The United States Small Business Association (SBA) recently published their guidelines for the administration of the CARES Act Paycheck Protection Program (PPP). We are reaching out to give you our understanding of the SBA's guidelines as they relate to the information you need to provide to Marion County Bank in order for us to submit your application to the SBA.
Please submit the following:
- Completed Application: SBA Form 2483 (04/20)
- Aggregate payroll costs from the last twelve months for employees whose principal place of residence is the United States. Payroll costs consist of compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees; and for an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.
- Documentation of wages for all employees earning in excess of $100,000 in the last twelve months.
- If applicable to your situation, supply the outstanding amount of an Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020, less the amount of any "advance" under an EIDL COVID-19 loan (because it does not have to be repaid).
Please work with your tax preparer to gather the above information. The application will require that you acknowledge that Marion County Bank will confirm the eligible loan amount using tax documents that are identical to those submitted to the Internal Revenue Service.
Please submit the above information to your loan officer electronically in every case possible so that we can do our best to protect the health of our employees and their families and our customers. If in person meetings are deemed necessary, please call your lender to schedule an appointment.