Paycheck Protection Program

Home COVID-19 Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Paycheck Protection Program - Interim Final Rule

Paycheck Protection Program Borrower Information

Paycheck Protection Program Application

How to Calculate Maximum Loan Amounts - by Business Type

Interim Final Rule on Applicable Affiliation Rules

Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans

Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility

Interim Final Rule on Additional Criterion for Seasonal Employers

Interim Final Rule on Disbursements

 

CARES ACT – PAYMENT PROTECTION PROGRAM (PPP) CHECKLIST

ENTITY INFORMATION (If not on file with CSB)

 

Legal Name & DBA w/ TIN/EIN

 

Articles of Incorporation

 

By-Laws or Operating Agreement

 

Origination Date of Business

 

Current Driver’s License of each Owner

 

PAYROLL INFORMATION – Entities with Payroll (do not include 1099’s paid)

 

Payroll Summary Report/Statement*

 

Payroll Breakdown of Payroll/Benefits/Taxes (paid by employer and employee) per employee*

 

Calculation of PPP Loan Value – Verify Amount

 

Certification Employees are US Citizens

 

IRS 940 or 941 or 943

 

Federal Employment Taxes withheld from 2/15/2020 to Present including

  • Employer and Employee’s share of FICA
  • Railroad Retirement Act Taxes

*Time Frame for Payroll is designated as 2019 Calendar Year

  Seasonal Based Businesses must also provide information for February 15 to June 30, 2019

 

 

PAYROLL INFORMATION – Independent Contractor

 

1099’s for 2019

 

OTHER INFORMATION

 

Profit/Loss for last 12 months (April 2019 to March 2020)

 

Mortgage Interest Statement (if RE Mortgage is not held with CSB)

 

Rental Payment Statements

 

Utility Bills (most recent month from application)

 

Full Zip Code XXXXX-XXXX  https://tools.usps.com/zip-code-lookup.htm?byaddress

 

NAICS code  https://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2017

 

April 6, 2020

Dear Business Customer,

Hello, we appreciate your business! We also appreciate your patience and understanding during these trying times and hope you, your employee’s, and family are doing well. CSB has put together some guidance on the recent Small Business Administration (SBA) – Payment Protection Program (PPP).

This program is primarily geared towards small businesses and payroll. Payroll Time Frame is 2019 calendar year (January – December 2019). If you are a seasonal based business, please additionally provide payroll information for time period from February 15 to June 30, 2019. The following payroll documentation is needed:

  • Payroll Summary Report/Statement
  • Payroll Breakdown of Payroll/Benefits/Taxes (paid by employer and employee) per employee
  • Certification Employees are US Citizens
  • IRS 940 and/or 941
  • Federal Employment Taxes withheld from 2/15/2020 to present
    • Employer & Employee’s share of FICA
    • Railroad Retirement Act Taxes

If you are an independent contractor – please provide all 1099’s for 2019.

Per SBA – PPP Interim Final Rule: Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); 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 coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation. (pg 10, part 2-f)

Additionally from the borrower, we will need

  • Signed SBA PPP Application (Form SBA 2483)
  • Current Entity Documents – Articles of Incorporation and By-Laws or Operating Agreement for each Borrowing Entity (if not already on file by CSB)
  • Current Driver’s License for each Owner (if not already on file by CSB)
  • Rolling 12 months P/L (April 2019 to March 2020)
  • Mortgage Interest Statement (if Real Estate mortgage is not held with CSB) or Rental Payment Statements
  • Utility Bills – most recent

Please note that the final rule was released on April 2, 2020 and further rulings on the CARES Act programs are expected. This information is up to date as of April 6, 2020 and may change daily. The time frames, information required, and program parameters are subject to change.

Our lenders look forward to working with you on this program and helping your business continue and prosper during this unprecedented time.

Sincerely,

Your Citizens Savings Bank Lending Team

David Riha, CEO/President

Dan Kuboushek, Senior Loan Officer

Dick Horne, Vice President

Lori Gebel, Loan Officer

Kristen Burke, Loan Officer

Ryan Busta, Loan Officer