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Paycheck Protection Program 2021

Updated 01/14/21

When the Small Business Administration’s Paycheck Protection Program (PPP) was announced in 2020, our bankers worked tirelessly to secure financing for our customers – resulting in the origination of over 700 PPP Loans, equating to over $200 million in funding for our businesses.

Now, with this experience under our belts, we are ready to help our customers navigate the highly anticipated Paycheck Protection Program 2021*. As part of the latest economic relief package there will be $284 billion available across the country to fund this latest round of loans. The Small Business Administration is anticipated to begin accepting applications from Waterford on Tuesday, January 19. In preparation for this, you can now pre-fill your PPP application and submit it to your Waterford Lender.

Additionally, this new legislation provides funding for new loans to small businesses, as well as benefits to streamline the application process for businesses who already received a PPP Loan in 2020. So, whether you are a first- or second-time borrower, we are ready to get you started.

Your 2021 Paycheck Protection Program Application

Business Owners may benefit from a Paycheck Protection Program Loan.

You can start your PPP application by selecting the appropriate button below. Please note, that while you can now pre-fill your application, the SBA system for accepting applications is not anticipated to go live until Tuesday, January 19. Once your application is complete you can save it as a pdf and email it to your Waterford Lender. If you’d like more information first, please review our additional resources here.

Instructions for each application are included within their individual PDF through the buttons above. We recommend using a more current browser (Google Chrome, Microsoft Edge, Safari) for this process. Some users have reported issues completing their applications with Internet Explorer. If you have additional questions, please contact your banking representative directly.

Prepare To Apply

In anticipation of applying for PPP 2021, we recommend doing the following:

  • Run a comparative income statement with quarterly comparative results. Companies demonstrating a 25% or more reduction in gross revenues in any calendar quarter from 2019 to 2020 are eligible to apply.
  • Gather employee head count numbers for 2019 and 2020 from your payroll provider. Companies with 300 or fewer employees are eligible to apply. Entities with NAICS (North American Industry Classification System) Code starting with 72 (Accommodation and Food Services) will have a 300 employee limit for each location.
  • Collect your 2019 and 2020 IRS 940 and 941 forms, as well as unemployment data from state returns.
  • Collect your 2019 and 2020 payroll reports from your payroll provider.
  • Collect your 2019 and 2020 health benefit information (health insurance, group life, disability, vision, and dental)
  • Collect your 2019 and 2020 employer retirement plan contributions.

Please note, if the above items were provided to us during your PPP 2020 loan processing, they will not be required again.

What Has Changed?

PPP 2021 is expected to have some key differences over last year’s funding. These include but are not limited to:

  • Only companies with 300 or fewer employees will be eligible for second PPP loans. This is down from a previous limit of 500 employees.
  • Additional PPP loans will be capped at $2 million, instead of the previous limit of $10 million.
  • For the first 60 days of the new loan program, $2 billion has been set aside to be given exclusively to businesses with less than 50 employees.
  • Applicants seeking a second PPP loan will have to show that their sales in at least one calendar quarter of 2020 dropped by 25% or more from the prior year’s levels.
  • Borrower’s in industries assigned to NAICS Code starting with 72 (Accommodation and Food Services) are entitled to receive loans up to 3.5x their average monthly payroll costs, other industries remain entitled to up to 2.5x their average monthly payroll.
  • There will be a simplified forgiveness process for loans of less than $150,000. Those small borrowers will have to sign a one-page form attesting that the money was used for its intended purpose.
  • Borrowers can select a covered period for eligible expenses between 8 and 24 weeks.

Who Is Eligible?

Business partners navigating the Paycheck Protection Program.

To be eligible for a Paycheck Protection Program Loan your business:

  • Must have been in business since February 15, 2020.
  • Must have 300 or less employees.
  • Must be a small business, nonprofit organization, housing cooperative, veteran’s organization, tribal business concern, eligible self-employed individual, sole proprietor, independent contractor, or small agricultural cooperative.
  • Must demonstrate a 25% or more reduction in gross revenues between comparable quarters in 2019 and 2020.
  • If this is not your first time borrowing, you must demonstrate that you have used or will use the full amount of your first PPP Loan.

What Does the Loan Cover?

PPP 2020 funding covered payroll, covered leave, mortgage interest, rent, utilities and all expenses that fell under these categories.

PPP 2021 is expected to expand allowable and forgivable expenses to include property damage, supplier costs, qualifying technology expenses, and qualifying personal protective equipment (PPE).

Why Use Waterford For Your Paycheck Protection Program Loan?

Bankers discussing the Paycheck Protection Program with a customer.

We know times are challenging and, as such, we appreciate the hundreds of customers who put their trust in us to help them with PPP 2020. We look forward to assisting first- and second-time borrowers with PPP 2021 with the same strength and agility.

Your dedicated banker will help you through every step of the process, maintaining an open line of communication with you from day one. That way you’re never in the dark about where your application is or what may be needed from you.

Recognized by the Wall Street Journal for the hands-on approach we brought to our customers during 2020’s Paycheck Protection Program, our team remains committed to helping our businesses, neighbors, and communities confidently navigate their way through any challenges this year may present. If you have questions about PPP 2021 or other financing inquires, please contact us today.

Our PPP 2020 Progress

Loans Funded
In Funding

*All information is subject to change based on additional guidance from the Small Business Administration as it is released.

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