Paycheck Protection Program
  • Please reach out to our bankers using the contact form on the Paycheck Protection Program page and they will reach out to you with an application and other documentation needed to complete your application.

  • Businesses (or eligible private nonprofits) that were in operation prior to February 15, 2020 that can demonstrate they have payroll and payroll tax expenses, provided they have 500 or less employees (or that they meet the applicable size standard for the NAICS-based industries as provided by SBA, if higher). Sole proprietors, independent contractors, and other self-employed individuals as defined by the SBA may apply beginning April 10th, once further guidance from SBA is published. The CARES Act waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory and small businesses that receive financing through the Small Business Investment Company (SBIC) program.
  • You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation by June 30, 2020.

  • Only one.
  • You should use the proceeds from these loans on your:

    • Payroll costs, including benefits;
    • Interest on mortgage obligations, incurred before February 15, 2020;
    • Rent, under lease agreements in force before February 15, 2020; and
    • Utilities, for which service began before February 15, 2020.
  • Payroll costs include:

    • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
    • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
    • State and local taxes assessed on compensation; and
    • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.
  • Loans can be for up to two and a half months of your average monthly payroll costs from the last year. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.

  • You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

    You will also owe money if you do not maintain your staff and payroll.

  • You can submit a request your bank, that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The bank must make a decision on the forgiveness within 60 days.

  • The interest rate is 1.00% fixed, and payments are deferred for 6 months, however interest will continue to accrue over this period. Your loan is due in 2 years, but there are no prepayment penalties or fees.
  • No. No collateral is required.