AMARILLO, Texas (KAMR/KCIT) – Amarillo National Bank announced today that it is ready to offer a 3rd round of Paycheck Protection Program (PPP) loans.
“As the area’s first and largest PPP Lender, we are ready to offer this new round of funding to businesses who need it now more than ever,” says William Ware, president of ANB. “These funds are critical to the survival of thousands of businesses affected by the pandemic.”
According to the bank, to qualify for a First Draw PPP loan (available to businesses that have not previously received a PPP loan), a business must have no more than 500 employees. To qualify for a Second Draw PPP loan (available to businesses that previously received a PPP loan), a business must have no more than 300 employees and be able to prove a revenue reduction of 25% or greater in any quarter of 2020 relative to the same quarter in 2019.
More types of expenses, such as mortgage interest payments and employer paid benefits are allowed to be covered by the program, said the bank. Second Draw PPP loans are capped at $2 million.
Further, the bank announced that additional industries including nonprofits are allowed in this new round of funding, with a focus on smaller businesses and those serving low-income areas.
“We will also be focusing our efforts on underserved and underbanked businesses and individuals in the area,” notes Ware. “These loans are meant for those most affected by the pandemic, no matter their size or location.”
Earlier this year, ANB reported to have approved $478 million in loans to 2,200 small businesses in the panhandle and downstate markets saving over 40,000 jobs. The majority of the loans noted by the bank went to businesses with less than 50 employees and with an average loan amount of $171,000.
While ANB is now accepting applications, SBA has not given authorization for applications to be submitted for approval.
For more information or to apply, contact your lender or visit anb.com
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