The Paycheck Protection Program (PPP) is an SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The program is implemented by the Small Business Administration with support from the Department of the Treasury. InBank is here to help.
What You Need To Know:
PPP round 2 is here. InBank is ready to serve our customers and communities.
Current InBank Customers: If you believe you may qualify for the Paycheck Protection Program (PPP), please contact your banker.
Prospective Customers: If you believe you may qualify for the Paycheck Protection Program (PPP), please click the ‘Get Started Now’ link to complete our inquiry form. *Please note this is not a formal SBA application and we will not process any information collected on this form.
Eligibility Requirements:
- Fewer than 300 employees
- Reduction in quarterly revenues of at least 25% compared to the same quarter in 2019
- Stock not traded on a national exchange
- 501(c)(6) are eligible, but any entity for which lobbying comprises more than 15% of receipts or activities is not eligible
- Maximum loan = 2.5 times average monthly payroll or $2 million, whichever is less. Businesses in the restaurant and hospitality industries are eligible for loans for 3.5 times average monthly payroll
- Payroll expenses no less than 60% of eligible expenses. This bill expands eligible expenses to include PPE expense, costs associated with outdoor dining, and supplier costs.
Supporting Documents to Prepare:
- Quarterly financial statements for all quarters in 2019 and 2020
- Company tax return for 2019
- 2019 Form 940/941
- 2020 Form 940/941
For additional information, please visit the SBA website.
