PAYCHECK PROTECTION PROGRAM (CARES Act)

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.

Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.

 

Fully Forgiven

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees On Payroll—or Rehire Quickly

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

What Small Businesses Are Eligible?

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

How to Apply

SBA Source - First Port City Bank is an existing qualified SBA 7(a) lender and is a federally insured depository institution. For over 35 years our lenders have helped small businesses like you find over $400 Million in SBA financing. Click The Link Below To Start The Application Process.

 

TOP 6 Actions/Documents Needed By Borrower For The Application Corporations and LLC's.

  1. 12.31.19 P&L & B/S or 2019 tax return. Plus NAICS code
  2. Last 4 quarters of the Form 940/941 for payroll taxes or payroll company printout
  3. Your legal company documents authorizing you to borrow:
    - Corporations - articles of incorporation with Bylaws
    - LLC - articles of organization with an operating agreement
  4. Driver’s license or official US picture ID
  5. Your company must also be in good standing with your Secretary of State licensing bureau (we will check with the SOS)
  6. SBA PPP Application with total Loan amount rounded down to the 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.

  1. Your W2 or 1099
  2. Your 2019 personal or business tax return or 12.31.19 P&L and B/S. Plus NAICS code.
  3. Your legal company documents showing you are the owner (SOS)
  4. Driver’s license or official US picture ID
  5. Your company must also be in good standing with your Secretary of State licensing bureau (we will check with the SOS)
  6. SBA PPP Application with total Loan amount rounded down to the nearest hundredth.

Note:  To expedite the application process make sure that you have all the required documentation. Due to the large volume of applicants, only complete applications with the required documentation will get filed first.  Expect delays in filings for incomplete applications. Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.

APPLY NOW

Apply For Paycheck Protection Program (PPP) CARES Act Loan. When you click you will be re-directed to a First Port City Bank website page.