WHAT IS THE SBA PAYCHECK PROTECTION PROGRAM?
The Paycheck Protection Program is part of the CARES Act passed by Congress and was created to provide 100% federally guaranteed loans to small businesses, sole proprietors, independent contractors and self-employed individuals affected by COVID-19. Tribal businesses, 501(c)3, 501(c)(19) veterans organizations, and religious organizations are also eligible. Most businesses with less than 500 employees qualify for this loan program.
Stride has approved and funded over $59MM PPP loans so far and is ready to assist you with the application, funding, and servicing phases of the PPP program.
Congress is currently negotiating a second round of funding for the PPP program. The first round of $349 billion was exhausted in 13 days, so we encourage you to apply as soon as possible.
The Stride PPP application packet can be found in the link below. Contact a Stride Lender to assist you through this process.
HOW TO APPLY
1. Click here to download the Stride Bank application packet for the Paycheck Protection Program.
2. Contact a Stride Lender (listed below) for a secure link to submit your application to the bank.
Note: If you are a Sole Proprietor or Independent Contractor, please contact a Stride Lender for information specific to these business types.
BLACKWELL / PONCA CITY
WOODWARD / MOORELAND
NOTICE TO PAYCHECK PROTECTION PROGRAM BORROWERS:
On May 15, 2020, the SBA released the PPP Loan Forgiveness Application. Please download and review the document found at the link below. We recommend that you consult your financial advisor to complete the form. As the lender, Stride Bank is not allowed to input your expenses or determine your forgiveness amount. However, we are available to answer questions about the form itself. Stride Bank Customer Service: (800) 229-7497
The SBA has indicated that additional guidance may follow. We recommend that you continue to check their website for updates.
Click here to download the Paycheck Protection Forgiveness Loan Forgiveness Instructions and Application
HOW TO APPLY AND REQUIRED DOCUMENTATION
In order to expedite the submission of your PPP application to the SBA, please provide us with as many of the following documents as are relevant for your type of business. Most businesses are required to submit documents for the 2019 calendar year. If your company was formed after 1/1/19 or is a seasonal business, contact a Stride Lender.
- Paycheck Protection Application Form
- The form requires only one signer.
- It needs to be completely filled out.
- If multiple owners, we don’t require each to fill out and sign.
- 2019 IRS Quarterly 940, 941 or 944 payroll tax reports.
- IRS Form 1096 and/or all 1099-MISC for independent contractors, if applicable.
- Payroll report from internal software or payroll company.
- If you are a new Stride Bank customer, please provide us with your organizational documents.
LOAN FORGIVENESS AND PAYOFF
Stride will continue to monitor new information as it is released by SBA.
Current guidance indicates that the following forgiveness rules will apply:
- Borrower’s forgiveness amount will be calculated based on their payroll costs for the 8 weeks following the loan closing. Additionally, up to 25% of the loan proceeds may be used for rent, interest expense on real and personal property, and utility payments.
- Borrower must retain consistent employee count. Additional guidance pending, but this may be a sliding scale.
MORE ABOUT THE PAYCHECK PROTECTION PROGRAM
- There is no cost to apply to the Payroll Protection Program and no personal or business collateral or guaranties required.
- The amount of funding you can receive depends on your business’ average monthly payroll costs with a maximum of $10 million.
Read more about the Paycheck Protection Program on the *SBA website.
For more information on which SBA loan option is right for your business please see the following information.