SBA Paycheck Protection Program

PPP: ROUND 2

Please note, our webpage for loan forgiveness has changed. CLICK HERE FOR LOAN FORGIVENESS.

On December 27th, President Trump signed a bill which provides $900 billion in additional economic relief for those business and communities affected by COVID-19. This bill is great news for our small business community! In addition to a second round of the Paycheck Protection Program, we will see another EIDL Advance, continued support for SBA 7(a) borrowers, and significant benefits for the hurting hospitality and restaurant industries.

If you'd like to be put on the PPP email list to receive regular updates, please email sadler@bsf.net.

01/20/20: Below, you'll find a list of updates we feel are important for you to be mindful of over the next few days.

  • Our website has been updated with a list of required documents for both first and second draw customers. See below.
  • When you upload your documents, please use the following naming convention: Name of Business. Name of document. Period of document. (for example, BankofSt.Francisville. W3. 2019)
  • EIDL Advance Customers: We received confirmation that the EIDL Advances that were not remitted to BSF before will automatically be remitted to us. We will apply those to the PPP loans, or return the funds to the borrower if they have paid it off.
  • The updated application for simplified forgiveness for PPP loans under $150K have been released, please see our loan forgiveness page.

APPLICATIONS & REQUIRED DOCUMENTATION

When you upload your documents, please use the following naming convention: Name of Business. Name of document. Period of document. (for example, BankofSt.Francisville. W3. 2019). Once you believe you have completed all of the new documentation requirements accurately and have submitted through the secure link, please send an email to SBAPPP@bsf.net and we will begin our verification process.

Don't Forget!

DO NOT submit your application and required documents via email. Instead, click the button below to securely send us your sensitive information. All questions should be directed to SBAPPP@bsf.net.

Documents + Forms Needed

Sole Proprietors - Documents + Forms Needed

  • 2020 Payroll reports or Bank Statements (entire year, or 2019 if using those to calculate avg. monthly payroll)
  • NAICS     code (www.naics.com)
  • Date Business started
  • 2019 & 2020 Health Insurance Premiums paid by the Company
  • 2019 & 2020 Documentation of Retirement Contributions made by employer
  • Form 1040 Schedule C
  • Documentation showing loss of     revenue (Second Draw loans, only)
  •      

For those entities that are not currently borrowers of Bank of St.Francisville, we will need the additional information:

  1. Articles/Bi-Law
  2. Tax Identification Number (EIN)
  3. Operating Agreement
  4. Owners of 25% or more of the business entity including Name, Address, Social Security #, Date of Birth, & Driver’s License

Agents- At time of application, BSF and the SBA requires the documentation in the list below. We will not amend an application after it has been submitted.

     
     

IMPORTANT LINKS

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PPP ROUND 2: THE HIGHLIGHTS

  NEW EIDL ADVANCE
  1. The maximum grant is equal to $10,000
  2. Authorizes $20 billion through the end of 2021

Click here for more info on the EIDL Advance.

  PPP ROUND 1 REFORMS
  1. EIDL Advance Fix: Repeal of the EIDL Advance deduction of the CARES Act.
  2. Simplified forgiveness for smaller loans: For PPP loans of $150,000 or less, the borrower submits to the lender a one-page attestation of compliance with program requirements. The inclusion of demographic information is discretionary.
  3. Expenses are tax deductible: Provides that business expense paid with forgiven PPP loan proceeds may be deducted from taxable income. 
  PPP ROUND 2
  1. Eligible borrowers: Amongst other qualification, borrowers have the ability to obtain a second PPP loan with proof of a reduction in quarterly revenues of at least 25% compared to the same quarter in 2019
  2. 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 
  3. Eligible expenses: The bill expands eligible expenses to include PPE expense, costs associated with outdoor dining, and supplier costs, but payroll expenses must still comprise no less than 60 percent of eligible expenses.
  SBA 7(a) BORROWERS
  1. For our SBA 7(a) borrowers, the SBA will resume the payment of principal and interest, though a timeline has not yet been established. 


For a further highlights on this new legislation, click here.