Paycheck Protection Program (PPP) Loans

Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act of 2021

Update March 23, 2021

The COVID-19 pandemic has had a significant adverse impact on many businesses and their employees. The Economic Aid Act approved additional funding to the U.S. Small Business Administration for the Paycheck Protection Program (PPP) to be dispersed to eligible businesses for both First Draw and Second Draw PPP loans.

You may submit complete application packets at any time to our secure Sharefile portal by clicking here.

For overview information and eligibility requirements on the current round of PPP loans please click on the following links: PPP First Draw Loans or PPP Second Draw Loans.

If you received a PPP loan in 2020 or 2021 through SENB Bank and are eligible for a PPP Second Draw Loan, the following is a checklist of items required to apply for a PPP Second Draw Loan:

1. Complete the Paycheck Protection Program Second Draw Borrower Application Form Revised March 18, 2021.
2. Provide documentation (tax forms, quarterly financial statements or bank statements) demonstrating at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
3. If you chose to use your 2019 payroll numbers, please let us know, as we should have everything required that you submitted with your first PPP loan.
4. If you choose to use your 2020 payroll numbers, we will also need the following items:
   1. IRS From 941 filings for calendar year 2020
   2. IRS Form 940 annual filings for 2020
   3. Payroll Summary Report for 2020 including:
      1. Salary, wages, commissions, and tips
      2. Employee benefits including pay for vacation, family, medical, and sick leave
      3. Severance payments
      4. Health care insurance premiums
      5. Retirement benefits
      6. State and local taxes assessed on compensation
      7. Roster of employees making more than $100,000
5. Company Payroll Report, as of, or around the date of February 15, 2020, which must show the number of your employees and your total payroll cost at that time.
6. Click here to complete the PPP Loan Calculator to estimate loan eligibility amount.

If you are a Schedule C filer and received a PPP loan in 2020 or 2021 through SENB Bank and are eligible for a PPP Second Draw Loan, the following is a checklist of items required to apply for a PPP  Second Draw Loan for Schedule C filers.

1. Complete the Paycheck Protection Program Borrower Application Form for Schedule C Filers Using Gross Income Revised March 18, 2021
2. Copy of your filed 2019 Schedule C or a copy of your filed 2020 Schedule C.  If you choose to use your 2020, but have not yet filed, a draft of what you will be filing is acceptable.
3. If you also have payroll employees, the following is needed:
   1. IRS Form 941 filings for calendar year 2019 or 2020
   2. IRS Form 940 annual filing for 2019 or 2020
   3. Payroll Summary Report for 2019 or 2020 including:
      1. Salary, wages, commissions, and tips
      2. Employee benefits including pay for vacation, family, medical, and sick leave
      3. Severance payments
      4. Health care insurance premiums
      5. Retirement benefits
      6. State and local taxes assessed on compensation
      7. Roster of employees making more than $100,000
      8. Company Payroll Report, as of, or around the date of February 15, 2020, which must show the number of your employees and your total payroll cost at that time.
4. Click here to complete the PPP Loan Calculator to estimate loan eligibility amount

If you did not receive a PPP loan in 2020 and are eligible for a PPP First Draw Loan, the following is a checklist of items required to apply for a PPP First Draw Loan.

1. Complete the Paycheck Protection Program Borrower Application Form Revised March 18, 2021
2. IRS Form 941 filings for calendar year 2019 or 2020
3. IRS Form 940 annual filing for 2019 or 2020
4. Payroll Summary Report for 2019 or 2020 including:
   1. Salary, wages, commissions, and tips
   2. Employee benefits including pay for vacation, family, medical and sick leave
   3. Severance payments
   4. Health Care insurance premiums
   5. Retirement benefits
   6. State and local taxes assessed on compensation
   7. Roster of employees making more than $100,000
5. Company Payroll Report, as of, or around the date of February 15, 2020, which must show the number of your employees and your total payroll cost at that time.
6. Click here to complete the PPP Loan Calculator to estimate loan eligibility amount.

If you are a Schedule C filer and did not receive a PPP loan in 2020 and are eligible for a PPP First Draw Loan, the following is a checklist of items required to apply for a PPP First Draw Loan for Schedule C filers.

1. Complete the Paycheck Protection Program Borrower Application Form for Schedule C Filers Using Gross Income Revised March 18, 2021
2. Copy of your filed 2019 Schedule C or a copy of your filed 2020 Schedule C.  If you choose to use your 2020, but have not yet filed, a draft of what you will be filing is acceptable.
3. If you also have payroll employees, the following is needed:
   1. IRS Form 941 filings for calendar year 2019 or 2020
   2. IRS Form 940 annual filing for 2019 or 2020
   3. Payroll Summary Report for 2019 or 2020 including:
      1. Salary, wages, commissions, and tips
      2. Employee benefits including pay for vacation, family, medical, and sick leave
      3. Severance payments
      4. Health care insurance premiums
      5. Retirement benefits
      6. State and local taxes assessed on compensation
      7. Roster of employees making more than $100,000
      8. Company Payroll Report, as of, or around the date of February 15, 2020, which must show the number of your employees and your total payroll cost at that time.
4. Click here to complete the PPP Loan Calculator to estimate loan eligibility amount.

Please be sure the application packets submitted are complete or there will be a delay in processing.

Update January 11, 2021

A comprehensive, nearly 5,600-page bill called the “Economic Aid Act” was recently signed into law and includes provisions related to the Paycheck Protection Program, including setting aside $284 billion for both new borrowers and for those borrowers meeting the criteria for a “second draw”.

As many of you have experienced in the past, these programs are fluid with new information coming out every week, and sometimes every day, from the SBA and US Department of Treasury. We assure you our team is working quickly and efficiently to determine the impact of the new law on existing PPP customers, new PPP customers, and customers who are eligible for a “second draw”.

If you did not receive a PPP loan in 2020, please click on the link for information on PPP First Draw Loans. If you did receive a PPP loan in 2020 and are interested in a second one, please click on the link for information on PPP Second Draw Loans.

SENB Bank will be accepting applications for PPP Second Draw loan customers and new PPP loan customers as soon as the details of the new program are finalized. As information continues to be provided to us by the Small Business Administration and Treasury, we will update our website and send out additional emails with information on how and when to apply for this round of PPP funds.

SENB Bank has provided hundreds of PPP loans since the inception of the program and we look forward to continuing to help.  Please reach out to your SENB Business Banker if you have questions.

Update: December 22, 2020

The U.S. House of Representatives and the U.S Senate have passed the Covid-19 Relief Package – the Consolidated Appropriations Act of 2021, and it is expected to be signed into law by President Trump.   The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act sets aside $284 billion for the Paycheck Protection Program, both for new borrowers and for those meeting the criteria for a “second draw”.

Some expectations of the new bill include the following – for a second PPP loan, a small business cannot have more than 300 employees and must demonstrate at least a 25 percent reduction in gross revenues between comparable quarters in 2019 and 2020.  Maximum loan size is expected to be 2.5x average monthly payroll costs, up to $2 million, while small businesses assigned to industry NAICS code 72 (Accommodations and Food Services) can receive second PPP loans equal to 3.5x average monthly payroll costs.  Eligible borrowers can receive full loan forgiveness if they spend at least 60 percent of their second PPP loan on payroll costs.  

As information is provided to us by the Small Business Administration and Treasury, we will update our website and send out an email with information for eligible borrowers on how to apply for this round of PPP funds.

SENB Bank has provided hundreds of PPP loans since the inception of the program and we are looking forward to continuing to help.   Please reach out to your SENB Business Banker who assisted you with your first PPP loan, if you have questions.     

Sincerely,

Terry Esch

Executive Vice President