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Paycheck Protection Program

Seamen’s Bank recognizes that Coronavirus disease 2019 (COVID-19) is creating increasing concern in workplace communities and in our community at large. As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) provides federally guaranteed loans to small businesses. Below find an overview of the Paycheck Protection Program (PPP) and documentation required to submit an application.

Seamen’s Bank is a certified SBA lender. If you are a current business customer looking for more information or to apply please contact your Commercial Loan Officer.

 
About

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.
Eligibility

To be eligible for a PPP Loan, your business must have been in operation on February 15, 2020 and must have had employees for whom you paid salaries and payroll taxes.

Seasonal businesses not in operation as of February 15, 2020, can also qualify if they had payroll costs for an 8-week period between February 15 or March 1 of 2019 and June 30, 2019.  This time period may be used to determine average monthly payroll.

 

  • Small businesses (<500 employees)
  • Private non-profits
  • Sole proprietorships
  • Self employed & freelance workers
Required Documentation for Application

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
Application

Click here to download the PPP application

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

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