Coronavirus Emergency Loans for Businesses
Posted
on Wednesday, April 1, 2020
in
News
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated over $600 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provided 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. Click here to view a summary of the Paycheck Protection Program.
Paycheck Protection Program:
We appreciate that you have come to Boone Bank & Trust Co. for your small business needs. At this time we are accepting applications on a first-come, first-served basis until the program funding is depleted. Our desire is that you obtain funding from the SBA Paycheck Protection Program as quickly as possible.
Application Process:
- Complete the application.
- Gather your documents.
In addition to your application, you will be asked to provide documentation of your average monthly payroll and the number of employees (full time, part time, or other basis) on February 15, 2020. The following documentation is commonly provided for 2019:
- 2019 Federal Tax Return 1040 (if completed);
- IRS Form W3;
- IRS Form 941 and/or Iowa Quarterly Employees Contribution to Payroll Report for all of 2019 and the first quarter of 2020 (if completed); and
- Payroll information on other payroll costs (e.g., retirement, insurance, severance) which are typically obtained from a Payroll Service or accountant.
- NOTE: Borrowers who are self-employed or independent contractors must provide a 2019 IRS Tax Return with all schedules including Schedule SE.
- Additional information may be necessary depending on the circumstances, please review this SBA guidance.