The PPP is a federal loan program that helps small- and small businesses impacted by the coronavirus (COVID-19) to retain their workforce. The loan is an SBA 7(a) loan with the following terms:

• 1.00% fixed interest rate.
• Deferred payments for 6 months.
• Repaid over a 2-year term.
• Up to 100% of the principal and accrued interest may be forgiven after 8 weeks.

Required Documentation for Application
Documents for 2019 must be calendar year

•  2019 IRS Quarterly 940, 941 or 944 payroll tax reports
• Payroll detail for the period ending 2/15/2020
• 2019 W2s for all employees or other payroll reports, which will show the following information:
  • • Gross wages for each employee, including officer(s) if paid W-2 wages.
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and local taxes assessed on an employee’s compensation

• Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan.
  • • Include all employees and the company owners
• Document the sum of all retirement plan funding that was paid by the company owner(s) (do not include funding that came from employees out of their paycheck deferrals).
  • • Include all employees and the company owners
    • Include 401K plans, Simple IRA, SEP IRA’s
• Self employed and independent contractors are required to submit 2019 1099-misc forms 
• Certification that all employees payroll costs used in the calculation do not have a principal address outside the U.S. Click here for form.
• Eligible non-profits must submit a Board Resolution

Click here to download the PPP application

Contact your Commercial Loan Officer prior to submitting the application to establish secure communication.