Checklist for Applying for a PPP Loan Checklist for Applying [] No the local bank on Callaghan said none of the Frost banks have received any funding yet from the sba. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). Cookies help us deliver our Services. The SBA has removed the old application from their website entirely, therefore it is safe to assume that it is no longer valid or acceptable to submit for loan forgiveness. Late yesterday the SBA finalized and released two loan forgiveness applications which can be accessed online at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. It has been very helpful! This is a condensed 3 page application that may be used by borrowers if they meet at least one of the three requirements: PPP Loan Forgiveness Application (revised June 16, 2020.). Thank you to everyone for all their other comments! The bank has processed more than 4,000 applications since they became available and Affiliation rules used to determine small business size are waived for (1) food or lodging companies with not more than 500 employees, and certain businesses that receive financial assistance from the Small Business Investment Company (SBIC) program. continuation of group health care benefits during paid sick leave, medical or family leave, or insurance premiums; salaries or commissions (or similar compensation); documentation substantiating the number of full-time equivalent employees on payroll and pay rates for applicable periods (including payroll tax filings; state income, payroll, and unemployment insurance filings); documentation substantiating payments on covered mortgage obligations, lease obligations and utilities (such as cancelled checks, payment receipts, and transcripts of accounts); and. It guarantees they get paid back. If a borrower elects to use the 24 week Covered Period, the deductible amount is capped at $20,833 (the 2.5-month equivalent of $100,000 per year) for each individual or the 2.5-month equivalent of their applicable compensation in 2019, whichever is lower. Generally, companies must maintain employee headcount during the 8-week period after loan disbursement, as compared to employee headcount during either February 15, 2019 through June 30, 2019 or January 1, 2020 through February 29, 2020. They all calculate things their own way too it seems. A reminder that only payroll costs for employees whose principal place of residence is in the United States are eligible. Borrowers that elect to use the Alternative Payroll Covered Period must apply the Alternative Payroll Covered Period wherever there is a reference in this application to the Covered Period or the Alternative Payroll Covered Period. However, Borrowers must apply the Covered Period (not the Alternative Payroll Covered Period) wherever there is a reference in this application to the Covered Period only. Employer health insurance contributions and employer retirement contributions made on behalf of owner-employees, a self-employed individual, or general partners are also not eligible to be included in the loan forgiveness application because they are already included in their compensation. Frost Bank $463,112,391 863 $536,631 First Financial Bank NA $170,899,559 820 $208,414 Third Coast Bank SSB $155,120,855 359 $432,092 Texas First Bank $72,257,753 272 $265,654 Anyone received PPP Loan from Frost bank. Its so weird that a lady that wore a big bank yesterday said they pretty much approve and then send to SBA for closing docs so I dont know if different banks do it a different way or what. 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