John D. Steinmetz - President and CEO Vista Bank
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Transcript of John D. Steinmetz - President and CEO Vista Bank
PPP LoanProgram Reopens
John D. Steinmetz, CEO Vista Bank - Preparing for PPP Loan
Reopening in 2021
Vista Bank's Dealing of PPPSome of the most important points about Vista Bank's PPP loan
Vista Bank was of the
top 25 Dallas Banks
writing PPP loans for
Round 1.
1
Vista teams are working
overtime to help
businesses put together
their loan applications.
Posting a number of
resources on the
website.
2 3
Main Points About PPP Round - 2The second round of PPP comes with some modifications compared to previous round
$2 million cap per
business compared to
$10 Million last year.
1
$284 billion in total
funding.
Emphasis on helping
minority, women and
veteran-owned
businesses.
2 3
500 Employees for round 1
300 for Round 1 EligibilityJohn D. Steinmetz explains the Eligibility
requirements for the loan.
Must have used round 1 PPPLoan
Before round 2 is disbursed
Loan forgiveness for round 1 isencouraged.
25% revenue loss in any quarterin 2020
Quarterly or annual basis
Must have been in operationprior to Feb. 20, 2020
Seasonal employers exempted
60% of the money must beused for Payroll.
Post ApprovalJohn Steinmetz explains terms and
conditions post-approval.
The rest for operational andpandemic related expenses.
Also property damage or lossfrom the protests not covered byinsurance.
Borrowers can choose a coverageperiod between 8 to 24 months.
The loans are tax-free.
Apply SoonBusinesses are encouraged to apply as soon as
possible.
The program closes on 31st March or when the $284
billion funding runs out.
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