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SBA Paycheck Protection Program

Paycheck Protection Program

In addition to traditional SBA funding programs, the CARES Act and subsequent legislation established several new temporary programs to address the COVID-19 outbreak.

The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

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If you are applying for PPP for the first time

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

  1. Review the program details: Overview for First Draw PPP Borrowers
  2. Complete the application: First Draw Borrower Application - Form 2483
  3. Provide additional information:
    • Copies of payroll reports and tax reports filed with the IRS (including Forms 941, 944, state income and unemployment tax filing reports) for the entire year of 2019 or 2020. Documents will be used to support average monthly payroll for 2019 or 2020, excluding earnings over $100,000 on an annualized basis.
    • Documentation reflecting costs associated with benefits consisting of group health care coverage (including insurance premiums), group life, disability, vision, or dental insurance, and retirement benefits; payment of state and local taxes assessed on compensation of employees.
    • If applicable, documentation supporting costs associated with Rent/Mortgage Interest, Utilities, Covered Operation Expenditures, and Covered Property Damage.
    • Financial statements to demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 or year ends.
    • If a new borrower to the bank, the bank will need organizational documents such Articles, Operating Agreement, and Bylaws.
  4. Submit the completed application and requested documentation via our secure file exchange and address it to your lender's email. If you do not know your lender's email, address it to [email protected] IMPORTANT: For your security, do not send this information via regular email.

Loan descriptions courtesy of the SBA as of 1/14/2021

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If you previously participated in PPP

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

  1. Review the program details: Overview for Second Draw PPP Borrowers
  2. Complete the application: Second Draw Borrower Application - Form 2483-SD
  3. Provide additional information:
    • Copies of payroll reports and tax reports filed with the IRS (including Forms 941, 944, state income and unemployment tax filing reports) for the entire year of 2019 or 2020. Documents will be used to support average monthly payroll for 2019 or 2020, excluding earnings over $100,000 on an annualized basis.
    • Documentation reflecting costs associated with benefits consisting of group health care coverage (including insurance premiums), group life, disability, vision, or dental insurance, and retirement benefits; payment of state and local taxes assessed on compensation of employees.
    • If applicable, documentation supporting costs associated with Rent/Mortgage Interest, Utilities, Covered Operation Expenditures, and Covered Property Damage.
    • Financial statements to demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020 or year ends.
    • If a new borrower to the bank, the bank will need organizational documents such Articles, Operating Agreement, and Bylaws.
  4. Submit the completed application and requested documentation via our secure file exchange and address it to your lender's email. If you do not know your lender's email, address it to [email protected] IMPORTANT: For your security, do not send this information via regular email.

Loan descriptions courtesy of the SBA as of 1/14/2021

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Additional SBA Coronavirus Relief Options

In addition to traditional SBA funding programs, the CARES Act and subsequent legislation established several new temporary programs to address the COVID-19 outbreak.

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Next Steps for PPP Loan Forgiveness 

Visit Next Steps for PPP Loan Forgiveness for more information on how to apply for PPP loan forgiveness of your initial loan.

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