Small Business Assistance

Paycheck Protection Program

 

 Apply for Forgiveness

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. PPP loan funds are now closed for new applications. We will continue to accept forgiveness applications using the link below.

1st Draw PPP Borrowers

Maximum loan amount $10MM

Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
•  Employee and compensation levels are maintained;
•  The loan proceeds are spent on payroll costs and other eligible expenses; and
•  At least 60 percent of the proceeds are spent on payroll costs.

Eligibility

• Small entities with 500 or fewer employees – including nonprofits, veteran organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors
• Businesses who were not in operation on February 15, 2020 are NOT eligible
• Entities that receive a grant under the Shuttered Venue Operator Grant Program are NOT eligible
• Housing cooperatives which employ no more than 300 employees (NEW)
• FCC license holders and newspapers (NEW)
• 501(c)6 organizations if the organization has 300 or fewer employees, among other lobbying terms (NEW)
• Destination marketing organizations if the organization has 300 or fewer employees (NEW)
 

2nd Draw PPP Borrowers

Maximum loan amount $2MM

Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
• Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60 percent of the proceeds are spent on payroll costs.

Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
• Businesses who were not in operation on February 15, 2020 are NOT eligible
• Entities that receive a grant under the Shuttered Venue Operator Grant Program are NOT eligible

Information for All PPP Borrowers

Documentation
Documentation must be sufficient to establish eligibility and to demonstrate the qualifying payroll amount, which may include payroll records, payroll tax filings, Form 1099-MISC, Schedule C or F, income and expenses from a sole proprietorship, or bank records.

Allowable Uses of Proceeds to Qualify for Forgiveness
·       Payroll costs*, including benefits
·       Mortgage interest payments (NOT mortgage prepayments or principal payments)
·       Rent payments
·       Utility payments
·       PPP equipment
·       Supplier costs
·       Operation expenditures such as software
·       Property damage costs stemming from public disturbances

*Note: At least 60% of the PPP loan proceeds shall be used for payroll costs. The other 40% may be used on the eligible costs listed above. Payroll costs include: Compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions or similar compensation, Cash tips or the equivalent (based on employer’s past records or, in the absence of such records, a reasonable, good-faith employer estimate of such tips), Payment for vacation, parental, family, medical or sick leave, Allowance for separation or dismissal, Payment for the provision of employees’ benefits consisting of group health care coverage, including insurance premiums and retirement, or Payment of state and local taxes assessed on compensation of employees.

Forgiveness of Loans Up to $150,000
For loans of $150M or less, the borrower may only submit a certification statement that it meets the revenue loss requirement at the time of application and provide proof of revenue loss at the time they submit a forgiveness application. Please note that our application may require additional documentation.

Forgiveness of Loans $150,000 or Below
For loans $150,000 or less made to an eligible recipient, forgiveness will be granted with the following information:

1.     A signed and submitted 1-page application (to be established by SBA within 24 days of the enactment of this Act) providing:
A.     A description of the number of employees retained because of the PPP loan
B.     Estimated amount of PPP loan spent on payroll costs
C.     Total loan amount
D.    Attestations that:
    a.     The information is accurate
    b.     The borrower complied with the requirements of the statute
    c.      The borrower will retain records that prove compliance as follows:
i.         Employment records- 4 years after application submission
ii.          Other records-3 years after application submission

Where can I get more information?

Contact your loan officer or one of our Customer Xperience Representatives at (800) 687‑2265. There are also helpful resources below.  

Apply Now


Helpful Resources

Interim Final Rule on Second Draw Loans
Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act

 

Program is subject to change. All information is pending further approval and is subject to SBA guidelines. Information is accurate and updated as of May 2021. Please note that in order for City Bank to process your PPP loan you must have a checking account with City Bank. Applications will only be accepted through our online application.

Contactless Payments

In this new, contactless environment, most consumers are equipped with debit cards, credit cards, and other contactless devices. If your business hasn't adopted a contactless payment processing solutions, it's time to make the switch. Our payment processing solutions are ready and equipped with the tools needed to accept contactless payments. 

Contact a Merchant Services Specialist at 800-687-2265 for more information.

Bank Remotely

Our Business Digital Banking platform offers financial flexibility and the tools needed to allow you to bank anywhere, anytime with the security you deserve. Monitor accounts, pay bills, transfer funds, conduct wire transfers1, deposit checks1, initiate payroll1, and more all with remote access.  

Learn more about our Business Digital Banking features. 

1Some features are not standard. To enroll in these services, please contact a Treasury Management Specialist by calling 800-687-2265.