(April 6, 2020) If your resort or other vacation-industry business needs a Paycheck Protection Program (PPP) loan, contact your lender first.
The U.S. Small Business Administration is the source of PPP funds, but lenders are administering the program. At present, most participating lenders are taking applications only from their current customers. Your lender will provide the requirements for obtaining the loan, and will receive the Treasury Department application.
We first described the PPP program on March 30th. Resorts and other businesses with fewer than 500 employees are eligible. Repayment will be forgiven to the extent that the loan proceeds are used for payroll (wages, salaries, healthcare costs, retirement costs, taxes, and related costs), commissions, interest on mortgage loan obligations and other debts, rents, and utilities.
Resort board members and managers should reach out to their professional advisors for assistance in determining whether their lenders are participating in the PPP program, and for working with their participating lenders to apply.
Alliance Association Bank is providing SBA lending for the Paycheck Protection Program to their current banking clients. For information, visit https://www.westernalliancebancorporation.com/alliance-association-bank-home/hoa-loans or contact Stacy Dyer, Senior Managing Director, HOA/Timeshare HOA, 843-637-7181, SDyer@allianceassociationbank.com.
Here are some direct links to other PPP lender applications:
Bank of America
JpMorgan Chase
https://recovery.chase.com/cares1
PNC. Bank
https://commercialstore.pnc.com/PaycheckProtectionProgram/contact
More detailed information is available in this SBA fact sheet:
Here is the online SBA application form for PPP loans: https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf
Contact TBMA at staff@tbmassoc.org if you have additional links to share, or if you find your SBA lender has changed its procedures.