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Important Paycheck Protection Program Updates

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Fidelity Bank is excited to participate in the next round of the Paycheck Protection Program (PPP). This round of funding allows new “First Draw” loans as well as “Second Draw” loans for borrowers that have used all First Draw funds on eligible expenses.

The new legislation has similarities to the first round of the PPP, but there are several important differences. Differences include additional types of eligible expenses, higher allowable loan amounts for the hospitality industry, and a streamlined forgiveness process for loans under $150,000 (coming soon).

We started accepting applications on January 14 and have begun submitting applications to the Small Business Administration (SBA).

The application process is similar to the first round. The primary change is Second Draw loans are only available to companies with 300 or fewer employees who can also show at least a 25% reduction in gross receipts between 2019 and 2020.

Click here to read additional PPP guidance from the Small Business Administration.

 

Ready to get started?

Click on one of the business types below to learn what documentation is required. Then, download the borrower application for First Draw or Second Draw loans. Once you have completed the application and gathered the appropriate documents and contacted a Fidelity Bank lender,  please send them to us securely using our email portal.

 

First Draw Loans

S-Corporation with Employees

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)
  • SBA Application (newest version)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.
  • 2019 or 2020 IRS Form 1120S

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • Q1 2020 941
  • 2020 Payroll Summary including 2/15/2020

C-Corporation with Employees

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)
  • SBA Application (newest version)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips
  • 2019 or 2020 IRS Form 1120

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • Q1 2020 941
  • 2020 Payroll Summary (Must include total for Number of Employees)

Partnership with No Employees

Required Business Owner Documents:

  • 2019 or 2020 IRS Form 1065 Return with K-1 for each Partner even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 Revenue Details By Month
  • 2020 Invoice Summary
  • 2020 Bank Statement including 2/15/2020

Partnership with W-2 Employees

Required Business Owner Documents:

  • 2019 or 2020 IRS Form 1065 Return with K-1 for each Partner even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.
  • 2019 or 2020 IRS Form 1065

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • Verification Statement of # of Partners
  • Q1 2020 941
  • Q1 2020 SUTA Wage Reporting Form
  • 2020 Payroll Summary including 2/15/2020

Non-Profit with Employees

Required Business Owner Documents:

  • PPP Application (Newest Version)
  • Verification of 501c3 status

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.
  • 2019 or 2020 IRS Form 990

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • Q1 2020 941
  • Q1 2020 SUTA Wage Reporting Form
  • 2020 Payroll Summary including 2/15/2020

Sole Proprietor or Independent Contractor with No Employees

Required Documents:

  • 2019 or 2020 IRS Form 1040 Schedule C must be provided even if you have not filed 2019 or 2020 tax returns
  • 2019 or 2020 IRS Form 1040 Schedule F and Schedule 1 must be provided even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 1099 MISC Detailing Non-Employee Compensation
  • 2020 Revenue Details By Month including 2/15/2020
  • 2020 Invoice Summary including 2/15/2020
  • 2020 Bank Statement including 2/15/2020

Sole Proprietor or Independent Contractor with Employees

Required Business Owner Documents:

  • 2019 or 2020 IRS Form 1040 Schedule C must be provided even if you have not filed 2019 or 2020 tax returns
  • 2019 or 2020 IRS Form 1040 Schedule F and Schedule 1 must be provided even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters)
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)
  • 2019 or 2020 IRS Form 943 (Farmers or Agriculture), if applicable; or
  • Equivalent Payroll Processing Records

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employer Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 1099 MISC Detailing Non-Employee Compensation
  • 2020 Revenue Details By Month including 2/15/2020
  • 2020 Invoice Summary including 2/15/2020
  • 2020 Bank Statement including 2/15/2020
  • 2020 Payroll Summary including 2/15/2020

 

Second Draw Loans

S-Corporation with Employees

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)
  • SBA Application (newest version)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide the following to validate that you were in operation on or about 2/15/2020:

  • 2020 Payroll Summary including 2/15/2020

C-Corporation with Employees

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)
  • SBA Application (newest version)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide the following to validate that you were in operation on or about 2/15/2020:

  • 2020 Payroll Summary (Must include total for Number of Employees)

Partnership with No Employees

Required Business Owner Documents:

  • 2019 or 2020 IRS Form 1065 Return with K-1 for each Partner even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 Revenue Details By Month
  • 2020 Invoice Summary
  • 2020 Bank Statement including 2/15/2020

Partnership with W-2 Employees

Required Business Owner Documents:

  • 2019 or 2020 IRS Form 1065 Return with K-1 for each Partner even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 Revenue Details By Month
  • 2020 Invoice Summary
  • 2020 Bank Statement including 2/15/2020

AND one of the following (for employees):

  • 2020 Payroll Summary including 2/15/2020
  • Q1 2020 941
  • Q1 2020 SUTA Wage Reporting Form

Non-Profit with Employees

Required Business Owner Documents:

  • PPP Application (Newest Version)

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters) or Equivalent Payroll Processing Records
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • Q1 2020 941
  • Q1 2020 SUTA Wage Reporting Form
  • 2020 Payroll Summary including 2/15/2020

Sole Proprietor or Independent Contractor with No Employees

Required Documents:

  • 2019 or 2020 IRS Form 1040 Schedule C must be provided even if you have not filed 2019 or 2020 tax returns
  • 2019 or 2020 IRS Form 1040 Schedule F and Schedule 1 must be provided even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 1099 MISC
  • 2020 Revenue Details By Month including 2/15/2020
  • 2020 Invoice Summary including 2/15/2020
  • 2020 Bank Statement including 2/15/2020

Sole Proprietor or Independent Contractor with Employees

Required Business Owner Documents:

  • 2019 or 2020 IRS Form 1040 Schedule C must be provided even if you have not filed 2019 or 2020 tax returns
  • 2019 or 2020 IRS Form 1040 Schedule F and Schedule 1 must be provided even if you have not filed 2019 or 2020 tax returns
  • PPP Application (Newest Version)

Required Payroll Documents:

  • 2019 or 2020 IRS Form 941 (All 4 quarters)
  • 2019 or 2020 SUTA Wage Reporting Forms (All 4 Quarters)
  • 2019 or 2020 IRS Form 943 (Farmers or Agriculture), if applicable; or
  • Equivalent Payroll Processing Records

Optional Payroll Documents:
Please provide the following information if you would like to include it in your calculation:

  • 2019 or 2020 Documentation of any Pre-Tax Employee Contributions for Health Insurance, retirement and other Fringe Benefits Excluded from Taxable Medicare Wages & Tips.

Please provide one of the following required Revenue Reduction Documents:

  • Quarterly financial statements for the entity. If the financial statements are not audited, the Applicant must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. If the financial statements do not specifically identify the line item(s) that constitute gross receipts, the Applicant must annotate which line item(s) constitute gross receipts.
  • Quarterly or monthly bank statements for the entity showing deposits from the relevant quarters. The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions).
  • Annual IRS income tax filings of the entity (required if using an annual reference period). If the entity has not yet filed a tax return for 2020, the Applicant must fill out the return forms, compute the relevant gross receipts value (see Question 5), and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the entity’s tax return.

Please provide one of the following to validate that you were in operation on or about 2/15/2020:

  • 2020 1099 MISC Detailing Non-Employee Compensation
  • 2020 Revenue Details By Month including 2/15/2020
  • 2020 Invoice Summary including 2/15/2020
  • 2020 Bank Statement including 2/15/2020
  • 2020 Payroll Summary including 2/15/2020

AND one of the following (for employees):

  • 2020 Payroll Summary including 2/15/2020
  • Q1 2020 941
  • Q1 2020 SUTA Wage Reporting Form