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Paycheck Protection Program Round 2

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Paycheck Protection Program funding has been exhausted as of 5/4/21. Rivermark is no longer accepting applications.

What is the Paycheck Protection Program (PPP)?

The PPP is an SBA loan designed to help small businesses keep their workers on the payroll through the government's coronavirus relief package. In December 2020, additional funds were allocated to PPP, as amended by the Economic Aid Act.

Loans granted through the Paycheck Protection Program may be eligible for loan forgiveness through the SBA. Please refer to the most recent guidance provided by the US Treasury and SBA.

PPP Forgiveness Information

PPP Forgiveness

Member Requirements

  • Must be a current Rivermark member

 

Eligible Businesses

All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 300 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries can apply.

Steps to Apply

  • Review the PPP Factsheet
  • Complete the SBA Application through our online loan portal
  • Gather required documentation

Required Documentation

  • Complete SBA Application
  • Payroll documentation
  • Business sales documentation
  • First draw loans are available for new PPP loan borrowers
  • Available second draw loans for businesses who have already received a PPP loan
  • Loan amounts up to 2.5 times your average monthly payroll expense
  • Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5x average monthly payroll costs
  • Loan maturities of 5-years
  • Enhanced spending categories for loan forgiveness eligibility

Where can I go for more information?
Please contact your tax advisor or legal counsel for specific information. You may also visit the websites of the SBA and US Treasury for a full overview of the program changes, revised rules, and further guidance.