Paycheck Protection Program
The Small Business Administration (SBA) Paycheck Protection Program (PPP) is a federal relief program designed to help small businesses to keep their workforce employed during the ongoing COVID-19 crisis. On December 27, 2020, the Consolidated Appropriations Act was signed into law, allocating $284 billion in new funds to the Paycheck Protection Program. Parkway Bank will participate in the new round of PPP loans. The online portal for applications will open on Tuesday, January 19, 2021. In order to apply, you must be a Parkway Bank customer as of December 18, 2020.
To ensure you are prepared to participate in this coming round, we urge you to complete the following items prior to entering our online application portal:
- Please review the PPP guidelines and relevant forms from Department of the Treasury and SBA issued on January 6. They can be found here. The “Top-line Overview” files provide a brief summary of first and second draw loans being made available under this round of the PPP.
- Please confirm your organization meets the SBA’s requirements for either the first draw (first-time PPP borrowers) or second draw (existing PPP borrowers wanting a second PPP loan). In making your decision to apply for this latest round of PPP, please consult with your legal, tax, accounting, or financial advisors, as necessary.
- If you qualify for either of the two draws, you will need to compile the required information to make your loan request to the SBA.
First-time PPP loans:
- Determining your loan amount and required supporting documentation:
Pages 31-42 of the Interim Final Rule RIN 3245-AH62 (available here) discuss the method for determining your loan amount and the required supporting documentation, which generally includes both IRS Form 941 and state unemployment insurance tax reporting forms for each calendar quarter, payroll processor records, evidence of any retirement and health contributions, and, in every case, a payroll statement or similar documentation from the pay period that covered February 15, 2020 to establish that your business was in operation on that date.
- Please remember that you must be able to fully document that your loan proceeds were used for eligible purposes when you make your application for forgiveness to the SBA.
Second draw PPP loans:
- Determining your required supporting documentation for second draw loan:
A discussion of the required supporting documentation for a second draw loan appears on pp. 32-34 of the Interim Final Rule RIN 3245-AH63, available here. They include all of the first draw loan requirements plus evidence of a 25% or greater decline in gross revenue.
Online Application Portal
Please be aware that the portal may close without warning for periods of time as we work through the applications we have received. While the process is digitized, a human needs to review and submit your application to the SBA. In order to best serve our customers, we may occasionally pause the program to work through these reviews.
Upon entering the portal here, please proceed using these borrower definitions:
- An existing customer is defined as a second-time borrower with Parkway Bank for a PPP loan. You will then authenticate utilizing your business TIN, authorized representative email address and authorized representative personal social security number. The authorized representative is likely the principal of the business.
- A new customer is defined as a first time borrower with Parkway Bank for a PPP loan. All first time borrowers must have been a Parkway Bank customer as of December 18, 2020. Please click the blue hyperlink at the top of the page that says “Not an existing customer? Click here to get started”. You will then be asked to verify your business by name and zip code.
If you have any issues or questions, please email us at [email protected]. Due to the volume of inquiries we are receiving, responses may take as long as 24 hours. Please continue to visit this site for continued changes and information.
If you have first draw PPP loan, forgiveness applications continue to be available in our portal. Please utilize the online portal link above to begin this process. More information can be found below.
Online Forgiveness Portal
Before starting your online forgiveness application, we highly recommend that you watch the following three instructional videos on how our platform works:
VIDEO 1: Borrower Authentication and Application
VIDEO 2: Borrower Document Upload
VIDEO 3: Borrower eSigning
After viewing these tutorials, please click here to enter the PPP Forgiveness Portal and get started with your request.
This will take you to the authentication page, which prompts you to provide three pieces of identifying information to retrieve your PPP loan on our system: the Business E-mail address, Borrower Tax Identification Number (TIN), and authorized representative's personal social security number (the authorized representative is generally the owner, manager or principal shareholder of the business). Please note that your entries on this arrival page must be exact matches to our system data in order to bring up your PPP loan details when you click on “Find My PPP Loan.”
- After you’ve called up your loan, please enter and upload all of the other required data as prompted. You’ll note that some of the data required to complete the SBA’s PPP Forgiveness Application Form has been pre-filled for your convenience. When you’ve completed your data entry and document uploading, click “submit for review” to transmit the forgiveness application to the Bank. The Bank will then be notified that your request is ready for review.
- If the Bank’s review indicates that your request is complete and eligible for forgiveness, you’ll receive an e-mail inviting you to digitally sign the forgiveness application. Once this signature is provided, the Bank will countersign the application and submit it to the SBA for approval. The SBA has stated that they will provide responses within 90 days of submission.
Please note that our PPP Forgiveness platform provides context-sensitive help when you click on the blue "Learn more" icon.
The platform also allows you to save and return to your application if you cannot complete it in one session.
If you have further questions concerning PPP forgiveness rules, official information is available from the following sources: