keybank national association ppp loan
Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments. First-time applicants: Apply by contacting your banker or branch manager. As a top-10 Small Business Administration lender1, weâre using our expertise to help thousands of businesses quickly gain funds through the Paycheck Protection Program, a federally provided, forgivable loan that covers certain business costs. Payroll costs consist of (1) Cash Compensation; (2) Non-Cash Compensation; and (3) Compensation to Owners (if applicable): compensation to employees (whose principal place of residence is the United States) in the form of salary, wages, commissions, or similar compensation, cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips), payment for vacation, parental, family, medical, or sick leave, payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement, payment of state and local taxes assessed on compensation of employees, Amounts paid to owner-employees/self-employed individual/general partners (for an independent contractor or sole proprietor, this includes wages, commissions, income or net earnings from self-employment). Borrowers must permit authorized representatives of the SBA to access such files upon request. The following businesses are eligible for a PPP loan: The applicant must have been in operation on February 15, 2020, and either had employees for whom it paid salaries and payroll taxes or paid independent contractors (as reported on a Form 1099-MISC) or the applicant was an eligible self-employed individual, independent contractor, or sole proprietorship with no employees. Documents submitted may cover periods longer than the specific time period. KeyBank National Association – Updates will be posted here. It showed 1,943 businesses in the state received more than $150,000 in PPP loans. They list what documentation you’ll need along with other relief programs. Borrowers with loans of $50,000 or less (except those that, together with their affiliates, received PPP loans totaling $2 million or more) are exempt from any reductions in the forgiveness amount based on reductions in employee salaries or wages. Our purpose is to help our clients and communities thrive and PPP became a mission to us â a mission to help you, your business, your family and your employees get through this time. M&T Bank – Updates may be posted here. Second-time applicants: Apply through our online application. This documentation must include payroll records that separately list each employee and show the amounts paid to each employee during the most recent full quarter before the Covered Period, and the amounts paid to each employee during the Covered Period. Gross receipts do not include (a) taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the entity or its employees); (b) proceeds from transactions between the borrower and its domestic or foreign affiliates; and (c) amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder, or customs broker. ... To apply, you’ll need to complete the PPP loan … A borrower must have experienced at least a 25% reduction in any quarter of 2020 compared to the same quarter in 2019. To calculate FTE employees, divide the average number of hours paid for each employee per week by 40, capping this quotient at 1.0. Get the Latest Information on our COVID-19 Response, Accept Payments from Anywhere with Speed and Security, Sign on to Your KeyNavigator Commercial Online Banking Account. For loans over $150,000, to use the EZ PPP loan forgiveness application, borrowers must: Any borrowers that do not fit in the above categories for the simplified form or the EZ form will complete the standard forgiveness application. "Revenue" means gross receipts, which includes all revenue in whatever form received or accrued (in accordance with the borrowerâs accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances. A borrower may use the loan proceeds for payroll costs, costs related to the continuation of group health care, life disability, vision or dental benefits, mortgage interest payments, rent payments, utility payments, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures. MBE Capital Partners AK In general, a reduction in FTE employees during the Covered Period reduces the loan forgiveness amount by the same percentage as the percentage reduction in FTE employees. Applying for the Paycheck Protection Program. Covered property damage costs refers to costs related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation. Other examples include the purchase of particulate filtering facepiece respirators and other kinds of personal protective equipment. Count covered utility obligations that were both paid and incurred only once. The borrower should maintain all documentation regarding any such terminations and schedule reductions. Payroll costs paid and incurred during the Covered Period. If the borrower has not yet filed its tax return for 2020, the borrower must fill out the return forms, compute the relevant gross receipts value and sign and date the return, attesting that the values that enter into the gross receipts computation are the same values that will be filed on the borrowerâs tax return. Huntington National Bank. S-corporation owner-employees are capped by the pro-rated amount of their 2019 or 2020 (whichever year was used to calculate the loan amount) employee cash compensation and employer retirement contributions made on their behalf, but employer health insurance contributions made on their behalf cannot be separately added because those payments are already included in their employee cash compensation. Business rent or lease payments pursuant to lease agreements for real or personal property in force before 2/15/2020. If employee salaries and wages were reduced between February 15, 2020, and April 26, 2020 (the safe harbor period), but the borrower eliminated those reductions by December 31, 2020 (for a PPP loan made in 2020), or eliminates those reductions by the last day of the Covered Period (for a PPP loan made in 2021), the borrower is exempt from any reduction in loan forgiveness amount that would otherwise be required due to reductions in salaries and wages. K. KeyBank National Association This borrower reduced a full-time employeeâs weekly salary from $1,000 per week during the reference period to $700 per week during the Covered Period. Talk to a Branch Manager in your neighborhood. Key must issue a decision to the SBA on a loan forgiveness application not later than 60 days after receipt of a complete loan forgiveness application from the borrower. As with the first round of PPP forgivable loans, businesses may apply for a forgivable loan equal to 2.5 times their average monthly payroll costs in 2019 or 2020, although this time businesses in the “food services and accommodation” category (NAICS 72) may apply for a loan equal to 3.5 times their average monthly payroll costs.
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