Paycheck Protection Program
- The SBA has started to define the application process. You can find the current form CLICK HERE PPP application
- On April 3, 2020, Application for the Payment Protection Program will begin, for small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses.
- On April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses.
- Identify and compile records for those expenses that can be covered by the program.
- If you’ve already had to reduce your workforce due to COVID-19, determine if you would like to rehire them. They will be covered.
- Begin collecting the following documentation:
- 2019 payroll information including;
• Copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2019 and (OR) first quarter of 2020 (if available).
• Copies of payroll reports for each pay period for the preceding 12 months. Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO). This includes payroll reports through the pay period preceding the origination of the SBA loan.
• Documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination. Copies of the monthly invoices should suffice.
• Documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of work papers, schedules, and remittances to the retirement plan administrator should be sufficient.
- • Articles of Incorporation, or Articles of Organization, or Partnership Agreement
- • Corporate Bylaws or Operating Agreement
- • Board Resolution (specific to non-profits)
- The SBA Paycheck Protection Program Application Click Here for Form
PLEASE NOTE: Your Paycheck Protection Program application will not be processed until all required supporting documents (listed above) are uploaded and will be added to the queue for review.
ShareFile allows you to send us sensitive documents in a secure and encrypted fashion with no limitation on document size to the bank without making a trip to our brick and mortar locations.
Providing Allied First Bank with any documents through this secure document upload, portal or through any other means does not create automatic government funding or guaranteed loans. Still, by submitting your documents through this secure portal you are added to the queue for us to review your documents with a staff member assigned to your file.
PLEASE NOTE: Due to high volume demand, we are servicing our current business bank customers first and will attempt to get to all other inquiries. If interested in becoming a business bank customer, please click this application and fill out this form below to become a customer.
• A copy of a photo ID (driver’s license, passport) and a secondary ID (social security card, birth certificate, firearm card) for each signer.
• Copy of the Department of Treasury EIN form
• Articles of Organization from the Secretary of State
• Copy of the Operating Agreement
Minimum of $250.00 to open the account
If you would like more information pertaining to our business bank account offerings, go to our Business Products and Services page
Documents provided through this portal or through other means will be reviewed by the staff of the bank, but this should not be used for any time-sensitive matter unless you’ve been instructed to do so by one of our business lenders.
- 2019 payroll information including;
- The SBA rules continue to evolve and we will provide updates on this site as they become available.