Paycheck Protection Program | ABC Bank

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Paycheck Protection Program

Paycheck Protection Program on the SBA website.

Paycheck Protection Program Forgiveness Applications

PPP Loan Repayment Update - The SBA issued statutory changes with regard to the repayment of PPP loans.  This is a summary of the revised terms which generally extend the period of time for the commencement of repayment, if applicable. 

Borrower instruction sheet for doing the PPP Forgiveness Application online.

Here is a list of Frequently Asked Questions (FAQs) on PPP Loan Forgiveness from the SBA. (As of August 04, 2020)

Here is a list of Frequently Asked Questions from Department of the Treasury website. (Revised 05/27/2020)

Here is a list of Frequently Asked Questions from the Independent Bankers Association of Texas

Employee Retention Tax Credit under the CARES Act is available for many businesses financially impacted by COVID-19. Click here for info

Families First Coronavirus Response Act provides tax credits to reimburse employers for Coronavirus-related paid leave. Click here for info.



The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven *

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at


* The attached application has been provided by the Small Business Administration (the “SBA”) to document the maximum loan size under the Paycheck Protection Program (the “PPP”).  Under the PPP, all or a portion of this loan may be forgiven by the SBA.  Any forgiveness is subject to the terms of the PPP and to further guidance that may be forthcoming after you have received loan proceeds.  American Bank of Commerce (the “Bank”) makes no representation or warranty as to (1) your ability to receive forgiveness for any portion of the loan, (2) the eligibility of any expenses for forgiveness, or (3) the documentation required for forgiveness.  All communications made by the Bank relating to the PPP are qualified in their entirety by the text of the PPP, as may be amended and/or supplemented by currently existing or forthcoming regulations, guidance and requirements of the SBA and other governmental agencies.


The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit or for more information.