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.
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: IRS Form 941 for each of the past four (4) quarters, IRS Form 940, payroll processor records, other payroll tax filings, Form 1099 Schedule C, Form 1099–MISC, Form 1099–F for Farmers and Ranchers, Form 1065 and K1's for Partnerships, Form 1099 for Non Employees of Fishing Boat dependent businesses, 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: 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. Applicants who qualify as seasonal employers may have different documentation requirements.
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.
We are working diligently to get all the details on the loan application process; we will update our site with new information as soon as it is available.
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
Take advantage of Citi's full set of products and services that are tailored to the needs of small business owners.Learn More