SBA Paycheck Protection Program
The SBA Paycheck Protection Program (PPP) loan is defined by the CARES Act and administered by the Small Business Administration. This program is available to all small businesses with 500 or fewer employees, including nonprofits, sole proprietorships, self-employed individuals, and independent contractors. The amount of the loan will be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. For example, if your average monthly payroll expenses are $10,000, your loan amount would be for $25,000. A portion of the loan will be forgiven as described in the attached Fact Sheet.
INB will be ready to take applications existing customers as soon as the SBA finishes guidance and opens its portal. The latest information on this program is being continually updated by the US Treasury. To consider your application, provide your INB banker with the following information and we will get your application input as soon as we are able once the window opens. The program is open until June 30, 2020 but we encourage you to apply as quickly as possible as there is a funding cap from the SBA.
- Complete and sign the Application
- IRS payroll forms – 2019 Quarterly 940, 941, or 944 payroll tax reports
- Last 12 months of reports from your payroll system, starting with your last payroll date and going back 12 months
- If you want it considered in the loan amount, payroll report must show the following:
- Gross Wages for each employee if paid W-2 wages
- Paid time off for each employee
- Vacation pay for each employee
- Family Medical Leave pay for each employee
- State and Local taxes assessed on the employee’s compensation for each employee
- Documentation showing total of all health insurance premiums paid by the company owner under a group health plan.
- Documentation showing the sum of all retirement plan funding for all employees that was paid by the company – do not include funding that came from the employee.
Please complete the application and submit the required information to firstname.lastname@example.org and an INB commercial lender will be in touch.