Paycheck Protection Program
This program is part of the new federally funded CARES stimulus package and is aimed specifically at helping small businesses impacted by COVID-19. The program is meant to help you retain your staff and assist with operating expenses. The entire loan amount may be forgiven if certain specific conditions are met. Please refer to the link below for more details.
PPP Borrower Information Fact Sheet
Who is Eligible?
Small businesses, sole proprietorships, independent contractors, self-employed individuals, nonprofits, Tribal business concerns, and veterans organizations in operation prior to Feb. 15, 2020, can qualify.
- Loans are fully guaranteed by the federal government.
- There is no cost to apply.
- No collateral or personal guarantee is required.
- Must have a City Bank deposit account.
For more details, view the PPP Borrower Information Fact Sheet.
Loan amounts will be forgiven as long as certain requirements are met; otherwise, debt will be repaid on certain terms and conditions. See PPP Borrower Information Fact Sheet for requirements.
- Payroll Cost (capped at $100,000 annualized for each employee)
- Rent or Most Mortgage Interest
- Utility Expenses
- Documentation for payroll requirements, including number of employees (PT/FT) and average monthly payroll that is provided to the IRS. Examples of documentation are 940 forms, 941 forms, labor distribution report, and employee W-2s.
When can I apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
How do I apply?
Contact your loan officer or one of our Customer Xperience Representatives at (800) 687‑2265.
How much funding can I receive?
We will calculate your loan amount by taking your average monthly business payroll and multiplying it by 2.5. Your monthly payroll includes wages, tips, group health, retirement benefits and taxes, but excludes the amount of compensation to individuals in excess of $100,000. The maximum loan amount is $10 million.
If I take this loan now, can I get additional SBA funds in the future?
It is our understanding that it will not affect future SBA loans or total dollars allowed from the SBA, but we are awaiting guidance from SBA.
Can I apply for both an Economic Injury Disaster Loan (EIDL) and a Payment Protection Program Loan?
We are seeking confirmation as to whether you can qualify for a Paycheck Protection Loan and a disaster loan. At this point, we believe your business can qualify for both, but you would need to certify that your disaster loan was used for purposes other than the Paycheck Protection Loan. We look forward to sharing more details and explaining the process better once we have guidance from the SBA.
Where can I get more information?
Contact your loan officer or one of our Customer Xperience Representatives at (800) 687‑2265 or view the PPP Borrower Information Fact Sheet.
Program is subject to change. All information is pending further approval and is subject to SBA guidelines. Information is accurate and updated as of April 1, 2020.