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SBA Payment Protection Program (PPP) Loans
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Paycheck Protection Program

 

We are currently accepting applications for Paycheck Protection Program (PPP) loans.

 

Updated 2.10.2021

 

On Friday, January 8, 2021, the Small Business Administration (SBA) published new loan application forms for both first-time PPP borrowers, as well as for existing PPP customers who apply for an additional loan through the new “PPP Second Draw” Program.

 

HomeStreet Bank has been granted access to begin submitting customer applications to the Small Business Administration’s Paycheck Protection Program portal. First-time PPP borrowers can apply for a “First Draw” loan and existing PPP customers can apply for a “Second Draw” loan.

 

HomeStreet Bank is accepting PPP loan applications from all existing customers who currently maintain their primary operating deposit account with us. The program is also available to all businesses willing to transfer their primary operating deposit account to the bank prior to applying for a PPP loan. Please work with your local HomeStreet representative if you wish to establish your primary operating account with HomeStreet Bank, after which you may apply for a loan under the Paycheck Protection Program.

 

We are currently accepting PPP loan applications from customers via our online application platform.

 

 

 

 

"PPP Second Draw" Program Parameters

 

The bill authorizing the PPP Second Draw Program includes the following general program parameters.

 

 

As a strong supporter of our communities, HomeStreet Bank is participating in the “PPP Second Draw” program for our customers. Implementation of the program is dependent on receipt of the full program parameters and guidance from the SBA.


Paycheck Protection Program Loan Forgiveness Process

 

Updated 2.10.2021

 

The SBA is currently processing forgiveness applications for PPP borrowers across the country. HomeStreet Bank is committed to processing applications as quickly as we can and at the greatest benefit to the customer.

 

As of January 15, 2021, there is an SBA approved simplified form for forgiveness loans up to $150K. We are currently awaiting SBA portal updates to be able to accept this form, along with other improvements to the forgiveness process which are expected in early March. There is still time to process forgiveness – customers have 10 months following the end of their covered period to apply. For most customers, that would mean they have until August 2021 to apply.

 

Thank you for your patience during this time.

 

Please note: Customers may still apply for the PPP Second Draw loan while waiting to apply for forgiveness on their first loan.




Loan Forgiveness Applications

 

For your reference, here are the links to the application forms and instructions:



The instructions include detailed information about the costs that are eligible for forgiveness, the list of documents required to be submitted with your application for forgiveness, and the instructions for calculating those costs. The SBA will be providing updated guidance for borrowers on the completion of their applications for forgiveness, which will be available through the resources noted below.


Additional Resources:

U.S. Department of the Treasury Assistance for Small Businesses

SBA Paycheck Protection Program

PPP Frequently Asked Questions

Disclosures:

Loans subject to approval. Loan terms are subject to change without notice.

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