7/7/2020 WesBanco Update:
An amendment to the CARES Act has extended funding for the SBA Paycheck Protection Program (PPP) through August 8,2020
. WesBanco is currently accepting applications for both existing customers and non-customers within our footprint. Non-customers will be required to open a deposit account with WesBanco for the purpose of verifying identity and distributing the PPP loan proceeds. Please either work through your existing WesBanco contact or representative, or call your nearest banking center by using our branch locator.
All continuing updates regarding WesBanco’s participation in the PPP will be posted to this page. Please continue to check here for further information.
Paycheck Protection Program Loan Forgiveness
If you have received a PPP loan from WesBanco, you may apply for forgiveness of up to 100% of the loan amount, if the proceeds are used for qualified expenses, subject to compliance with the U.S. Small Business Administration guidelines and approval.
WesBanco will be contacting you with a link to accept your forgiveness application. This link will be available when the SBA provides updated guidance as to how the recent law changes referenced above impact the forgiveness process. Prior to receiving this link, please familiarize yourself with the SBA’s application and instructions as several pieces of information and documentation will be required to complete the application process via WesBanco’s weblink. Since Congress has passed this update to certain attributes of the PPP program, you should check the SBA Resource Site frequently. Should you have questions, you may call your local WesBanco representative.
Additional Details and Resources on Loan Forgiveness
The following excerpt is from the U.S. Small Business Administration website as of June 1, 2020:
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
Click here to download the Paycheck Protection Forgiveness Loan Forgiveness Instructions and Application.
Additional Paycheck Protection Program guidance and FAQs are also available at the US Treasury website.
Please read the guidelines below for initial program details. As of April 4, 2020 at 12:00 PM EST, this was the most current information available from the SBA. Some details may have changed. Please check the SBA site at www.sba.gov for the most current information. Please note, WesBanco will not pay Agents for assistance they may provide an applicant for this PPP loan.