2nd Draw on Wednesday, January 13
    • After community banks it will open to all participating financial institutions
• Timberline Bank is partnered with the software agency who has the fastrack for the most efficient application and funding portal
• 1st Draw PPP
  • PPP loans can now cover additional expenses, including some operations expenditures as well as worker paycheck protection
  • Greater flexibility for seasonal employees
• 2nd Draw PPP
  • Those that got PPP funds the first time and used it correctly can get 2nd Draw funds if their business was negatively impacted for any quarter in 2020
    • 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Timberline Bank is a Preferred SBA Lender, expert at PPP loans

• Helped over 1,000 businesses in our communities access PPP funds in 2020
• $120MM in PPP loans to Western Slope businesses through Timberline Bank in 2020
• Timberline Bank is a community bank

Timberline Bank is the preferred SBA lender and was awarded SBA’s 2015 Colorado Community Lender of the Year.

Start or expand your business with loans guaranteed by the Small Business Administration. The SBA helps small businesses get loans to establish a new business, operation or expansion of an existing business.

Timberline Bank offers SBA 7(a) Loans and SBA 504 Loans.

For more information, contact our Business Bankers.

About SBA