Paycheck Protection Program (PPP)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to provide emergency relief for small to medium-sized businesses disrupted by COVID-19.

Who Can Apply

This program is for small businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Due to the overwhelming demand for this program, Prudential Bank will only be accepting applications from existing customers at this time. Customers that maintained a business checking account as of February 15, 2020, are defined as existing customers. Please check back often for updates as we will be assessing our ability to service all customers, as well as, non-customers on an ongoing basis.

How to Apply to Prudential Bank for the PPP Program

Click here for the PPP application – application must be typed, accurate, complete & signed.

Complete the attached Beneficial Ownership Form –Provide a DETAILED listing of all owners with a percentage of ownership.

Send application and supporting documentation to sba@prudentialbanker.com

Applications must be submitted in their entirety via email with all required documentation which is listed below:

  • Completion of the Beneficial Ownership Form
  • Copy of the front and back of your valid government issued Photo ID for all parties listed on the Beneficial Ownership Form
  • 2019 IRS Quarterly 940, 941 or 944 Payroll Tax Filings
  • 2019 Monthly Payroll Reports, reflecting the following information:
    • Gross wages for each employee (including the officer(s) if paid W-2 wages)
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and local taxes assessed on the employee’s compensation for each employee
  • Documentation showing a total of all Health Insurance Premiums paid by the company under a group health plan (Include all employees and the company owners)
  • Document the sum of all Retirement Plan Funding that was paid by the company (do not include funding that came from the employees out of their paycheck deferrals). Include all employees, including company owners, 401K plans, Simple IRA, SEP IRAs

Business Entity Documentation (e.g. Operating Agreement, Certificate of Organization, Bylaws, Articles of Incorporation)

Important Information regarding Loan Forgiveness

75% of loan proceeds must be used for payroll expenses. Your loan forgiveness may be reduced or terminated if you reduce the total of your full-time employees or use the loan proceeds for an ineligible purpose as defined by the SBA. Payroll, rent/mortgage interest (not principal), and utilities have been defined as eligible purposes. Please see the SBA link at the bottom of this page for the listings of eligible purposes.

It is very important to keep detailed records of loan proceeds including – canceled checks, proof of payment for any utilities or rent in addition to payroll to ensure you qualify for maximum loan forgiveness under the program. Maintain proof of payment for any utilities or rent in addition to payroll.

Application Process

To ensure the quickest possible application process, please ensure your application package includes the fully completed application and supporting documentation as mentioned above.  Failure to submit a complete application package will cause delays in processing. Prudential Bank will process your application as soon as a fully complete application package has been received. The Bank will remain in contact with you using your preferred method of contact.  Any questions can always be submitted to SBA@prudentialbanker.com

Thank you for choosing Prudential Bank and being a valued customer.

Resources:

Payroll Protection Program Calculator – Click to download

Visit the SBA website for more information on the Paycheck Protection Program (PPP). (Copy and paste the link below in your browser)

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

You may also visit the Department of Treasury PPP web site (Copy and paste the link below in your browser)

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses