Jill Castilla at Citizens Bank of Edmond in Oklahoma is again
The site,
The Treasury Department and the Small Business Administration, which are administering the program,
Castilla, Citizens' CEO, said Cuban emailed her last week “after hearing feedback about small businesses intimidated by the process.”
In March, after a series of conversations and emails with Cuban, a longtime fixture on ABC’s "Shark Tank," Castilla launched an overdraft program to provide access to cash for hard-pressed Citizens customers who were waiting on coronavirus relief checks from the federal government.
Discussing the new venture, Castilla called ppp.bank a “collaboration between like-minded individuals” to develop a resource to streamline a “complex” application.
The $292 million-asset Citizens worked with Teslar Software, the company that is helping build Citizens’ in-house forgiveness application portal, to design and build the site. TLD Registry Services expedited approval of the domain name.
Cuban is providing server capacity.
“We’re also advocating for a simplified process,” Castilla said. “We’d prefer the application not be 11 pages.”
“The key to me was to
The site is free to use, so there are no “fees or income opportunities” for its organizers, Castilla said. “It’s a service to the small-business community and the nonprofits that received Paycheck Protection loans.”
Teslar has agreed to maintain the site and ensure changes to the application process made by Congress or the program's administrators are incorporated quickly.
The Paycheck Protection Program was authorized in the $2.2 trillion-asset coronavirus stimulus package Congress passed on March 27. It provides small-business loans that are eligible for forgiveness if the money is spent on personnel expenses and basic operating costs.
Under the program's current rules, borrowers seeking forgiveness are expected to deploy their loans within eight weeks of disbursement, a period that ends next week for the earliest borrowers. The House voted Thursday to
The SBA has approved more than 4.4 million Paycheck Protection loans totaling $511 billion.