Navigating the Small Business Payment Protection Program
The government has announced relief resources to help businesses like yours. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, veterans organizations, and tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
Before your call your business banker, please have the following ready:
- Documentation verifying the number of employees on payroll for the last 12 months
- Pay rates, including IRS payroll tax filings and state income
- Payroll and unemployment insurance filings
- Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities
- Personal Financial Statement (click here)
- Talk to your accountant and have them ready to assist with filing documentation
It is important to have patience as Fortifi Bank works to help you through these unprecedented times. Not all programs are in place yet, and even when they are, work volume and technology can cause delays.
Ready to apply? Please contact your banker directly or call 855.876.1500.