Paycheck Protection Program - Home | AccessBank Texas



Paycheck Protection ProgramAccessBank Texas is proud to offer the Paycheck Protection Program to support your business through the COVID-19 Crisis. If you are a small business, sole proprietor, independent contractor, or nonprofit organization, we are here to help. STEP 1: Verify Eligibility and Maximum Loan AmountTo see if you are eligible for PPP and the maximum loan amount eligible for your business, please refer to the PPP Information Sheet. Additionally, for more information, please refer to the PPP Borrower Information Sheet.STEP 2: Complete ApplicationComplete the SBA Payment Protection Program Application Form. STEP 3: Complete SBA Loan- Paycheck Protection Program SpreadsheetComplete the General Eligibility and Max Loan Amount Worksheet. (Spreadsheet Attached)This spreadsheet also includes a Loan Forgiveness Amount Worksheet that will be utilized 8 weeks following the loan origination to estimate the Loan Forgiveness Amount. This spreadsheet does not need to be completed at the time of application.STEP 4: Gather Required Verification DocumentationIn addition to the Completed Application and Max Loan Amount Worksheet, AccessBank Texas will need to obtain the additional source documents. Based on guidance that has been provided as of April 2, 2020, the following items will be needed:Payroll Documentation: Possible source documents to include:All 2019 IRS Quarterly 940, 940, or 944 payroll tax reportsPayroll reports for each pay period for the preceding 12 months, which will show the following:Gross wages for each employee, including officer(s) if paid W-2 wagesPaid Time Off for each employeeVacation pay for each employeeFamily medical leave pay for each employeeState and local taxes assessed on an employee’s compensation1099s for Independent Contractors for 2019Income and expense information from sole proprietorshipBank Records sufficient to demonstrate the qualifying payroll amountDocumentation reflecting the health insurance premiums paid by the company under a group health plan (including the owners of the company) for the immediately preceding 12-month period prior to the date of the SBA loan origination. Documentation of all retirement plan funding by the employer for the immediately preceding 12-month period prior to the date of the SBA loan origination. Certificate of Beneficial Owners (Form Attached)Articles of Incorporation/OrganizationBylaws/Operating AgreementDriver’s License for Each OwnerSTEP 5: Submit Application & Verification DocumentationThe following options are available to submit your application:Email your Completed Application directly to your AccessBank Texas lenderIf you do not have a designated lender, please email your Completed Application to: payrollprotectionprogram@Print and Drop off your Completed Application at your local AccessBank Texas branchSTEP 6: Provide Verification Documentation for Loan ForgivenessAdditional information will need to be presented to the Bank and/or SBA for the Loan Forgiveness for the 8-week period following the origination of the loan. Based on guidance that has been provided as of April 2, 2020, the following items will be needed for loan forgiveness. Copies of Payroll Tax Reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the 8-week period following the origination of the loanCopies of payroll report for each pay period for the 8-week period following the origination of the loan.Reports should include gross wages including PTO (vacation time, sick time, and other PTO)Reports should include an itemization to document payroll expense in excess of $100,000 per employeeDocumentation reflecting the health insurance premiums paid by the company under a group health plan (including owners of the company) for the 8-week period following the origination of the loanDocumentation of all retirement plan funding by the employer for the 8 weeks following the origination of the loan.Copies of all lease agreements for real estate and tangible personal property (if not previously provided) along with proof of payment during the 8-week period following the origination of the loan.Copies of all statement of interest paid on debt obligations incurred prior to February 15, 2020 indicating payment amounts and proof of payment for the 8 week period following the origination of the loan.Copies of cancelled checks, statements or other evidence of utilities paid for the 8-week period following the origination of the loan. ................
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