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Relief for Small Business

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Second round of Economic Relief for Businesses- Deadline to apply May 31st

Additional funding for the Paycheck Protection Program (PPP) has been made available and we are ready to help. Whether you are an existing customer that has yet to apply for a PPP loan, an existing customer applying for a 2nd round of funding or a new customer applying for the 1st or 2nd time, we have our bankers standing by ready to help. Give us a call at 406-495-2489 to speak with a banker today.

Are you ready to apply for your first PPP loan?

Who is Eligible

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships and independent contractors are eligible. Businesses with more than 500 employees are eligible in certain industries. 501 (c)(6) organizations, housing cooperatives and eligible destination marketing organizations with 300 or fewer employees are eligible.

When to Apply

Applications will be accepted through March 31, 2021

How to Apply

Please call 406-495-2489 or email us at vbhppp@valleybankhelena.com to request your First PPP Loan Application Packet. 

Are you eligible for a second draw PPP loan?

If you can answer yes to all of the questions below, you are eligible for a Second Draw PPP Loan:

  1. I have already received a PPP loan.
  2. I have used, or will use, the full amount of my PPP loan before disbursement of a Second Draw Loan.
  3. I used, or will use, the full amount of my PPP loan only for authorized uses as outlined in the PPP guidelines.
  4. I have no more than 300 employees.
  5. I do not plan to apply for or receive a Shuttered Venue Grant, under Section 324 of the Economic Aid Act.
  6. I can demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019 by comparing quarterly gross receipts for one quarter in 2020 with gross receipts for the corresponding quarter in 2019.  Alternatively, if I was in operation in all four quarters of 2019, I can demonstrate a revenue reduction or 25% or greater when comparing annual gross receipts in 2020 to annual gross receipts in 2019.
    • Note: reduction in income must be verifiable through tax forms, quarterly financial statements or bank statements for both 2019 and 2020.1 

How to calculate the 25% reduction:

How to Apply

Please call 406-495-2489 or email us at vbhppp@valleybankhelena.com to request your PPP Loan Application Packet.


If you received a PPP loan, you may be eligible for forgiveness of all or part of the loan amount. Loan forgiveness is not automatic. You must apply for forgiveness and meet several requirements. 

The SBA has released guidance regarding the processing of forgiveness applications, and we are  now able to accept applications. We encourage you to learn about the program and begin gathering information to apply.

Legislative amendments were enacted in the “Paycheck Protection Program Flexibility Act,” or PPPFA, that do the following:

  • Change the breakdown of 75% - 25% payroll to non-payroll expenses to 60% - 40%.  
  • Extend the "covered period" from 8 weeks to 24 weeks, while still allowing the borrower to use the originally authorized 8-week period. 
  • Extend the deferral period for payments of principal, interest and fees to the date on which the amount of forgiveness is determined by the SBA and remitted to the lender. OR, if the borrower does not apply for forgiveness, 10 months after the last day of the “covered period.”
  • Expand the safe harbor for rehiring employees by allowing that forgiveness will not be affected by a reduction in employees if the borrower is able to document an inability to rehire individuals, hire similar qualified employees, or to return to the same level of business activity as it was operating at before February 15, 2020.
  • Extend the loan maturity minimum to 5 years for all loans on a go-forward basis. Any pre-existing loans may amend the note to reflect new maturity terms if both the lender and borrower mutually agree.
  • Allow borrowers with forgiven loans to defer payroll taxes.
  • Except for the maturity minimum, all changes apply to new and existing loans.  

The PPP program is intended to help small businesses keep employees on payroll. According to the SBA, your PPP loan may be forgiven if the proceeds are used for qualified expenses during the 8- or 24-week period after the funds are received.  

  • 60% of the loan amount must be used for payroll costs. These include:
    • Employee salaries, including bonuses and hazard pay - salary cap is $100,000 per employee.
    • Group health care benefits, retirement benefits, and state/local taxes on employee salaries.
  • No more than 40% of the loan amount can be used for non-payroll costs in place prior to February 15, 2020. These include mortgage interest, rent and utilities. Advance payments of interest on mortgages will not be eligible for loan forgiveness.

Loan forgiveness requires documentation and we encourage you to begin preparing now. Plan to provide detailed payroll and expense records—proof of these expenses must be provided for your loan to be considered for forgiveness. A tax professional or CPA can help with record-keeping.

Taking the following actions may help your loan qualify for forgiveness:

  • Keep disciplined records: Use account codes or sub-codes to create a detailed paper trail for qualified expenses.   
  • Keep supporting documents: Organize your documentation of PPP fund usage, especially for payroll, interest, rent, and utilities payments.
    • Payroll: Retain payroll registers and proof of ACH transfers. If you outsource to a professional employer organization (PEO), save your payroll invoice showing payroll costs and employee benefits.
    • Utilities: Keep invoices and statements for electric, gas, water, phone, internet and transportation. Gather documents that show utility agreements were in effect prior to February 15, 2020. 
    • Rent and mortgage interest: Keep proof of payments (cancelled checks, ACH records, etc.). Gather documents that show utility agreements were in effect prior to February 15, 2020.

Note: The SBA has stated that borrowers must retain PPP documents for at least six years after the date the loan is forgiven or paid in full. 

The SBA has released guidance for processing loan forgiveness applications.

We are now able to process forgiveness applications as the SBA’s guidance has been established. Many Paycheck Protection Program Flexibility Act (PPPFA) changes are beneficial to borrowers, and it will be important to allow time for the SBA to implement the new rules prior to submitting your application for loan forgiveness.  

  • Submit your forgiveness application after the 8- or 24-week period following the date your PPP loan was funded. 
  • You must submit your forgiveness application within 10 months after the last day of your covered period. 

We have begun processing forgiveness applications as SBA guidance for processing them has been established.

At that point, we will review your application within 60 days of receiving it, before submitting it to the SBA. Decisions for full or partial loan forgiveness are made at the SBA’s discretion, and that process may take an additional 90 days.

We have begun processing loan forgiveness applications per the SBA's guidance. 

The SBA released two applications for PPP Loan Forgiveness, including a new version called the “EZ Application.” The EZ version may be used for borrowers that:

  • Are self-employed and have no employees, OR
  • Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the number or hours of their employees, OR
  • Experienced reductions in business activity as a result of health directives related to COVID- 19, and did not reduce the salaries or wages of their employees by more than 25%.

Both applications and instructions are located below:

PPP Loan Forgiveness Form 3508S

  • For borrowers who received a first or second draw PPP loan of $150,000 or less
  • For borrowers who received a first or second draw PPP loan more than $150,000

For more information about the Paycheck Protection Program, please visit the U.S. Small Business Administration's website.