Member Requirements
- Must be a current Rivermark member
Paycheck Protection Program
We are accepting application packages for the SBA's Paycheck Protection Program.
- We anticipate the funds for the program will be allocated soon, so please apply as quickly as possible.
- A successfully submitted packet does not guarantee funding as the capacity of the SBA ultimately determines the outcome.
- For businesses that have already submitted an application, we will continue to process applications in the order they were received and will reach out to existing applicants with next steps.
Please Note: We expect extremely high application volumes from our members. To help us, please review all requirements carefully. Any incomplete or missing information will prevent your application from moving in our queuing process.
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.
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.