CARES Act: Paycheck Protection Program
Information for Small Businesses that Have Been Affected by COVID-19
The Coronavirus Aid Relief and Economic Security (CARES) Act provides one of the largest stimulus aid packages to individuals and businesses in the nation’s history. The CARES Act includes the Paycheck Protection Program (PPP), a $349 billion business loan program that offers relief measures to small businesses, primarily to keep employees on payroll and cover other stipulated business expenses. On Friday, April 24, new legislation was signed into law that provides an additional $310 billion into PPP.
American Momentum Bank stands ready to assist our communities and business customers that are struggling with the economic impact of COVID-19. We have already approved over 1,400 applications representing $267 million of Paycheck Protection Plan loans. We are pleased to announce that we are again accepting new applications for existing bank clients. Our clients who have already submitted an application do not need to re-file a new application with us. Our Bank is community-based, and we are doing our best to provide the maximum funding possible for this critical loan program.
We will be tracking the Bank’s application flow daily, as we determine the maximum number of loans we can process. Please continue to monitor this webpage, as we will update the page with any changes.
If you plan to submit an application, you can prepare for the application process by reading the Program Overview and Borrower Information Fact Sheet, and by gathering the following documentation:
- Complete the Paycheck Protection Program Application (the application has recently been updated and the updated version will need to be completed)
- Attach Addendum A if you answered Yes on Question #3
- Attach Addendum B if you answered Yes on Question #4
- Full-year payroll information by employee for 2019 (this can include benefits and healthcare provided and must be supplied for all employees)
- 941 Quarterly Payroll Tax Forms for 2019 and Q1 2020 (Q1 2020 is not due until 4/30/2020; notify your AMB lending officer if the Q1 2020 941 Quarterly Payroll Tax Form has not been completed)
- 1099 Forms for 2019, if you paid your employees as contractors (contractors will file for themselves and cannot be counted toward your employment costs for the loan amount calculation). This should include documentation of how many full-time employees were on the payroll as of 2/15/2020.
- If any loan proceeds are intended to be used for Covered mortgage interest payments, Covered rent payments or Covered utility payments, provide dollar amounts expected for the eight week period following the loan application
- You must provide written documentation supporting how you calculated the loan amount
- Complete the Beneficial Ownership Certification form
- Additional documentation may be necessary
Thank you for continuing to choose us as your financial partner, and please, contact your American Momentum Bank commercial lending officer or local banking center manager if you have any questions.