SBA Paycheck Protection Program Loans

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AS OF AUGUST 8, 2020, THE PAYCHECK PROTECTION PROGRAM HAS EXPIRED. WE WILL NO LONGER BE ABLE TO PROCESS NEW APPLICATIONS. IF THE PROGRAM IS RESTARTED, WE WILL AGAIN OFFER THESE LOANS.
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We are offering small businesses the opportunity to apply for SBA Paycheck Protection Program (PPP) Loans. These loans were implemented by the recently enacted CARES Act in response to the COVID-19 pandemic. These loans are meant to help small businesses continue to pay employees during business downturn or temporary shutdown during the pandemic, and can be 100% forgiven if certain requirements are met. You are an eligible business if you are:

  • A small business with fewer than 500 employees
  • A small business that otherwise meets the SBA’s size standard
  • A 501(c)(3) with fewer than 500 employees
  • An individual who operates as a sole proprietor
  • An individual who is self-employed who regularly carries on any trade or business
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard

Paycheck Protection Loans can be made for up to 2.5 times the borrower’s average monthly payroll costs, as defined by the final rule. Forgiveness is based on what the borrowed funds were spent on, and the number of employees on payroll or rehired prior to June 30, 2020.

Please visit the SBA website for more information on the Payroll Protection Program.

 

Forms and worksheets:

Please fill out the following documents and send to us along with supporting documentation (payroll documentation, insurance invoices, 401k contributions, etc.) to lenders@grotonbank.com, fax to 607-898-5085, or drop off at our drive-thru locations. Call with any questions at 607-898-5871.

SBA Payroll Protection Loan Application Form [PDF]

SBA PPP EZ Forgiveness Application (Form 3508EZ) | Instructions [PDF]

SBA PPP Forgiveness Application (Form 3508) | Instructions [PDF]

FNBG Payroll Cost Worksheet with Detailed Payroll Calculator – non-seasonal businesses using 2019 payroll [Excel]