COVID Relief – Payroll Paycheck Protection (PPP) Loans

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Loan payments will be deferred for 6 months. (Information provided by: treasury.gov)

Paycheck Protection Program
Information for Borrowers

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

Where can I apply?

Fill out the inquiry form to be contacted by a University Bank Lender.

Who can apply?

*Currently we are only taking applications for businesses within Michigan*

All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

Required Document Checklist

  • 2019 IRS forms 940 or 941 Employers Annual or Quarterly Wage/Tax Reports.
  • 2019 Wage Detail Report and W-2 report
  • 2019 1099’s for independent contractors.
  • Documentation showing total of all health insurance premiums paid by the company under a group health care plan.
  • Documentation showing the sum of all retirement plan funding that was paid by the company (do not include employee funded contributions).
  • Borrower’s Tax ID (EIN) assignment letter from the IRS.
  • Applicable borrower organization documents (Articles, Operating Agreement, By-Laws, Partnership Agreement) as appropriate to the borrowing entity.
  • Evidence of good standing in the state of organization.

Paycheck Protection Program – Inquiry Form

Paycheck Protection Program – Inquiry Form

Paycheck Protection Program
Information for Borrowers

When can I apply?

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

Where can I apply?

Fill out the inquiry form to be contacted by a University Bank Lender.

Who can apply?

All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.

Required Document Checklist

  • 2019 IRS forms 940 or 941 Employers Annual or Quarterly Wage/Tax Reports.
  • 2019 Wage Detail Report and W-2 report
  • 2019 1099’s for independent contractors.
  • Documentation showing total of all health insurance premiums paid by the company under a group health care plan.
  • Documentation showing the sum of all retirement plan funding that was paid by the company (do not include employee funded contributions).
  • Borrower’s Tax ID (EIN) assignment letter from the IRS.
  • Applicable borrower organization documents (Articles, Operating Agreement, By-Laws, Partnership Agreement) as appropriate to the borrowing entity.
  • Evidence of good standing in the state of organization.