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PAYROLL PROTECTION PROGRAM (PPP)
BCT is approved to offer SBA loan products under SBA's Preferred Lender Program. Congress and the President have approved a second round of SBA Payroll Protection Program funding, providing assistance to businesses and other organizations that have been impacted by the COVID-19 pandemic.  There is funding also available through the Economic Injury Disaster Loan program.  The differences are outlined as follows:
  • Payroll Protection Program (PPP) is intended to protect businesses harmed by the COVID-19 pandemic, specifically to protect payroll expenses, salaries, mortgage interest, rent and utilities and interest on debt prior to February 15, 2020.  BCT processes all applications for PPP ourselves. Details for the PPP assistance are found in the chart below.
  • Economic Injury Disaster Loan (EIDL) program is intended for other harm to businesses that may include COVID-19 but is not limited to it.  The EIDL has two options: disaster loan assistance and emergency grant assistance.  BCT does NOT process applications for EIDL.  Those applications are processed directly with the SBA.  Details can be found on our webpage  SBA Business Assistance Programs.
BCT processes all PPP applications.  We will process COMPLETED requests for PPP assistance first.  COMPLETED means all required documentation is received and accurate.  INCOMPLETE requests may be delayed.  Further information may be requested after applications are submitted as we underwrite loans through the SBA.   Additionally, BCT will process all PPP fundings through a BCT deposit account.  If you currently do not have a deposit account with BCT, we can open an account for you.  We have several options to fit your business.  Work with your BCT team member to open a suitable account.
DOCUMENTS TO SUBMIT 
  • Paycheck Protection Program Application - SBA Form 2483  (Using our online application will auto-complete this form)
  • Profit & Loss statement (a.k.a. Income and Expenses report) for 12/31/2019 and interim 2020
  • Payroll Processor Reports (required for the 12 months preceding application)
  • Payroll Summary
  • Payroll Tax Filings
  • Breakdown of mortgage interest, utilities, rent, etc.
  • Beneficial Owner Form (PDF)
  • Articles of Incorporation (new customers only)
  • Official government identification
  • 2018 or 2019 Tax Returns
SBA CARES ACT Calculation Sheet  (Excel Spreadsheet)
PPP Loan Forgiveness APPLICATION  (PDF fillable form)  **More information forthcoming.  
For more information, contact our Loan Help Team at:
304-728-2419
703-443-4454
 
 
** The information listed below may change as we receive more information from the SBA regarding the second round of PPP funding.  
Overview
Paycheck Protection Program (PPP)

Maximum Loan Amount

2.5x Avg monthly payroll capped at $100,000 per employee, max of $10,000,000 per borrower

Eligible Borrowers

Business with the greater of:

i) 500 or fewer employees

   -OR-

ii) SBA NAICS-specific employee size standards

Use of Proceeds

  • Payroll Expenses
  • Employee Salaries
  • Mortgage Interest (principal excluded)
  • Rent and Utilities
  • Interest on any other debt before 2/15/20

Collateral Personal Guarantee

Waived

Affiliation

Applicable

Credit Elsewhere

Waived

Forgiveness

Up to 100% of indebtedness of an amount equal to the sum of the qualified costs incurred and payments made during the covered period (8-week period following loan origination). However, decreases in employee headcount or wages may reduce the amount eligible for forgiveness.

Interest

Fixed 1.00%

Term

6 months interest only, 18 months principal and interest for a total term of 24 months. No payments for the first 6 months.

How To Apply

Apply through BCT Lending

Preparation Documents and Application

**First time users of this application will need to register.  Later in application, when prompted for Lender Choice, select "SBA Loan Support Team." 

Documents to submit with online application: 

  • Paycheck Protection Program Application - SBA Form 2483  (Using our online application will auto-complete this form)
  • Profit & Loss statement (a.k.a. Income and Expenses report) for 12/31/2019 and interim 2020
  • Payroll Processor Reports (required for the 12 months preceding application)
  • Payroll Summary
  • Payroll Tax Filings
  • Breakdown of mortgage interest, utilities, rent, etc.
  • Beneficial Owner Form (PDF)
  • Articles of Incorporation (new customers only)
  • Official government identification
  • 2018 or 2019 Tax Returns
Contact the BCT Loan Help Team with questions at:
304-728-2419
703-443-4454
 
* BCT is approved to offer SBA loan products under SBA’s Preferred Lender Program.  The above information is current as of April 16, 2020 and is subject to change at any time with further clarification by the Small Business Administration. As with all business matters you should seek legal and/or tax counsel before making any financial decision.

Helpful Q&As to explain COVID-19 grant and loan programs
Other helpful information about SBA Business Assistance Programs
 
Video Help  (Presented by One Degree Capital. Not affiliated with BCT.)