For information regarding SBA loan forgiveness, click here.

SBA Paycheck Protection Program Update

At Broadway Bank, we’ve been proud to help small businesses and the community at large, work through the difficult economic environment created by the COVID-19 pandemic. In fact, during this latest round of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), Broadway Bankers have processed and approved nearly 1,000 applications with more than $129 million earmarked for local businesses. We continue to be the largest processor of SBA PPP applications by an independently-owned bank in the region.

SBA PPP funding extended to May 31, 2021.

The SBA has extended the Paycheck Protection Program, and the SBA portal is now scheduled to close on May 31, 2021 or when program funds are exhausted. At this time Broadway Bank will continue to accept SBA PPP loan applications from existing Broadway Bank customers. Our Bankers are making every attempt to review and submit fully completed and supported PPP loan applications to the SBA before the close of the portal. We highly encourage existing applicants to provide all required supporting documentation as soon as possible in order to expedite the process.

SBA PPP Loans – Next Round

Broadway Bank is participating in the next round of the SBA Paycheck Protection Program (PPP). Below are additional details about the program, including information on how to apply for a loan:

PPP borrowers can set their PPP loan's covered period to be any length between 8 and 24 weeks to best meet their business needs
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations
The PPP provides greater flexibility for seasonal employees
Borrowers that repaid their initial PPP loan before December 29, 2020, without SBA Forgiveness, may be eligible to re-apply under the First Draw Loan Program
Specific current PPP borrowers are now eligible to apply for a Second Draw PPP Loan

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
Has no more than 300 employees
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
The maximum loan amount is $2 million

How to Apply for the Paycheck Protection Program

Current Broadway Bank customers can apply for the second round of the SBA Paycheck Protection Program by logging in to Online or Mobile Banking on the broadway.bank homepage. Once logged in, you will find a link to access the application portal – utilizing the digital application will allow our bankers to process your loan request as efficiently as possible.

Follow these steps after logging in to Online Banking:

Use the “Apply Now” link to access our PPP application portal.
After clicking “Apply Now,” you will be redirected to the portal in a new window.
Existing PPP loan customers who applied through the digital application – log in to the application portal using your username and password. You can also click “forgot password” above the login button if you do not remember your login credentials.
New PPP loan customers or existing customers who did not use the digital application - to begin your application, an account will need to be created by establishing a username and password. You cannot use your Online or Mobile Banking username and password. Once you create your account, you can begin completing your application.

If you do not finish your application in one session, you can log back into the portal at any time to complete it.

If you do not have access to Online Banking, here’s how to get registered.

Our PPP application portal can only be accessed from Online or Mobile Banking. To register for access, click here. It’s simple and easy to follow.

Required Documentation for the Application

To Prepare for a First Draw Loan Application:

Choose one or more of the following to document Wages / Benefits paid to Employees:

2019 or 2020 Federal Tax Return, if filed
2019 or 2020 Profit and Loss statement
2019 or 2020 Payroll Processor Record
2019 or 2020 Payroll Tax Filings

Income and Expenses (Schedule C information) for Sole Proprietorships
If Independent Contractor – 2019 or 2020 1099-MISC
A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation on February 15, 2020.

To Prepare for a Second Draw Loan Application:

If borrower elects to utilize 2019 as their reference period for the revenue reduction requirement and provided adequate information at original application of their first PPP loan, we only need to obtain the financials for the comparison period in 2020.
Documents would consist of: annual tax forms (tax returns/940’s) or quarterly tax forms (941’s plus state quarterly wage unemployment insurance tax reporting forms)

Loan Forgiveness Information – Online Application is Open

On January 22, 2021, the SBA released revised PPP loan forgiveness forms. These revisions will simplify and expedite the loan forgiveness process for PPP loans of $150,000 or less, making it easier to complete and reducing the required supporting documentation. As of March 4, 2021, the SBA will no longer accept the original loan forgiveness application form and, all submissions after that date will require the use of the newly released forms.

Broadway Bank has created an online portal that will allow you to complete the loan forgiveness application and upload required documentation. You should have received an email from us with instructions on how to utilize our online application. Please keep this email as it has a unique link for accessing the online portal. If you have not received this email from Broadway@broadway.bank, please check your junk email inbox or you can call us at (210) 785-7227.

Broadway Bank has 60 days from the submission date of your completed loan forgiveness application to review and validate your loan forgiveness request. After submission of the validated forgiveness amount to the SBA, the SBA has 90 days to finalize your loan forgiveness and remit the proceeds to the lender.

If you (PPP Borrower) have experienced or plan to conduct, a change of ownership (sale of business or majority of business assets), please contact us as soon as possible so we can ensure SBA guidance is followed for such transactions.

We strongly recommend you visit the available U.S. Treasury and SBA resources for up-to-date information. The links below are provided for easy access to those resources.

If you have any questions on this process, please contact one of our loan forgiveness specialists at (210) 785-7227. We also encourage you to continue checking our PPP Loan Forgiveness website for updates.

Acceptable Documentation to Validate Eligible Forgiveness Amount

Third party payroll reports
Internal payroll reports along with evidence of payments
- Internal payroll reports should show gross pay, tax deductions, any applicable health and/or retirement deductions, and net pay
- Evidence of payment includes bank statements, canceled check copies, ACH receipts
Quarterly tax forms
- 941’s
- Reconciliation must also be included to evidence overlap of borrower’s covered period

*Additionally, for owner compensation, Schedule C filers must provide a copy of their 2019 Schedule C (or estimated 2020 Schedule C for businesses not in operation in 2019)

Third party payroll reports
Invoices from provider and evidence of payment
Reconciliation of employer and employee contributions to plan benefit

Utility bills during the covered period along with evidence of payment
Utility bills showing service as of February 15, 2020

Copy of lease showing effectiveness prior to February 15, 2020
Evidence of rent payments (ACH or canceled checks)

*For rent payments paid to related real estate holding companies, the amount of rent eligible for forgiveness is limited to the interest paid by the related real estate holding company on any debt secured by the building being leased. Furthermore, if the borrower occupies only PART of the building, the qualified amount should be reduced by the portion of the building that the borrower occupies (ex. 50% occupied, 50% of interest is qualified as a forgiveness expense). Additional documentation for related party lessors includes:

Copy of loan documents and/or amortization schedule showing interest obligation incurred and paid during borrower’s covered period.
Evidence of payment of debt obligation

Amortization schedule or monthly invoice detailing interest expense paid
Copy of loan documents dated prior to February 2020 showing collateral
Evidence of loan payment (canceled checks, bank statements, ACH receipts)

The documentation to support the above may include canceled checks, payment receipts, transcripts of accounts, purchase orders, orders, invoices, or other documents verifying payments on non-payroll costs.

How long do I have to submit my paperwork?
- You have 10 months from the end of the “covered period” to submit a complete forgiveness package to us. However, it is most advantageous for you to do it as soon as possible so you do not become liable for hefty loan payments.
When will I see my loan paid off after the loan forgiveness application is approved?
- The bank has 60 days to review your forgiveness application and submit the decision to SBA. If SBA chooses not to review your file, they will remit the forgiveness amount plus accrued interest within 90 days. Timing is subject to change if SBA reviews your file.
Will someone notify me when my loan is submitted to the SBA?
- Yes, you will be notified of the forgiveness amount or if there are any discrepancies with your forgiveness submission.
What is my SBA loan number referenced on the forgiveness application?
- The SBA loan number and the bank loan number are one in the same.
What is my EIDL number?
- The EIDL number will be on the loan documents that were signed by you, the borrower, and the SBA.
How do I know which form to use?
- Our online platform will walk you through the correct application based on your answers to 3 specific questions.

2020 SBA PPP Program Highlights

Processed and funded over 2,500 loans totaling over $400 million in PPP loans for 2,500 businesses.

Average PPP loan size is $156k.

80% of PPP loans were $150,000 or less.

91% of PPP loans were $350,000 or less.

Other 2020 Highlights:

Broadway Bank was one of the first banks to open SBA Paycheck Protection Program loans
Our Bankers worked around the clock—24/7 for the first 2 weeks
Over 80% of our staff participated in working on PPP loans
We issued the most PPP loans in the region for an independent, locally owned bank, and the second most among all banks

“I continue to be impressed with my 40-year relationship with Broadway Bank. We know it’s easy to give service during easy times, but with past recessions, downturns, virus, and now the PPP, you truly have locked me in for another 40 years.”

Billy Hill
CEO and Founder
Hill Electric

“Thank you to everyone at Broadway for going so far above and beyond in helping our community by processing and issuing so many PPP loans. These were a lifeline for us and so many others. Thank you again to the entire Broadway team for your Herculean effort that produced such significant and impressive results!”

Natalie Griffith
President and CEO
Habitat for Humanity
of San Antonio

“I just want to let you know how much I appreciate the entire Broadway Bank team in handling our PPP loan application. Everything went smoothly and most importantly we got the loan funded. Everyone was a pleasure to deal with and we really appreciate your support.”

Mike Galligan
Owner
ServPro of Alamo Ranch