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SBA Paycheck Protection Program

On April 24, an additional $310 billion was allocated to the SBA Paycheck Protection Program. You may complete an application here. Guidance on payroll documentation can be found below on this page. Please note, receipt of application does not guarantee approval and funding.



When to Apply

The SBA started accepting applications on these dates.
  • Starting April 3, 2020, small businesses and sole proprietorships could apply.
  • Starting April 10, 2020, independent contractors and self-employed individuals could apply.
  • On April 27, an additional $310 billion in funding was made available.

How to Apply

  • Please complete an application here.
  • Please include supporting payroll documentation. Additional guidance on payroll documentation can be found below on this page.
  • Additional information may be requested.

Program Overview

  • The Paycheck Protection Program provides small businesses with funds to pay up to eight weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
  • Funds are provided in the form of loans that may be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must be used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Eligibility Requirements

  • Small businesses with 500 or fewer employees — including nonprofits, veterans' organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors — are eligible. Businesses with more than 500 employees are eligible in certain industries.
  • Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
  • Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

Payroll Costs Used to Determine Loan Amount (Average Monthly Payroll Costs X 2.5)

Salaries to include:
  • Compensation (Salary, Wages, Commission)
  • Parental, Vacation, Family, Medical, Sick Leave
  • Allowance for Dismissal or Separation
Benefits and Taxes
  • Payments required for the provisions of group health care benefits, including insurance premiums.
  • State and local taxes assessed on compensation.
  • Payments of retirement benefits such as 401(k).
LESS: Salaries in excess of $100,000 for individuals or owners.

Documentation Needed to Support Payroll Calculations

Verification of Payroll Information
Support of Monthly Average Payroll Costs from One of the Following:
  • IRS Forms 941 for 3/31/19, 6/30/19, 9/30/19 and 12/31/19 OR
  • IRS Form 940 for the Year Ended 12/31/19 OR
  • Payroll Reports:
    • Summary report for the 12 months ending 2019 (gross wages).
    • Summary report for a rolling 12 months (gross wages).
AND Detail of February 15, 2020 payroll to prove employees on the payroll as of that date.

If Not Included in the Payroll Reports: Information about Benefits and Taxes
  • Supporting documentation for health, dental, and retirement benefits paid for calendar 2019.
    • A schedule summarizing each category of these costs.
  • Copies of state unemployment tax filings for 2019.

Additional Documentation Needed for Non-Customers

  • Complete Entity Documentation
  • Contact Information and Phone Numbers for All Involved Parties
  • Copy of Identifying Documentation for All Owners Listed

Forgiveness of Paycheck Protection Program Funding

On Friday, May 15th, the SBA, in consultation with the Department of the Treasury, released a Loan Forgiveness Application that PPP borrowers will utilize when applying for loan forgiveness. The application offers details on how to apply for forgiveness, and FAQs provided by the SBA offer additional guidance.

Peoples Bank is in the process of implementing a streamlined system for initiating forgiveness. When this system is complete, we will be sending instructions via email and including a link on our website. Please use this system to initiate your forgiveness request when it becomes available.

Customers who have received a Paycheck Protection Program loan should ensure they understand which expenses are eligible for forgiveness and are diligently documenting the expenses as evidence of how the funds are used. The expenses should be tracked for an eight-week period, which begins the date the loan proceeds are disbursed to the customer.

Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Not more than 25% of the forgiven amount may be for non-payroll costs.

Please note, the government said more guidance is forthcoming. For more information about the SBA Paycheck Protection Program, please visit

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