PPP Loan Application Information
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and 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. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan Payments will be Deferred for 6 months.
TOP 6 Actions/Documents Needed By Borrower For The Application
Corporations and LLC's.
- 12.31.19 P&L & B/S or 2019 tax return. Plus NAICS code.
- Last 4 quarters of the Form 940/941 for payroll taxes or payroll company printout
- Your legal company documents authorizing you to borrow:
- Corporations - articles of incorporation with Bylaws
- LLC - articles of organization with operating agreement - Driver’s license or official US picture ID
- Your company must also be in good standing with your Secretary of State licensing bureau (we will check with the SOS)
- SBA PPP Application with total Loan amount rounded down to nearest hundredth.
Sole Proprietorship's, Sub-Contractors, and Self-Employed
*Note: if you are a single-member business. If you have employees, you will need the items above.
- Your W2 or 1099
- Your 2019 personal or business tax return or 12.31.19 P&L and B/S. Plus NAICS code.
- Your legal company documents showing you are the owner (SOS)
- Driver’s license or official US picture ID
- Your company must also be in good standing with your Secretary of State licensing bureau (we will check with the SOS)
- SBA PPP Application with total Loan amount rounded down to nearest hundredth.
*If you would like First Port City Bank To Process Your PPP Loan, Please Fill Out the Contact Information Form on the Right Hand Side of This Page. A loan officer will be assigned to you and will follow up.
Please understand that the tremendous volume of PPP applications means that application processing times, application authorization, and the availability of funds are not guaranteed and are dependent upon SBA systems availability, processing, and guidelines as well as funding availability.
*Loan Amount must be Rounded DOWN to the Nearest Hundredth and 1099 Contractor Payments are Excluded from Wages and Salaries Claimed by LLC's and Corporations.
