PPP Loan Applications

The Coronavirus Aid, Relief, and Economic Security (CARES) Act initially allocated  almost $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.  The Paycheck Protection Program, know as the PPP, provides 100% federally guaranteed loans to small businesses.
The program received a second round of funding of $310 billion. This has enabled us to resume accepting PPP applications and funds are still available. 
 See below for the list of required documents or CLICK HERE for a printer friendly version.  
 
Importantly, forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining their salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.  
 

From SBA.gov:

 

From the Borrower:

  • 940 and 941’s for the Calendar Year 2019
  • Payroll Register for Calendar Year 2019
  • Listing of any employee whose income was greater $100,000 in 2019
  • Payroll Register for January 1, 2020 through March 31, 2020
  • SUTA Payroll Report for Calendar Year 2019
  • Documentation of health insurance costs paid by Applicant for employees and owners for Calendar Year 2019
  • Documentation of retirement contributions made by Applicant (employer contributions not employee contributions)
  • Current balance of any SBA EIDL loans Applicant received, if applicable
  • Current balance of any SBA EIDL – COVID-19 loans Applications received, if applicable
  • Completed Application Supplemental Information Form CLICK HERE to view
  • Copy of completed CARES Act Loan Template Spreadsheet (or similar calculation support) CLICK HERE to view.
 

Once completed, please submit your documents to Jim Gonsman via e-mail or fax. 

You may alternatively, drop off your documents at the drive-thru at the Bedford Branch.  For questions regarding PPP Loans or PPP Loan Application process, please call 814-623-6093 and ask for Jim.