TNLA IN PARTNERSHIP WITH TRANSPECOS BANKS
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Paycheck Protection Program (PPP) Application
The PPP program expired on May 31, 2021. TNLA partnered with TransPecos Banks, a Texas state savings bank headquartered in San Antonio, to be the endorsed source for TNLA members to obtain First and Second draw Paycheck Protection Program (PPP) loans. The Paycheck Protection Program is still open and TransPecos Banks received and processed PPP applications to support member;s business needs. If you are a small business and suffered a 25% decline in revenue during any quarter of 2020 compared to 2019, you could be eligible for a PPP loan. The Paycheck Protection Program is designed to help small businesses affected by the Pandemic get through unexpected challenges. Additionally, the SBA recently released an Interim Final Rule that substantially changes PPP loans for Schedule C filers because it establishes an alternative calculation methodology for payroll costs for sole proprietors and independent contractors. The SBA has determined Schedule C filers may now calculate the owner compensation share of their “payroll costs” based on either “gross income” or “net earnings from self-employment.” TransPecos Banks has been a leader within the state of Texas in issuing these loans and successfully processed thousands of PPP loans during the first-round last year and is well into thousands more this round. Their online application process is easy to use and their team is available to answer any questions you have. You do not need to have an account at TransPecos to be eligible for a PPP loan. |
TNLA IN PARTNERSHIP WITH
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