Please note, our webpage for loan forgiveness has changed. CLICK HERE FOR LOAN FORGIVENESS.
BSF IS NO LONGER ACCEPTING PPP APPLICATIONS.
We're here to help navigate the confusion of this time for our customers and our community. This page is regularly updated with the newest applications, legislation, and guidelines. Additionally, we send out email updates. f you'd like to be put on the PPP email list to receive regular updates, please email sadler@bsf.net.
03/05/21: The latest ruling allows Sole Proprietors the option of using Gross Income for calculating the loan amount. Review the new guidance and how it could affect you by click the links below.
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
- First Draw Application Form (Updated 3/3/21)
- Second Draw Application Form (Updated 3/3/21)
- BSF's Loan Determination Excel Sheet
- 2019 & 2020 941s (entire year, if available)
- 2019 & 2020 W3
- 2020 State Unemployment Quarterly Reports (if available)
- 2020 Payroll reports (entire year, or 2019 if using those to calculate avg. monthly payroll)
- 2019 & 2020 Health Insurance Premiums paid by the company
- 2019 & 2020 Documentation of Retirement Contributions made by employer
- Date Business Incorporated
- NAICS code (www.naics.com)
- Documentation showing loss of revenue (Second Draw loans, only)
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
- First Draw Schedule C Form Using Gross Income
- Second Draw Schedule C Form Using Gross Income
- 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:
- Articles/Bi-Law
- Tax Identification Number (EIN)
- Operating Agreement
- 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.
- SBA Form 159 - Fee Disclosure Form and Compensation Agreement
- Documentation of hours worked and hourly rate
- Professional licenses, designations or certification
IMPORTANT LINKS
- SBA PPP Homepage
- US Treasury
- IRS Press Release: Eligible Paycheck Protection Program expenses now deductible
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PPP ROUND 2: THE HIGHLIGHTS
NEW EIDL ADVANCE
- The maximum grant is equal to $10,000
- Authorizes $20 billion through the end of 2021
Click here for more info on the EIDL Advance.
PPP ROUND 1 REFORMS
- EIDL Advance Fix: Repeal of the EIDL Advance deduction of the CARES Act.
- 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.
- Expenses are tax deductible: Provides that business expense paid with forgiven PPP loan proceeds may be deducted from taxable income.
PPP ROUND 2
- 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
- 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
- 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
- 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.
