Today's Bank is ready to help small businesses access funds from the Paycheck Protection Program (PPP) through the US Small Business Administration. These SBA loans are designed to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

Small businesses, sole proprietors, independent contractors, self-employed persons, nonprofits and several other categories are eligible for this program.

The PPP loans offer several unique benefits:
  • Has a maturity of 2 years and an interest rate of 1%.
  • Will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll.)
  • Loan payments will be deferred for the first six months.
  • No collateral or personal guarantees are required.
  • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
The application period for the PPP is open through June 30, 2020. We encourage you to apply as soon as possible because there is a funding cap. Download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender, and to begin completing the form. Please contact a Today’s Bank lender to start applying for a Paycheck Protection Program loan. Due to the federal government funding cap, Today's Bank cannot guaranty your loan will be approved by SBA, even after you apply for it.

Required Documentation
In order to submit your application to the SBA for approval there are certain documents and information they require. Please gather these items to help expedite the submission of your Paycheck Protection Program application to the SBA:
  • 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
  • Health insurance premium information for 2019
  • State and local taxes for 2019
  • Retirement contributions made in 2019
  • Payroll report for a 12-month period (ending on your most recent payroll date), showing the following information:
    • Gross wages for each employee, including officers if paid W-2 wages
    • State and local taxes assessed on employee compensation
    • Paid time off, vacation pay and FMLA pay for each employee
    • Health insurance premiums paid by the company owner(s) under a group health plan. Include all employees and company owners.
    • Actual salary for periods shown above
  • Business Established Date
  • Evidence (2020 invoice, bank statement, or book of record) to establish that you were in operation on or around February 15, 2020. 
  • For self-employed, independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation
  • For a business entity, Corporate documents, including Articles of Incorporation/Organization and By-laws or Operating Agreements
  • Paycheck Protection Application Form 2483 – completed by all individuals with 20% or more ownership (one form per owner)
For more information on the PPP, visit these helpful sites:
Small Business Administration Paycheck Protection Program
US Chamber of Commerce Guide to the Covid-19 Emergency Loans 

Other assistance for small businesses: