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What you need to know about the Paycheck Protection Program
January 6, 2021
For all the latest information regarding
the PPP program, click here for our
up-to-the-minute guidance from the SBA.
You must have a SYB Business Checking account as of February 15, 2020, and the following:
- The date you started your business
- Detailed information in order to calculate the average monthly payroll costs for your employees for the past 12 months, as outlined by the SBA
- Your annual revenue
- Your business mailing address
Here’s what you need to know about PPP loan forgiveness and how it works. This is based on the latest information from the Small Business Administration (SBA). Find the latest information at SBA.gov and Treasury.gov. Other eligibility requirements may apply.
- Loan forgiveness is not automatic, you must request it. Forgiveness may be granted for some or all of the principal balance of the loan on eligible payments made within 8 weeks, from the date of loan disbursement (the date funds were deposited into your account).
- To be eligible to receive loan forgiveness, loan funds must be used for specified purposes, and at least 75% must be used for payroll costs, as defined by the SBA. Not more than 25% of the loan forgiveness amount may be attributable for non-payroll costs.
- Generally, companies must maintain employee headcount and compensation levels during the 8 week period after loan disbursement.
- The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. The actual amount of loan forgiveness will depend, in part, on the total amount of these costs over the eight-week period following the date of the loan disbursement:
- Payroll costs
- Payments of interest on mortgage obligations incurred before February 15, 2020
- Rent payments on leases dated before February 15, 2020 and
- Utility payments under service agreements dated before February 15, 2020
APPLICATIONS FOR YOUR LOAN (
- Loan Forgiveness:
- We are currently processing requests for loan forgiveness from first round PPP loans. Recent legislative changes have provided for an expedited forgiveness process for loans under $150,000. Please contact your loan officer for details.
Note: Click on the application that fits your situation)
It is your obligation, as the borrower, to understand the SBA's rules.