COVID-19 Updates: At all branches, building access is limited to Signature Bank employees. Our drive-thrus will be open and properly staffed to care for customer needs. In NWA, our hours have temporarily been limited to 8 AM - 5 PM. Brinkley hours remain 9 AM - 4 PM Monday -Thursday and 9 AM - 5 PM on Fridays. If you need an appointment, please call us and we will take care of you. We appreciate your patience. Visit signature.bank/covid-19 for more details.
In need of assistance with the process? Check out these helpful videos from our parnters at Numerated:
Filling Out the Application
Borrower Tutorial: How to Sign your SBA Documents and Complete the Process
As always, we are here for you every step of the way. Do not hesitate to reach out to your lender with any questions!
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Join Signature Bank and CPA Chris Thorn for a discussion on avoiding pitfalls that could significantly impact Payroll Protection Program loan forgiveness. Chris and his team at The Thorn Group are closely monitoring updates from the IRS and SBA and have discovered several helpful tips as we wait for the SBA to provide official guidance.
Chris is a Certified Public Accountant and earned his BSBA in Accounting from the University of Arkansas in 1990. His experience in public accounting with Tyson Foods and Southwest Airlines has provided a unique and well-rounded background in successful business operations. He has owned residential rental property and small businesses, as well as served on non-profit boards as treasurer.
As a small business owner, Chris is passionate about helping other owners grow their business to meet their dreams. He believes these businesses are the true driver of our national economy.
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The Payroll Protection Program (PPP) is the Federal Government's answer to this economic crisis. Created by the CARES Act, the PPP provides funds to cover eight weeks of payroll, in addition to bills such as rent and utilities. Familiarize yourself with the SBA's information as well as our guide to avoiding fraud during the process.
We expect additional information from the Federal Government on April 3.
As the details for this program are ironed out, there are many other resources from the federal and state government, nonprofits, and media outlets:
Employee Retention Tax CreditsThe IRS and Treasury Department have teamed up to offer Employee Retention Credit. This refundable tax credit is 50% of up to $10,000 in wages paid by eligible COVID-19 impacted employers.
The Main Street Initiative Mainvestis launching a capital campaign to provide immediate $2000 loans at 0% interest to those who help them raise money.
Yelp for Help Yelphas announced $25M in free advertising to independent, local restaurants and nightlife businesses.
Please take note of these tips from the SBA Office of Inspector General:
Scam and Fraud Scheme Advisory List
SBA does not initiate contact on either 7a or Disaster Loans. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.
SBA does not provide grants to small businesses. SBA provides guarantees to lenders to encourage them to make loans to small businesses. If you are contacted via social media about a SBA grant program for small businesses, suspect fraud.
If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud.
Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your Personally Identifiable Information (PII), to obtain personal banking access, or to install ransomware/malware on your computer.
If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional 1/4% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
Any email communication from the SBA will come from accounts ending in .gov.
The presence of an SBA logo on a webpage does not guarantee the information is accurate or endorsed by SBA. Please cross-reference any information you recieve with information available at sba.gov.