Paycheck Protection Program

Paycheck Protection Program (PPP) is a loan included in the recently enacted Coronavirus Aid Relief and Economic Security (CARES) Act. The PPP is a $349 billion business loan program backed by the U.S. Small Business Administration (SBA) and designed for small businesses impacted by COVID-19 to use to pay their employees during the crisis.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, most mortgage interest, rent and utility costs over the 8 week period after the loan is made; and,
  • Employee and compensation levels are maintained

Payroll costs are capped at $100,000 on an annualized basis for each employee. No more than 25% of the forgiven amount may be used for non-payroll costs.

Loan payments will be deferred for 6 months.

The amount of the loan and other terms can be discussed with our PPP lending team.

More information can be found on the website

Who Can Apply

Any business, including non-profits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals and independent contractors – with 500 or fewer employees that has been affected by the COVID-19 outbreak. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee based size standards for those industries. Click here for more information.

Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

What You Need

What you’ll need to get started. 

A completed application:
Upon request, we will send you an application and instructions on how to submit it to us.

We recommend you prepare by gathering documentation that will help expedite the application process:

  • 2019 IRS quarterly 940, 941 or 944 payroll tax reports
  • Payroll reports for a twelve-month period (ending on our most recent payroll date) which shows the following:
    • Gross wages for each employee, including officer(s), if they are 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 the total of all healthcare insurance premiums paid by the company owner(s) under a health group plan. Include all employees and 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’s and SEP IRA’s