Amarillo bank to offer third round of PPP loans

After President Trump signed into law the newest COVID-19 relief effort, and now Amarillo National Bank announces they’re almost ready to offer a new round of loans, which according to the bank will reach even more businesses than before.

“They’re going to be allowing more non-profits, more types of businesses and trying to go after those that are serving the undeserved,” said William Ware, president of Amarillo National Bank. “That’s the beauty of the new bill, it covers a wider spectrum of businesses.”

Although some broader aspects of this round of PPP remain the same, there are a few major changes.

“For instance, it only requires you to have a reduction of 25 percent of revenue from a period this year, over a period last year,” said Ware. “Plus, it limits the amount of employees to 300 or less, and if you already received a PPP loan in the past, the cap will be $2 million, if you haven’t receive it, it’ll be $10 million, and those are the things we know for a fact.”

The bank says applications are processed in a first come first served basis, and it has already received many calls from clients about the current round.

Earlier this year, they approved $478 million in loans to “over 2,200 customers throughout our markets, which saved an estimated 40-thousand jobs.” said Ware.

The bill will also expand the type of covered expenses to cover things like, equipment for government-mandated sanitation and remote-work software.

Amarillo national bank is still waiting on more guidance from the Department of Treasury and the Small Business Administration. They expect funds to be available on Jan. 8 or shortly thereafter.