News & Announcements

Paycheck Protection Program (PPP) Update – 04-09-2020

The following message was emailed to PPP applicants and interested parties yesterday. If you did not receive it and are interested in applying for a PPP loan through Park State Bank and Trust, please email with your business name and a good contact phone number. The application link will be live on this page soon!

A message from the President & CEO of Park State Bank and Trust:

Thank you so much for reaching out to Park State Bank and Trust to facilitate the Paycheck Protection Program. As your community bank, we are participating and will try to facilitate a loan for every eligible applicant. By receiving this email, know that you are in our system of applicants!

I apologize for the slow flow of information. Because PSB&T is under the same COVID-19 business restrictions that many of you are, our staff is forcibly reduced and our capacity to return every phone call and email promptly is not at its usual pace. Our ability to meet with you in person to discuss your business is also limited. We have received over a hundred applications to date and our priority is to see each small business receive maximum benefit from these programs. We are your community bank, so our health is tied to your health!

Please understand that these loans were put in place by the federal government without clear guidelines and with rapidly changing criteria. Most applications that have been submitted have since become obsolete, beyond our control. PSB&T has engaged in a process that will allow you to submit all your data electronically and upload supporting documents as well. It is a simple to use interface that will guide you through the process.

I know that you are feeling a time pressure to get this done. Know that banks across the country are experiencing the same frustrations, and we are working almost round the clock to solve these frustrations for you and get you in the pipeline for lending.

Also remember that unless you have W2 employees, you cannot apply until this coming Friday, April 10th. For those with W2 employees, we are working to get you in the system now.

The bank has temporarily engaged Kathryn Perry, my wife, former Assistant Vice President with Citibank, to personally handle this special project. She will be your point of contact throughout and is very knowledgeable about the programs, staying current with any changes or adaptations as we receive guidance.

Once we have this new link in place, Kathryn will personally be reaching out to you to keep you updated on where you are in the process. In the meantime, please trust that because you are receiving this email today, you will be receiving the link immediately upon its availability. If you are concerned about timing, please feel free to reach out to other banks.

Please be prepared to submit your W3 or 941 forms for 2019. For those with seasonal employees, the SBA is allowing you to report payroll for an eight-week period of your choice that falls between February 15, 2019, and June 30, 2019, rather than the entire year, if that period increases your monthly average. We understand that for Coloradoans, winter and summer tend to be the high season and that February to June may not reflect your highest payroll average, but the intent of this program is to alleviate your payroll burden during this time of forcibly reduced business, which is falling during the early season.

We will work through this together! The link for application will be on our website soon and simultaneously sent to you personally by email. We hope to be up and running within 24 to 48 hours.

Thank you for your patience through this process,
Tony L. Perry
Park State Bank & Trust

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