We're here for you.
At Gateway First Bank we put people first. Your safety is important to us, and we are focused on providing the services and solutions you need to navigate these unprecedented times from the security of your home. Simply put, we are here for you.

We understand the uncertainty of challenges currently impacting communities around the world. To help provide aid during these unprecedented times, Gateway is now accepting applications for the Payment Protection Program.

We are committed to supporting our customers and will continue to keep you updated on how Gateway is evolving to maintain the same excellent service you have come to rely on.

Member FDIC. Equal Housing Lender. NMLS 7233

Payment Protection Program

CARES Act Small Business Administration Loan Program 

Gateway First Bank is built on putting people first in everything we do. During these unprecedented times, we stand ready to support you with the services, solutions, and resources you need. We appreciate the trust you have placed in us and are here for you. 

The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is intended to financially assist Small Businesses during this pandemic through a special federal loan program. Funds are available for payroll costs, including benefits, and can also be used to pay interest on most mortgage interest, rent, and utilities over the eight-week period after the loan is made. 


Eligibility

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Gateway is now accepting applications from existing Small Business clients for the PPP. If you are a current Gateway client with fewer than 500 employees and otherwise meet the eligibility requirements, we encourage you to contact us to start the process. 

This forgivable loan program is first-come, first-served and presently capped at $349 billion. It is important to apply quickly if you believe you will need assistance and meet the criteria. All applications must be finalized by June 30, 2020 if funds are still available so it is important to contact your lender as soon as possible if you believe you will need this assistance. 

General Loan Terms include: 

• Loan Payment Deferrals for Six Months (however interest still accrues)
• No requirements to pledge collateral or any personal guarantee
• No loan fees charged by the SBA or Gateway
• Fixed interest rate of 1.00%
• Loan repayment periods up to two (2) years
• No prepayment penalties for paying off early

As the purpose of the PPP is to support payrolls and jobs, the terms of loan forgiveness are largely tied to how you use those funds to maintain your current number of employees. We encourage you to visit the US Treasury’s information sheet for borrowers at the following link to find more specific information on possible loan forgiveness at https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

We appreciate your choosing Gateway for your banking and loan needs and look forward to discussing how we can help. Please contact Dan Killian at dan.killian@gatewayfirst.com or (972) 476-1822 for more information. If you are not currently a Gateway customer, we encourage you
to contact your current bank. 

For more information on additional relief programs, please visit the SBA site at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. To learn more about the Paycheck Protection Program please visit https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses