PPP Loan Information

PPP Loan Information

High Country Bank was proud to participate in the Paycheck Protection Program (PPP) to assist small businesses in need in the communities we serve. There continues to be ongoing changes to the program, some of which are outlined below:


-The covered period for a loan has been extended from the original 8 week period to 24 weeks from loan disbursement or December 31, 2020, whichever is earlier. If your loan originated prior to this change on June 5, 2020, there is nothing to do as the extension is automatically granted. There is no requirement to wait for the expiration of the covered period to apply for forgiveness and Borrowers may apply after PPP funds are expeneded.


-The payroll cost requirement to fully qualify for forgiveness has been reduced from 75% to 60%. This will allow more flexibility on the use of PPP funds for other needs such as rent, utilities, interest, and other qualified expenses.


-Extends the period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a PPP loan, to December 31, 2020. However, the forgivable amount will be determined without regard to a reduction in the number of employees (compared to February 15, 2020) if the recipient is (1) unable to rehire former employees and is unable to hire similarly qualified employees by December 31, 2020 or (2) unable by December 31, 2020 to return to the same level of business activity that existed before February 15, 2020, due to compliance with federal requirements or guidance related to COVID-19.


-Replaces the six-month deferral of payments due under PPP loans with deferral until the date SBA pays the lender the amount of loan forgiveness. If a Borrower fails to apply for loan forgiveness within 10 months after the last day of the covered period for forgiveness, the Borrower must begin to make payments of principal, interest, and fees on its PPP loan.


-Establishes a minimum maturity of five years for new PPP loans as opposed to the current two-year maturity date. The five-year maturity takes effect on the date of enactment and will apply to any PPP loan made on or after June 5, 2020. Lenders and Borrowers, however, may mutually agree to modify the maturity terms of prior-disbursed PPP loans.


-Established two forms for forgiveness, included here, which determine if Borrowers are qualified to use the EZ Application or Standard Application. Please read the instructions for the respective applications for details.


-If needed, the Bank can provide you with your SBA PPP Loan Number and Lender PPP Loan Number, however, they are also outlined in your Promissory Note. The Bank does not have any information regarding the EIDL Loan that would have been obtained directly through the SBA.


-Extended the June 30, 2020 deadline to obtain a PPP loan to August 8, 2020 and updated application forms.


The PPP continues to evolve and change, with additional changes likely to come. Ongoing discussions on changes or improvements to the program continue to take place, most notably to establish a certain dollar threshold to provide automatic forgiveness with a Borrower Attestation that funds were used appropriately. High Country Bank has started to receive forgiveness applications, however, no clear indication for the process to submit these to the SBA has been provided.


Continue to monitor this site for necessary updates, as well as monitoring both the SBA and US Treasury websites:



PPP EZ Forgiveness Instructions

PPP EZ Forgiveness Application

PPP Forgiveness Instructions

PPP Forgiveness Application