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Paycheck Protection

On December 27, 2020, President Trump signed the latest COVID-19 relief package into law. The package provides for updates to the Paycheck Protection Program, including new loans, forgiveness on existing loans, and second draw loans. On January 8, the SBA announced it expects to open its portal for certain community financial institutions (with less than $10 billion in assets) to begin submitting loan applications on Monday, January 11. However, the SBA has not yet announced the date the portal will be open to all financial institutions including First Option Bank. Please see the latest information available from the SBA here.

 

PAYCHECK PROTECTION PROGRAM OVERVIEW

Committed to helping small businesses

The U.S. Department of the Treasury Paycheck Protection Program provides economic relief for small businesses with 500 or fewer employees.  Administered by hte SBA, this program provides funds to small businesses, independent contractors and self-employed individuals. The loan funds help businesses to cover expenses such as:
  • Payroll Expenses
  • Mortgage Interest
  • Rent
  • Utilities
As an SBA Preferred Partner, we are committed to helping guide you through the application process.

 

 

New PPP Loans  |  Second Draw  |  Loan Forgiveness  |  Additional Resources

 

 

Thank you for placing your trust in First Option Bank to secure a loan under the Paycheck Protection Program (PPP). It is our honor to serve you and your business through these challenging times.

For existing First Option Bank Customers, please take the below steps to complete your application and submit it to us.
If you are not an existing First Option Bank customer, please contact Tony Welhoff to see how we can best help you.

 
 
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First Draw Loans

If your business did not participate in the initial PPP program, you may now apply under the re-opened first draw. First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

To see if you qualify click the button below to view the PPP Overview PDF. Information includes:

  • Full Forgiveness Terms
  • Who Can Apply Eligible
  • Reapplying and Loan Increases
  • How and When to Apply
  • Ensuring Access for All
     

Once you have compiled all necessary documentation, and completed your application:

  1. Create a new email.
  2. Attach your completed application to the email along with all other required documents.
  3. Send the email to [email protected]

 

PPP Overview of First Round PDF 

PPP Borrower Application Form -
First Draw

Legal Entity Beneficial Ownership
Certification Form
 

Business PPP Loan Checklist 

Business Loan Amount Worksheet 

Self-Employed PPP Loan Checklist

Self-Employed PPP Loan Amount Worksheet 

FTE Count Worksheet 

 
 

Second Draw Loans

The PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

To see if you qualify to participate in the Second Draw, click the button below to view the PPP Second Draw Overview PDF. Information includes:

  • Full Forgiveness Terms
  • Targeted Eligibility
  • Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses
  • How and When to Apply
  • Ensuring Access for All

Once you have compiled all necessary documentation, and completed your application:

  1. Create a new email.
  2. Attach your completed application to the email along with all other required documents.
  3. Send the email to [email protected]
     

PPP Overview of Second Round PDF

PPP Borrower Application Form
- Second Draw

coffee shop

 

 

 

Thank you for placing your trust in First Option Bank to secure a loan under the Paycheck Protection Program (PPP). It is our honor to serve you and your business through these challenging times. 

Bob Means, our PPP Forgiveness Program Account Manager, will be handling all forgiveness applications. If you have any questions or concerns about the forgiveness process, please direct them to Bob at [email protected]. He will assist you as best able.

Email Bob Means


Forgiveness Application Resources

There are three types of applications. Use the table below to determine which one you qualify for the appropriate resources. If you still have questions, contact Bob Means.

3508 S

3508 EZ 

3508

$50,000 or Less

This form eliminated the more detailed calculations required for larger loans.

 

$50,000+

This form is for loans over $50,000 but retains simplified calculations for borrowers that meet certain criteria.

$50,000+

This form is the traditional form for loans over $50,000.

 

3508 S INSTRUCTIONS

 

3508 S FORM

 

3508 S CHECK LIST

3508 EZ INSTRUCTIONS

 

3508 EZ FORM

 

3508 EZ CHECK LIST

3508  INSTRUCTIONS

 

3508  FORM

 

3508 CHECK LIST

 

 

The Documents You May Need for Forgiveness

Forgiveness documentation can be found in the appropriate checklist in the above table. You will need documents verifying the number of full-time equivalent employees on payroll and their pay rates, for the periods used to verify you met the staffing and pay requirements. These documents can be one or more of the following:

  • Compensation: Documentation (payroll records, staffing schedules, etc.) supporting the certification that annual salaries or hourly wages were not reduced by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period relative to the period between January 1, 2020 and March 31, 2020.Payroll reports from your payroll provider.
    • 2019 Payroll tax filings (Form 941)
    • Bank account statements showing qualified payroll, mortgage/lease payments or utility expenses.
    • Schedule of employees to include their name, employee number, and compensation
    • Income, payroll, and unemployment insurance filings from your state
    • Documents verifying any retirement and health insurance contributions
       
  • Operations: If applicable, documentation supporting that the Borrower was unable to operate between February 15, 2020 and the end of the Covered Period at the same level of business activity as before February 15, 2020 due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19. This documentation must include copies of the applicable requirements for each borrower location and relevant borrower financial records.
    • Documents verifying your eligible interest, rent, and utility payments (canceled checks, payment receipts, account statements)if these are being claimed.
       
  • FTE and Hours: If applicable, documentation supporting that the Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period (other than any reductions that arose from an inability to rehire individuals who were employees on February 15, 2020, if the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020). This documentation must include payroll records that separately list each employee and show the amounts paid to each employee between January 1, 2020 and the end of the Covered Period.
    • Documents evidencing any FTE safe harbor exemptions – written evidence that previous positions were offered and declined, were fired for cause, voluntarily resigned, or voluntarily requested a reduction in hours. In all cases, the borrower only has to potentially show written evidence if the position was not filled by another employee and forgiveness is being sought.

       
  • Safe Harbor Employees: Documentation regarding any job offers and refusals, refusals to accept restoration of reductions in hours, firings for cause, voluntary resignations, written requests by any employee for reductions in work schedule, and any inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020.
     
  • Operations: If applicable, documentation supporting that the Borrower was unable to operate between February 15, 2020 and the end of the Covered Period at the same level of business activity as before February 15, 2020 due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards of sanitation, social distancing, or any other work or customer safety requirement related to COVID-19. This documentation must include copies of the applicable requirements for each borrower location and relevant borrower financial records.
     
  • Other Supporting Materials: Borrowers should retain all worksheets, calculations, schedule or other records relating to the Borrower’s PPP loan, including documentation submitted with its PPP loan application, documentation supporting the Borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan, documentation necessary to support the Borrower’s loan forgiveness application, and documentation demonstrating the Borrower’s material compliance with PPP requirements.
    • If applicable, EIDL Advance amount and application number.


 

 

Review information from the U.S. Treasury

US Treasury Small Business Paycheck Protection Program Overview

US Treasury Small Business Paycheck Protection Program Information Sheet

Please note: Program details and requirements are not finalized. This is not a complete description of all eligibility requirements. Additional program restrictions may apply. All loans are subject to approval.

 

Information for Small Business Owners

Gather required documents

Review this list of items for a full and complete application:

Additional documentation may be required to include but not limited to:

  • If franchise — Franchise Agreement and SBA Franchise Addendum may be required
  • Any other documents the SBA determines necessary

For forgiveness requests:

  • Payroll expenses for year-to-date 2019 to be documented via:
    • Payroll tax filings reported to the IRS
    • State income, payroll, and unemployment insurance filings
  • Canceled checks, payment receipts, transcripts of accounts, or any other documentation verifying payments on payroll (tax filings), covered interest on mortgage obligations, payments on covered lease obligations, and utility bills (Date of Loan – June 30, 2020)
  • List of every employee, with an indication of status (full-time, part-time, etc.) per location including full legal name, address, Social Security number, and pay rate (Date of loan - June 30, 2020)

For Self-Employed Individuals

Gather required documents

Review this list of items for a full and complete application:

  • SBA Borrower Paycheck Protection Program Application

  • Copy of valid government issued photo I.D. (i.e. State Driver’s License, or US Passport)
  • Date Business Established
  • Payroll tax reports 940 & 941 - one year (if applicable)
  • 2019 Schedule C
  • Paycheck Protection Program Self-Employed Loan Amount Worksheet
  • Deposit account information for the disbursement of funds as well as auto-debit of payments on any balance
  • Brief description of the nature of the business

Additional documentation may be required.

 

 

Submit an Application

Once you have compiled all necessary documentation, and completed your application:

  1. Create a new email.
  2. Attach your completed application to the email along with all other required documents.
  3. Send the email to [email protected]

All required documents must be sent in a single email to [email protected]

 

 

Questions?

If you have questions about the application process or required documents, please contact your loan officer or email [email protected]

 

 

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