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PAYCHECK PROTECTION PROGRAM (PPP) UPDATE

D.L. Evans Bank has been notified that the PPP general fund has been exhausted. We are no longer able to submit new applications to National SBA. During the past year we were able to approve 5,000 loans for over $400 million. We are proud to have helped tens of thousands of people in our communities continue to receive paychecks. We will continue to assist our customers in processing and submitting their forgiveness applications.

On March 5, 2021 a new, simpler, forgiveness application became available through our Forgiveness Portal. Forgiveness invitations for the loans originated in 2020 have been sent out. If you have not received an invitation to apply for forgiveness, please reach out to your local branch.

We are finalizing our Forgiveness Portal for loans originated in 2021 and will be sending invitations to apply for forgiveness once our Portal is complete.

Section 1110(e)(6) of the CARES Act required Economic Injury Disaster Loan (EIDL) Advance payments be deducted from the Forgiveness amount approved for our Borrowers. The new legislation repealed this section of the CARES Act

If you have already completed the forgiveness process and had your EIDL advance netted out from the payment received by us from the SBA, we anticipate the SBA remitting funds sufficient to pay the balance of the EIDL advance plus the corresponding accrued interest.  PAYMENTS ON THESE PPP LOANS ARE DEFERRED UNTIL FURTHER NOTICE.  The SBA should be providing more detail on the process and timing for EIDL related reimbursements in the near future.