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Paycheck Protection Program

January 7, 2021 - The SBA has provided guidance on the Economic Aid Act in reference to the Paycheck Protection Program. We will continue to provide our interpretation of topics that relate to common businesses in our market area. If we have not addressed a topic on our website, please contact Taylor Bank's PPP Lending Team.

Amended Paycheck Protection Program

Second Draw Loans


December 31, 2020 - Taylor Bank is here to help you navigate through the ebb and flow of the continuing PPP.  Congress titled this the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.”

Did you miss the Boat, the first time around? Here's how to get on board for the next round of PPP.

Eligibility

Small businesses with 500 or fewer employees—including nonprofits, veterans’ organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible.

How to Apply

PPP Borrower Application Form

Please follow the instructions provided to complete the application. Initial and signed where required.  The application and supporting documents may be dropped off at any Taylor Bank branch.  If you would like to submit the documents electronically, please call 410.641.1718 for secure email access.

How to calculate my Loan Amount

Calculation varies due to business type, in general:

  • Step 1: Compute 2019 payroll costs by adding gross wages and tips paid to your employees plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips.

Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).

Step 3: Multiply the average monthly payroll costs from Step 2 by 2.5.

Please call our dedicated PPP Lending team for more information.

How should I spend the funds

In order for your PPP loan to be forgiven, the funds must be used for eligible expenses. Where this is the Paycheck Protection Program, at least 60% of the loan must be used for payroll costs. Up to 40% may be used on other eligible expenses.

How long do I have to use the funds

You will have 24 weeks to spend the funds. But you may also use it over an 8 week period.

 

Continuation of the Paycheck Protection Program

Again, the program will be administered by the Small Business Administration. The SBA has not yet issued the regulations to carry out this act and make amendments to the original program. However, based on the Act, here are some changes we are expecting to see:

Additional Eligible Expenses

Covered Operations Expenditures

Payments for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses.

Covered Property Damage Costs

Costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation.

Covered Supplier Costs

Expenditures made by an entity to a supplier of goods for the supply of goods that— 

(A) Are essential to the operations of the entity at the time at which the expenditure is made; and

 (B) Is made pursuant to a contract, order, or purchase order—

(i) In effect at any time before the covered period with respect to the applicable covered loan; or

(ii) With respect to perishable goods, in effect before or at any time during the covered period with respect to the applicable covered loan.

Covered Worker Protection Expenditures

Operating or a capital expenditures to facilitate the adaptation of the business activities of an entity to comply with requirements established or guidance issued by the Department of Health and Human Services, the Centers for Disease Control, or the Occupational Safety and Health Administration, or any equivalent requirements established or guidance issued by a State or local government, (during the period beginning on March 1, 2020 and ending the date on which the national emergency declared by the President under the National Emergencies Act with respect to the Coronavirus Disease 2019 (COVID–19) expires) related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID–19.

This may include the purchase, maintenance, or renovation of assets that create or expand— 

  1. a drive-through window facility;

  2. an indoor, outdoor, or combined air or air pressure ventilation or filtration system;

  3. a physical barrier such as a sneeze guard;

  4. an expansion of additional indoor, outdoor, or combined business space;

  5. an onsite or offsite health screening capability; or

  6. other assets relating to the compliance with the requirements or guidance described in subparagraph (A), as determined by the Administrator in consultation with the Secretary of Health and Human Services and the Secretary of Labor; the purchase of—

    • covered materials described in section 328.103(a) of title 44, Code 16 of Federal Regulations, or any successor regulation

    • particulate filtering face piece respirators approved by the National Institute for Occupational Safety and Health, including those approved only for emergency use authorization; or

    • other kinds of personal protective equipment, as determined by the Administrator in consultation  with the Secretary of Health and Human Services and the Secretary of Labor;

  7. Does not include residential real property or intangible property.

 

Funds received in an earlier round of PPP may be used to cover these additional expenditures unless the borrower has received forgiveness of the loan through the SBA. 

Paycheck Protection Program Second Draw Loans

Here is what we know today:

Eligible Entities: Business concerns, nonprofit organizations, eligible self-employed individuals, sole proprietors, independent contractors

That:

  • Employs not more than 300 employees; and
  • Had gross receipts during the first, second, third, or, fourth quarter in 2020 that demonstrate not less than a 25 percent reduction from the gross receipts of the entity during the same quarter in 2019.

The Maximum Loan Amount – the LESSER of:

  • The amount obtained by multiplying;
    • The average total monthly payment for payroll costs incurred or paid during:
      • The 1 year period before the date on which the loan is made; or
      • Calendar year 2019; BY
  • 2.5; or
  • $2,000,000.

Seasonal Employees

The Maximum Loan Amount – the LESSER of:

  • The amount obtained by multiplying;
    • The average total monthly payment for payroll costs incurred or paid during:
      • Any 12-week period between February 15, 2019 and February 15, 2020; BY
  • 2.5; or
  • $2,000,000.

NAICS 72 Entities

The Maximum Loan Amount – the LESSER of:

  • The amount obtained by multiplying;
    • The average total monthly payment for payroll costs incurred or paid during:
      • The 1 year period before the date on which the loan is made; or
      • Calendar year 2019; BY
  • 3.5; or
  • $2,000,000.

How to apply

PPP Second Draw Borrower Application Form

Please follow the instructions provided to complete the application. Initial and signed where required.  The application and supporting documents may be dropped off at any Taylor Bank branch.  If you would like to submit the documents electronically, please call 410.641.1718 for secure email access.

 

Please contact our dedicated PPP Team at (410) 641-1718 or email ppplending@taylorbank.com

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