sba: paycheck
protection program

Trustar Bank CARES about our community and is proud to partner with the Small Business Administration (SBA) as a registered lender. As we navigate the current economic environment, businesses may find themselves in need of additional funding to meet operational needs such as payroll and rent. The CARES Act, which was signed into law on March 27, 2020, provides banks with an opportunity to assist.

The SBA’s CARES Act Paycheck Protection Program (PPP) will provide capital to small businesses to help them meet their ongoing short-term expenses. If your business has fewer than 500 employees, you may be eligible. While guidance from the SBA is still forthcoming for our industry, Trustar Bank is here to provide subject matter experts and resources.

We have established a dedicated PPP Rapid Response Team that is ready to assist you in submitting your application. Please contact us with any questions:

Steve Collatie at 571-523-4458
Bruce Wilmarth at 571-523-4457
George Connors at 571-523-4448

 

Paycheck Protection Program Loan Forgiveness Application

Some recipients of the Paycheck Protection Program loans may be eligible for loan forgiveness. In order to apply for forgiveness of your PPP loan, please complete this application and submit it to your lender.

 

Paycheck Protection Program Presentation

As your bank, we recognize that you may have questions about the Paycheck Protection Program (PPP). To further our commitment to you during these difficult times, we recently conducted a webinar for you to hear from PPP experts. This resource was an opportunity for clients to ask questions specific to their businesses regarding PPP eligibility and the forgiveness process.

Topic: SBA PPP Loan Eligibility and Forgiveness Process

To view the Meeting Recording, please click here.

Access Password: 3D+e+#5*

Thank you to our presenters!

Jeremy Tomes of Troutman Sanders

Mr. Tomes joined us to review PPP eligibility requirements. Mr. Tomes has established a reputation as an SBA lending expert and steadfast source of knowledge for his clients. He helps clients understand and comply with complex regulatory and legislative policies, including the CARES Act, SBA SOPs and related reporting and compliance issues for both borrowers and lenders.

Download Jeremy Tomes of Troutman Sanders’ Presentation

Wesley Allen of Dixon Hughes Goodman

Mr. Allen joined us to discuss the forgiveness calculation of the PPP. Mr. Allen’s 13 years of experience includes working with financial institutions in the areas of process and control evaluation, external financial reporting to regulatory agencies and investors, and compliance with laws and regulations. In addition, Mr. Allen has experience in providing loan policy consulting and derivative accounting consulting.

Download Wesley Allen of Dixon Hughes Goodman’s Presentation

How to Apply

The Federal Government has provided a convenient application/questionnaire.

Basic operating and financial information that will need to accompany your application includes, but may not be limited to, the following:

  1. Excel Spreadsheet with payroll costs
  2. Payroll Expense Verification documents (from payroll processor)
  3. Company Organizational Documents
  4. Tax Identification Number
  5. Verification of Tax ID number (first page of federal tax returns)
  6. Owner’s Drivers Licenses
  7. Credit Report Consent Form
  8. Beneficial Ownership
  9. Four weeks of the following: Rental Invoices, Utilities Invoices, Mortgage Interest Statements and Payroll Expenses

It is important to understand that the Program is likely to be oversubscribed, and, as a result, not all applications will receive funding. The earlier you apply, the better your chances of receiving this important loan.

 

 

Additional resources are included below for convenient reference.

Full Text of the CARES Act

Summaries of the CARES Act

Small Business Administration Resources