The Paycheck Protection Program

• Streamlined application requirements that can be completed online
• No Small Business Administration fees
• Six months of deferred payments
• Borrowers are eligible for loan forgiveness equivalent to what is spent on covered expenses during the eight-week period after the loan is funded

For any amounts not forgiven, the term is two years and the interest rate is 1%. There are zero loan fees or prepayment fees.

Loans are available through June 30, 2020. We encourage you to apply as quickly as you can because there is a funding cap.

This is a reduced SBA application and should take no more than 15 minutes.

No. There are no application fees.

• Step 1: Gather records of your payroll costs; all four quarters of Year 2019 Form 941 filings are required, or all Form 941 filings that occurred if business started on or after April 1, 2019. For Sole Proprietors, Form 1099 required
• • For all self-employed applicants with no employees, we need to see a 2020 invoice, bank statement or book of record establishing that the business was in operation on February 15, 2020.
• • For all other applicants, we need to see a payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish that the business was in operation and had employees on that date.
• Step 2: You are responsible for and will need to attest to deducting any employee salary in excess of $100,000 in your loan request
• Step 3: Click Apply Now to start your application
• Step 4: Upload required documents and submit application
• Step 5: Receive your confirmation email and complete the electronic contracts sent through DocuSign

• Copy of Bylaws/Corp documentation and/or other company documentation clearly identifying the person(s) with signing authority.
• Additionally, an email or PDF document from client that clearly certifies and represents that said person has financial signing authority on behalf of the NFP.
• An individual submitting on behalf of a Nonprofit should identify himself/herself as the 100% owner.

No. This helps as many eligible borrowers as possible get a PPP loan. Each loan will be registered under a Taxpayer Identification Number at SBA to prevent multiple loans to the same entity.

Clients will be required to provide the most recent four quarters of Form 941 filings, or all Form 941 filings if the business started operations less than 12 months ago. If you utilize a Professional Employer Organizations (PEO) or similar payroll provider that reports wages and other payroll data using the Employer Identification Number (EIN) of the PEO or other payroll provider, you may provide the supporting payroll documentation generated by the PEO and reported to the IRS. Relevant information from Form 941, allocation Schedule for Aggregate Form 941 Filers, attached to the PEO's or other payroll provider's Form 941 should be provided if available for the entities covered; otherwise, you can obtain a statement from the payroll provider that accompanies the amount of wages and payroll taxes.

Use tax forms like the Form 941 filings from the most recent 4 quarters to determine the payroll costs. This could also include supporting payroll documentation reported to the IRS by your Professional Employer Organizations (PEO) or similar payroll provider. Always include a numeric value for all payroll cost fields. Do not leave them blank.

If you are a sole proprietor that is an Independent Contractor (as reported on Schedule C of 1040 tax return), you may submit Form 1099 MISC as support for PPP loan amount. You may substitute your own income for the average monthly payroll.

Excluded monthly payroll costs should be calculated using the following logic. Take each employee salary over $100,000, divide the overage by 12 months to complete this section.

For example:

• For an employee making $112,000, divide $12,000 (overage) by 12 months to get monthly average overage of $1,000.
• Do this for each salary over $100,000
• Add all monthly average overages together for the Average Amount per Month of Salaries that are in Excess of a $100,000 Annual Salary Rate, Prorated as Necessary.

REMINDER: As noted above, please gather all your Form 941s and upload. If unavailable, please upload the statement provided by PEO or other payroll provider along with the payroll documentation of wages and payroll taxes paid

A business with more than 500 employees can qualify if it meets the SBA employee-based or revenue-based size standard corresponding to its primary industry. A business can be eligible if it meets both tests in SBA's "alternative size standard" as of March 27, 2020: (1) maximum tangible net worth of the business is not more than $15 million; and (2) the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million. Go to www.sba.gov/size for the industry size standards. Additional information can be found in the SBA guidelines on size standards.

Timing is dependent on your complete submission of information to Citibank. Once Citibank approves your loan, the SBA registers it and an executed Paycheck Protection Program loan note (signed by the borrower) is delivered to Citibank, funds will be transferred to your existing Citibank business checking account. Wire transfers and outgoing ACH deposits will take a little longer to arrive. Funds will be disbursed within 10 days of final loan approval.

Owners with more than one business may apply for a separate loan for each entity.

• Payroll costs including salary/wages/commissions/tips, employee benefits, state and local taxes on compensation; For a sole proprietor/independent contractor: wages, commissions, income, or net earnings from self-employment
• Interest on mortgage obligations, incurred before February 15, 2020
• Rent, under lease agreements in force before February 15, 2020
• Utilities, for which service began before February 15, 2020

• Employee/owner compensation over $100,000
• Taxes imposed or withheld under chapters 21, 22, and 24 of the IRS code
• Compensation of employees whose principal place of residence is outside of the U.S.
• Qualified sick and family leave for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act

Hedge funds and private equity firms are primarily engaged in investment or speculation, and such businesses are therefore ineligible to receive a PPP loan. The Administrator of the SBA, in consultation with the Secretary of the Treasury, does not believe that Congress intended for these types of businesses, which are generally ineligible for section 7(a) loans under existing SBA regulations, to obtain PPP financing.

In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.

To further ensure PPP loans are limited to eligible borrowers in need, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million, in addition to other loans as appropriate, following the lender's submission of the borrower's loan forgiveness application.