As an SBA-preferred lender, we are well-positioned to help you efficiently navigate the SBA Paycheck Protection Program.
Over the past several weeks, Vectra Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program.
The SBA has published important information about the Paycheck Protection Program. This information is updated frequently, and we recommend you refer to it periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources.
As of July 13, 2020
Approximately 84% of the loans
approved were for less than
More than 89% of loans
were made to businesses with
fewer than 50 employees.
Average loan size was
Median loan size was
The SBA continues to publish important information about the Paycheck Protection Program and may issue additional guidance with respect to loan forgiveness. We recommend you refer to this information periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources. Loan forgiveness may be very complex for your business. Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney or other advisor on any complicated loan forgiveness questions.
In addition to the information provided above, Vectra Bank Colorado is also following this information closely and has provided the updates below: