IMPORTANT: National Bank of Arizona will be making security upgrades to our digital systems on Tuesday, June 23, 2020. To see how you can be prepared for this update, please click here . Thank you, National Bank of Arizona.
SMALL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM
SMALL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM
SMALL BUSINESS ADMINISTRATION PAYCHECK PROTECTION PROGRAM
PAYCHECK PROTECTION PROGRAM UPDATE
UPDATE: July 30, 2020 10:30 A.M. PT
Over the past several weeks, National Bank of Arizona has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program.
As of June 25, National Bank of Arizona has obtained approval and/or funding for 5,354 loans totaling $731.4 million.
- Approximately 87% of the loans approved through National Bank of Arizona were for less than $150,000.
- Approximately 63% of approved loans were for amounts totaling $50,000 or less.
- More than 96% of loans were made to businesses with fewer than 50 employees.
- Median loan size was $36,500.
- Average loan size was $98,341.
- Nearly 63,000 jobs were preserved through these loans.
ACCEPTANCE OF NEW APPLICATIONS BY THE NATIONAL BANK OF ARIZONA
Authorization for the SBA’s Paycheck Protection Program has been extended through August 8, 2020.
With this authorization and funding for the Paycheck Protection Program still available, we are continuing to accept new applications from current National Bank of Arizona clients. We are happy to accept new Paycheck Protection Program applications from any small business, independent contractor, self-employed individual or non-profit that has a current loan and/or deposit relationship with National Bank of Arizona, as of July 17, 2020. To begin your application, please contact your relationship manager, your local The National Bank of Arizona branch or call our Contact Center at 1-800-497-8168 to schedule an appointment with a local bank officer. We will generally require that clients who are new to the bank meet in person with one of our bankers to begin the application process. New applications will be accepted by National Bank of Arizona through 11:00 A.M. (PT) on Friday, August 7, 2020.
As an SBA-preferred lender, The National Bank of Arizona is well positioned to help you efficiently navigate the loan application process.
PLEASE NOTE: New applications that are incomplete and inaccurate, or do not include an accurately calculated and properly documented loan amount, requisite ownership and other eligibility information and an accurate 6-digit NAICS (North American Industry Classification System) code for your business, will not be processed. You will also be required to have a current transactional (e.g., checking) account with us bearing the same legal name under which your business applies for the loan, in order for us to deposit the loan proceeds, and to maintain your business’s primary checking account with The National Bank of Arizona.
PAYCHECK PROTECTION PROGRAM INFORMATION
The SBA has published important information about the Paycheck Protection Program. This information is updated frequently, and we recommend you refer to it periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources.
