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April 3, 2020
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As many of your are aware, today was the target day for banks to begin taking applications for the Paycheck Protection Program (PPP) loans.  Here's what we are hearing from some banks.  I would encourage all business owners to log into your online banking account and see the latest from your bank.

Bank of America

BoA is live with their application, but they are only accepting existing clients that have checking/savings AND credit products (loans or credit cards).

Chase

Chase is live with a form once you log into your account.  However, once you fill out the form, Chase is telling clients they will contact them.

Wells Fargo

Wells Fargo has little information on when they expect to go live.  They are waiting on additional guidance from Treasury and the SBA.

Amegy

Amegy says they will be live this afternoon.

What Now?

Get your data together.  Your loan is based on:
- 2019 wages that don't exceed $100,000 in compensation per employee
- State and local payroll taxes (unemployment for Texas)
- Employer provided health care costs
- Employer provided retirement contributions
Treasury has posted the application here.  Most bankers I have heard from are telling clients NOT to complete the application since you will do this through your bank's website.  However, the application gives you an idea what questions you will ultimately need to answer when your bank goes live with its application.

This situation continues to move fast, so keep checking your bank's website.

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