CORONAVIRUS RELIEF PROGRAMS
Learn more about the Consolidated Appropriations Act and other financial relief approved by the federal government in response to COVID-19.
The $900 billon coronavirus relief package signed into law in late December 2020 includes $284 billion in additional funds for the Paycheck Protection Program (PPP). While this program was extended for an additional two months through May 31, 2021, the deadline for Western Alliance Bank to accept applications for Second Draw PPP Loans was Friday, March 19, 2021. We are no longer be able to accept applications.
Clients may wish to review details regarding eligibility, alternative lenders and more on the SBA website.
If you have any questions, please reach out to your Relationship Manager.
* All offers of credit are subject to credit approval. Paycheck Protection Program information is subject to change based on updates from The Small Business Administration and The Federal Reserve.
American Rescue Plan Act
The American Rescue Plan Act recently signed into law provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and through new efforts. For more details on the SBA’s current relief efforts, visit the SBA’s dedicated Coronavirus Relief webpage.
Paycheck Protection Program Loan Forgiveness
The SBA is currently processing forgiveness applications for PPP loans granted during the initial phases of the program in 2020. If you are a client that received a PPP loan in 2020 and have yet to apply for forgiveness, you are encouraged to do so as soon as possible. The SBA, in consultation with the Department of the Treasury, has updated their Frequently Asked Questions to include information about the application process and common questions associated with PPP loan forgiveness.
Reach out to your Relationship Manager at any time with any questions or assistance.