Login
- Personal / Small Business Corporate
  
  Enroll
  Lost Password
  Business Login Form
  Username:
  Password:
  
  Lost or Damaged Token Forgot password or PIN?
Personal
Business

SBA PPP

Homepage > SBA PPP

The CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or quickly rehire employees and maintain salary levels.

Learn more about PPP loans below. Western States Bank is currently accepting PPP applications from eligible customers in Colorado, Nebraska, and Wyoming. Please contact your local lender to get started or if you have any questions.

Review the Coronavirus Emergency Loans: Small Business Guide and Checklist, prepared by the U.S. Chamber of Commerce.

U.S. Chamber of Commerce, "Coronavirus Emergency Loans Small Business Guide and Checklist"

You are eligible if you are:

A small business with fewer than 500 employees
A small business that otherwise meets the SBA's size standard
A 501(c)(3) with fewer than 500 employees
An individual who operates as a sole proprietor
An individual who operates as an independent contractor
An individual who is self-employed who regularly carries on any trade or business
A Tribal business concern that meets the SBA size standard
A 501(c)(19) Veterans Organization that meets the SBA size standard

In addition, some special rules may make you eligible:

If you are in the accommodation and food services sector (NAICS 72), the 500 employee rule is applied on a per physical location basis
If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply

U.S. Chamber of Commerce, "Coronavirus Emergency Loans Small Business Guide and Checklist"

Loans can be up to 2.5 x the borrower's average monthly payroll costs, not to exceed $10 million.

For Non-Seasonal Employers:

Maximum loan: 2.5 x Average total monthly payroll costs incurred during the year prior to the loan date

For businesses not operational in 2019: 2.5 x Average total monthly payroll costs incurred for January and February 2020

For Seasonal Employers:

Maximum loan: 2.5 X Average total monthly payments for payroll costs for the 12-week period beginning February 15, 2019 or March 1, 2019 (decided by the loan recipient) and ending June 30, 2019

Included and excluded Payroll items are listed below. Use the PPP Application Worksheet and Supporting Documentation Requirements Form to calculate your loan amount.

INCLUDED Payroll Costs:

For Employers: The sum of payments of any compensation with respect to employees that is a:
- salary, wage, commission, or similar compensation
- payment of cash tip or equivalent
- payment for vacation, parental, family, medical, or sick leave
- allowance for dismissal or separation
- payment required for the provision of group health care benefits, including insurance premiums
- payment of any retirement benefit
- payment of state or local tax assessed on the compensation of the employee
For Sole Proprietors, Independent Contractors, and Self-Employed Individuals: The sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.

EXCLUDED Payroll Costs:

Compensation of an individual employee in excess of an annual salary of $100,000, as pro-rated for the period February 15, 2020 to June 30, 2020
Payroll taxes, railroad retirement taxes, and income taxes
Any compensation of an employee whose principal place of residence is outside of the United States
Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116-5 127); or qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act

U.S. Chamber of Commerce, "Coronavirus Emergency Loans Small Business Guide and Checklist"

A borrower is eligible for loan forgiveness equal to the amount the borrower spent on the following items during the 8-week period, beginning on the date of the origination of the loan:

Payroll costs (using the same definition of payroll costs used to determine loan eligibility)
Interest on the mortgage obligation incurred in the ordinary course of business
Rent on a leasing agreement
Payments on utilities (electricity, gas, water, transportation, telephone, or internet)
For borrowers with tipped employees, additional wages paid to those employees

The loan forgiveness amount cannot exceed the principal.

The amount of loan forgiveness is reduced if there is a reduction in the number of employees or a reduction of greater than 25% in wages paid to employees.

Reduction in employment or wages that occur during the period beginning on February 15, 2020, and ending 30 days after enactment of the CARES Act, (as compared to February 15, 2020) shall not reduce the amount of loan forgiveness IF by June 30, 2020 the borrower eliminates the reduction in employees or reduction in wages.

U.S. Chamber of Commerce, "Coronavirus Emergency Loans Small Business Guide and Checklist"

Documentation and information required:

SBA Application and Certification - Complete online or PDF application
Copies of Driver's License for each owner who owns 20% or more of borrowing entity
Articles of Organization / Incorporation for borrowing entity (if bank does not already have)
Bylaws / Operating Agreement for borrowing entity (if bank does not already have)

Each business is unique and additional documentation may vary.

Review the PPP Application Worksheet and Supporting Documentation Requirements Form for more information on necessary documentation and how to calculate your loan amount.