SBA Payroll Protection
Borrowers of PPP Forgiveness Loans can click on the link below to view and download the form issued by the SBA.
The stimulus bill covers businesses with less than 500 employees hurt by the virus. The amount you can receive is the total average payroll costs for the last year x 2.5 if you don’t layoff your employees. The entire loan can be forgiven. The program is called the Payroll Protection Program.
Total Payroll Costs/12 x 2.5 = Total Loan Amount
Planters will be a source for this program. The loan will have no collateral and no personal guaranty if you commit to have the same number on your payroll as you did Feb 15th. All you need to provide is your payroll costs for the last year. We’ll handle all paperwork. Call any Planters Bank loan officer for more information.
Average total monthly payments for the following payroll costs:
Salary, wage, commission, or similar compensation
+ payment of cash tip or equivalent
+ payment of vacation, parental, family, medical, or sick leave
+ allowance for dismissal or separation
+ payment required for the provisions of group health care benefits, including insurance premiums
+ payment of any retirement benefit
+ payment of State or local tax assessed on the compensation of employee
Total (Multiplied by 2.5 = loan amount)
Employees compensated in excess of $100,000 annual salary are not included.
- If you maintain your employees as of February 15, 2020, your loan can be forgiven.
Payroll costs, interest on mortgage payments, rent and utilities
Payroll Protection Program Details:
- For more information, call your loan officer. Remember, with any government program, there might be some surprises. Be sure to check the SBA website for all information.
- Applies to business with less than 500 employees
- Loans will be fully guaranteed by the federal government
*All information is pending further approval and is subject to SBA guidelines*
Please contact our loan officers. We’re ready to help.
For more information, visit www.sba.gov