|Updated: April 1, 2020 5:01 p.m.
What businesses qualify for a loan under the Paycheck Protection Program?
- Businesses with up to 500 employees.
- Hospitality businesses with multiple locations that have no less than 500 employees per location.
- Nonprofit organizations.
Do independent contractors qualify under this program?
- Qualifying independent contractors and sole proprietors are eligible to receive these loans.
How much of a loan can you get?
- The total amount of payroll costs you had in 2019, divided by 12, multiplied by 2.5.
What documents do we need?
- Payroll Documents for the last 12 months.
- List of Employees as of 02/15/2020
Who is considered to be an employee?
- Full-time, part-time, or employees that are employed on another basis are all considered the same.
What can the funds be used for? (Only during the time period (02/15/2020- 06/30/2020)
- In order to get the loan forgiven, you can only use the funds on the expenses listed below.
- Payroll Costs.
- Costs related to healthcare benefits.
- Rent/Lease Payments.
- Interest on pre-existing debt.
What happens if I don’t use the entire loan I am approved for?
- You will not be responsible for the unused portion of the loan.
How is the loan going to be forgiven?
- The purpose of the stimulus bill is to keep employees paid through 2/15/2020 - 6/30/2020, and for the loan to be forgiven, the funds must be used as such. Borrowers are eligible for loan forgiveness 8 weeks after the date the loan is booked. During the 8 weeks, we will need proof of what the funds are being applied towards. This would include:
- Payroll Invoices
- Utility Bills
- Rent Receipts
- Interest Expense Receipts
What happens if SBA doesn’t cover 100% of the loan?
- If after the borrower receives loan forgiveness there is still an outstanding amount to be paid, the
remaining amount will be paid over 2 years with a .5% Interest rate. Again, still subject to change
How do I Apply?
What if I am not an ANB Customer?
After filling out our online loan application and new business account application, E-mail StimulusAccounts@anb.com where you will be given further instructions on opening an account with us.