We're dedicated to helping you keep your businesses up and running.
David Chubak, Head of U.S. Retail Banking
The Economic Aid Act, which includes additional funding for the Paycheck Protection Program (PPP), was recently signed into law. If you are an existing business client, unless you already have a PPP loan, you may apply for a Small Business Administration (SBA) guaranteed low–interest loan. Your business's unique situation will determine the specific loan amount, if any, for which you may qualify. The maximum loan amount is $10 million, and is based on payroll and other eligible expenses. For the latest information from the SBA on how to calculate your maximum First Draw PPP Loan amount, please click here.
In order to be eligible for full loan forgiveness, at least 60% of your loan amount must be spent on payroll costs:
Once this payroll cost requirement is met, the loan amount is further eligible for forgiveness to the extent spent on Eligible Non-Payroll Expenses, including:
To help make this as easy as possible, we've outlined the documents you'll need and the application process below.
If you've placed a fraud alert on your credit bureau or frozen your credit, we may not be able to proceed with your application. Please contact all three credit bureaus before applying to consider your options.
Please ensure your online banking access file is up–to–date, including your preferred email address and telephone contact information.
Upload all relevant documentation that supports your payroll costs. Depending upon your business, these may include: Form 940, Form 941, Form 943, Form 944, Form 990 or 990-EZ (for nonprofit applicants), Form 1120 or 1120-S, Form W-2 or W-3, payroll processor records, other payroll tax filings, Form 1040 Schedule C, Form 1099–MISC, Form 1099-K, Form 1040–F for Farmers and Ranchers, Form 1065 (Schedule K-1) for Partnerships, and documentation of historical cash tips for businesses whose employees are paid cash tips, and other relevant documents.
If you included any of the following non–cash compensation payroll costs as part of your loan request, please provide supporting documentation, which may be included as part of the above documents: payment for vacation, parental, family, medical or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care or group life, disability, vision, or dental insurance, including insurance premiums, and retirement; and other relevant documents.
Please provide any payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish your business was in operation and, if applicable, had employees on that date.
Certain types of payroll costs are not eligible, including salaries that are in excess of $100,000 annually, salaries for any employee not a US resident, and qualified sick leave and family leave under the Families First Coronavirus Response Act. You are responsible for and will need to attest to deducting any employee salary in excess of $100,000 in your loan request along with other excluded payroll costs.
The Small Business Administration is offering low-interest loans for working capital to small businesses.Learn More
Find additional guidance, assistance and resources to help your small business.Visit SBA.gov
Citi Senior Leaders provide information on the PPP Loan application process and documents needed to apply during live and pre–recorded webcasts.