Union bank paycheck protection program application

PPP ALERT: Due to declining availability of SBA funding, Union Savings Bank will not be accepting any new PPP applications after Tuesday, April 20, 2021.

On Tuesday, January 19, at 9:00 a.m. EST, we began accepting new applications from existing USB Business customers for the second round of the Small Business Administration (SBA) Paycheck Protection Program. The information provided below is for businesses who DID NOT receive a PPP loan from USB in 2020.

The SBA recently indicated it is unlikely existing program funding will last until the May 31, 2021, deadline. Due to the limited availability of funds and to provide us sufficient time to process the applications we have received, Union Savings Bank will not be accepting any new PPP applications after Tuesday, April 20, 2021. Additionally, we may choose to suspend acceptance of new applications at any time.

The SBA has informed us there will be a delay between the time an application is submitted for their approval and when the SBA will make a decision. This delay may take up to several days, and the SBA has asked lenders and borrowers to be patient.

Help us process your application quickly by providing both a completed application (including all required initials and signatures) AND the necessary supporting documents listed below at the same time. Not providing this information may delay the processing of your application.

We will review applications in the order they are received.

Applications will be accepted for USB customers who have had business loans or deposit accounts with USB as of January 13, 2021. If you are not an existing USB customer, we advise you to contact your current financial institution for assistance.

Borrowers who have questions concerning eligible and ineligible expenses should consult their accountant.

For general information on the PPP program, including how to calculate your maximum loan amount and other loan terms for a PPP First Draw loan, please visit the Small Business Administration website.

STEPS TO TAKE TO APPLY

To apply, please follow these steps:

Steps

  1. Get the application
  2. Get the USB PPP Pre-Closing form
  3. Follow the checklist
  4. Submit your documents

If you have questions, please contact your business lender, local branch manager or call us at 866.872.1866

Paycheck Protection Program (PPP) Check List for First Draw PPP Borrowers

Union Savings Bank Customers
Paycheck Protection Program (PPP) Required Documents and Certifications

I. Completed SBA Paycheck Protection Program Application

II. Documentation of Eligible Payroll Costs
For the purpose of PPP loans , payroll costs consist of 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; allowance for separation or dismissal; 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; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation.

Maximum Cash Compensation that can be claimed per individual is capped at $100,000 annualized.

To provide validation of payroll costs, the following documentation must be provided along with your application. At your discretion, the documentation can be for the 2019 or 2020 period. In certain instances, a period that is precisely 1 year prior to the loan application is also acceptable. Remember to include evidence of how you calculated your loan request amount as part of this documentation:

For All Entities that are NOT Partnerships (or LLCs treated as Partnerships for tax purposes), Sole Proprietors (or LLCs treated as Sole Proprietors), Independent Contractors or Self-Employed Individuals:
1. 941 payroll tax forms (or other tax forms containing similar information) and state quarterly wage unemployment insurance tax reporting forms, from each quarter that overlaps with the period used to calculate the loan amount.
2. Equivalent payroll processor records can be used instead of payroll tax forms.
3. Evidence of any retirement and health insurance contributions.
4. Payroll statement or similar documentation from the pay period that covered 2/15/2020 (to establish operation at 2/15/2020).
5. Borrower’s loan amount calculation details (reconciliation).

For Partnerships LLCs treated as Partnerships:
1. 941 payroll tax forms (or other tax forms containing similar information) and state quarterly wage unemployment insurance tax reporting forms, from each quarter that overlaps with the period used to calculate the loan amount.
2. Equivalent payroll processor records can be used instead of payroll tax forms.
3. Evidence of any retirement and health insurance contributions.
4. Payroll statement, bank statement or similar documentation from the pay period that covered 2/25/2020 (to establish operation at 2/15/2020).
5. Borrower’s loan amount calculation details (reconciliation).
6. If including active general partner compensation in loan amount, also 2019 or 2020 K-1 for each partner.

For Schedule C filers (sole proprietors, LLCs taxed as sole proprietors, independent contractors, self-employed) with no W2 employees:
1. 2019 or 2020 Form 1040 Schedule C and 1099 Misc. 1099 Misc. is in addition, not in lieu of Schedule C
2. 2020 invoice, bank statement, or book of record to establish operation on or about 2/15/2020.
3. Borrower’s loan amount calculation details (reconciliation)

For Schedule C filers with W2 employees:
1. 2019 or 2020 Form 1040 Schedule C and 1099 Misc. 1099 Misc. is in addition, not in lieu of Schedule C
2. 2019 or 2020 Forms 941 (or other tax forms containing similar information) and state quarterly wage unemployment insurance tax reporting forms.
3. Equivalent payroll processor records can be used instead of 941 payroll tax forms.
4. Evidence of retirement and health insurance contributions.
5. Payroll statement or similar documentation from the pay period that covered 2/15/2020 (to establish operation at 2/15/2020).
6. Borrower’s loan amount calculation details (reconciliation).

III. Completed USB PPP Pre-Closing Form
Download, save to your desktop and complete the USB PPP Pre-Closing Form. Remember to save the form on your desktop first. Download USB PPP Pre-Closing Form.

SUBMIT YOUR DOCUMENTS SECURELY

To upload your Payment Protection Program application and supporting documentation please follow these instructions: