BREAKING UPDATE – Paycheck Protection Act: Where to find a loan, and how much am I eligible to receive?
We’ve spoken with so many of you, and understand there are many, many questions small business owners have surrounding the Payroll Protection Act, how it works, what banks are participating and how to apply for the funds. A few comments to the most frequently asked questions are below.
How do I calculate Average Payroll Costs
New Guidance is coming out daily. Payroll Bureaus are beginning to calculate ‘Average Payroll Costs,’ and as we review these calculations, each bureau (ADP, Paychex, Gusto, etc.) is making the calculation a bit differently.
Last night the American Institute of CPAs (AICPA) issued guidance on this question, and stated ‘for the calculation of average monthly payroll cost, applicants should use gross payroll (including tax expenses) – based on 2019 data – for the PPP loan application and forgiveness.
Where do I apply? A Bank by Bank Guide.
Banks are scrambling to put programs in place to accept applications. Many banks initially insisted they would only accept applications from current customers. Some have now opened their sites to accept applications from small business without an existing relationship in place. As of today, we understand the following to be the status of a sampling of banks in the area.
If any of you have information regarding implementation of the PPP at other banking institutions, I would gladly receive the details, and update the information here accordingly.
Chase
Chase is not taking calls, and branch personnel can’t answer questions about the PPP program. Existing customers may login here –> LINK to provide contact details, after which customers will receive an email with instructions to go online to complete the application, or will receive a call to complete the application over the phone.
Bank of America
Bank of America is accepting applications from current customers. To begin the application process, login here –> LINK and enter your loan application online.
BB&T/SunTrust now Truist
Truist is still working to rollout the PPP online application. Keep an eye on the website here –> LINK
M&T Bank
M&T Bank will begin accepting applications from existing customers on Monday morning (4/6/2020) and will offer a portal to submit the application online as well as a payroll calculator.
Atlantic Union Bank
Atlantic Union Bank opened an online portal late in the evening on Friday, April 3rd for existing customers. The site is not being made public yet.
Summit Community Bank
Summit Community Bank is finalizing it’s application process and offering a PDF application and Data Checklist to customers, to guide completion of the application package.
Capital One
Capital One has established a webpage for small businesses, providing information related to the PPP. The site will contain a link to an online application in the future. See the link here –> LINK
First Virginia Community Bank
Applications will be accepted beginning Monday, April 6th at the earliest. The bank is working to implement guidance recently released from the SBA. Due to expected high volumes, loan amounts will initially be limited to $350,000 or less. Priority will be given to existing customers.