SBA Paycheck Protection Program (PPP)
Congress recently passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which includes the “Paycheck Protection Program” (PPP) for small businesses. This program gives small businesses access to short-term cash flow assistance aimed to help deal with the immediate global impact caused by the COVID-19 pandemic. These loans are made by approved lenders like Level One Bank, certified by the SBA (Small Business Administration) and are guaranteed by the federal government of the United States.
Level One Bank is an approved SBA Lender and is currently accepting applications for existing clients only. Must be a client prior to May 1, 2020 to be eligible to apply.
How to Apply
Contact your regular Banker/Relationship Manager or contact a banking center. Along with your application, you will need to provide additional documentation as outlined below.
Documents Required for Application
- Application - Contact your Relationship Manager or a banking center to obtain an application
- 2019 and YTD 2020 monthly payroll reports (QuickBooks or other)
- 2019 Form 941 Filings (Employers Quarterly Tax Filing Form)
If you have already been approved for the PPP, congratulations! The next step is preparing your loan forgiveness application. While there are still some outstanding questions about the process for loan forgiveness, you must begin preparing your application now. We created the calculator template below to help you get started.
Additional COVID-19 Resources
For information about hardship assistance programs offered by Level One Bank, and for the latest updates on banking center access and other resources, please visit our dedicated COVID-19 page.