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Paycheck Protection Program

unhappy business owner

Paycheck Protection Program to Help You Continue Your Business Operations

As a small business owner, you face unique challenges during these unprecedented times. Your employees, the health of your business, and our communities have never been more important, and we want you to know that The Savings Bank is dedicated to helping you.

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act established a new Paycheck Protection Program (PPP), a federally-guaranteed, potentially forgivable loan program intended to help small businesses keep their employees working and their business operating. Small businesses, non-profits and sole proprietorships are eligible.

U.S. Small Business Administration (SBA) lenders – including The Savings Bank – can now provide PPP loans to eligible businesses, and we stand ready to do so.

There are thousands of pages of documentation available on this new program, which we have reviewed and condensed to simplify the process for you.

Paycheck Protection Program (PPP) provisions:

  • Available to small-and medium-sized businesses with less than 500 employees (subject to limited exceptions), including 501(c)(3) nonprofit organizations, 501(c)(19) veterans organizations, and/or Tribal businesses.
  • Maximum loan size is up to 2.5 times average monthly payroll costs over the prior 12 months for most businesses, or over a more targeted period for seasonal businesses, but may not exceed $10 million.
  • A portion of loan proceeds may be forgiven if used for specific expenses, such as payroll costs (capped at $100,000 salary per employee), utilities, mortgage interest, rent/lease payments, group healthcare benefits, interest on existing debt, and other approved efforts to retain employees.
  • The amount of forgiveness is calculated as the sum of amounts paid in the eight weeks following loan origination for: a) payroll, b) mortgage interest, c) rent and d) utilities.
  • Guaranteed deferment periods of at least 6 months are available with no prepayment penalties.
  • All eligible entities impacted by COVID-19 between February 15, 2020 and June 30, 2020 may apply beginning:
    • Friday, April 3rd for small businesses and sole proprietorships
    • Friday, April 10th for independent contractors and self-employed individuals
  • PPP loans will be available through June 30, 2020, although program funding limitations may impact loan availability for those businesses applying later in the availability timeframe.
  • PPP loans do not require a personal guarantee or collateral.
  • Impacted businesses may only receive one PPP loan.

We’ve also identified some additional resources to help you further understand the key details, as well as your eligibility for PPP program:

U.S. Chamber of Commerce Small Business Guide
U.S. Treasury Payroll Protection Program Overview
U.S. Treasury Borrower Information Sheet
U.S. Treasury Lender Information Sheet

Paycheck Protection Program Loans Frequently Asked Questions (FAQs)

How to apply:

  • Along with a completed PPP application, you will need the following to apply.
    • Payroll expense verification documents, including IRS forms 941 and 944 (if applicable), payroll summary reports and bank statements showing outgoing payroll, and a summary of payroll benefits (as further described in the above “U.S. Chamber of Commerce Small Business Guide”, under Item 1 “Included Payroll Costs”).
    • Date Business Established (Please include in the body of your email with your application and supporting documents.)
    • NAICS Code from your tax returns (Please include in the body of your email with your application and supporting documents.)
    • Copies of driver’s licenses for all beneficial owners
    • Other documentation as deemed necessary by the SBA
  • Each business owner with a beneficial ownership of 20% or greater must complete a separate PPP application, as information is needed on each owner. All application materials should be returned at the same time so as not to hold up the process.
  • Return your completed application and supposing documentation by email to If you are unable to email the application and supporting documents, you can drop off at one of our open drive-throughs. Emailing the application package is the preferred method for submission.

Please direct all inquiries on the PPP program to:

We are here to help you and your business in any way we can.

Thank you.