First Draw PPP Loans

Updated: March 8, 2021 at 5:00 p.m.

The Paycheck Protection Program is included as part of the new Economic Aid Act in response to the continued economic impacts of the coronavirus pandemic. The PPP is implemented by the U.S. Small Business Administration (SBA) with support from the Department of the Treasury (Treasury) and provides small businesses with funds to help with payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, utilities, operating expenses, supplier costs and other eligible expenses.

Eligibility*

Small businesses with 500 or fewer employees — including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors — are eligible. Businesses with more than 500 employees are eligible in certain industries.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

*Please reference the SBA and Treasury sites for complete eligibility requirements.

How to Apply – 500 or Less Employees

To apply for a Paycheck Protection Program (PPP) loan, please gather and submit all the items listed below directly to your Bankers Trust banker:

  • IRS Form 941 for five consecutive quarters IRS Form 941 for one of the three time periods borrower elected to use to determine the PPP loan amount: January 2019 – March 2020, September 2019 – December 2020, or the 5 preceding quarters covering the precise 1 year period before the date on which the PPP loan will be made. If you file Form 944 instead of Form 941, please submit it for the relevant time period and indicate on the form the number of full-time equivalent employees on February 15, 2020.
  • Confirmation from your provider of all payments required for the provision of group health care coverage, including insurance premiums during 2019, 2020 or the precise 1 year period before the date on which the PPP loan will be made. The selected time period must be consistent with the payroll information submitted.
  • Confirmation from your provider of payment for the provision of employee benefits related to retirement during 2019, 2020 or the precise 1 year period before the date on which the PPP loan will be made. The selected time period must be consistent with the payroll information submitted.
  • Completed PPP Loan Calculation and Attestation form.
  • Completed Bankers Trust Customer Verification and Electronic Loan Funding form.
  • Completed Paycheck Protection Program application found on the SBA or Treasury sites.
  • Completed Borrower Resolution.
  • Verification from your banker that all Bank Secrecy Act Requirements have been met for this loan application.

BT PPP FirstDraw

How to Apply – Sole Proprietor, Independent Contractor or Self-Employed Individual

To apply, please gather and submit all the items listed below directly to your Bankers Trust banker. If you do not know who your banker is, contact us.

Sole Proprietor, Independent Contractor or Self-Employed Individual WITH EMPLOYEES

  • 2019 or 2020 IRS Form 1040, Schedule C “Profit or Loss From Business (Sole Proprietorship).” This is the only type of profit or loss statement SBA PPP program guidelines permit. No other type of profit or loss statement can be submitted in its place.
  • IRS Form 941 covering all four quarters of 2019 or 2020 (consistent with the Form 1040 submitted). If you use a payroll service to file IRS Forms 941, please provide equivalent reporting showing the desired IRS Form line item data.
  • Your respective state’s unemployment insurance (SUTA) form(s) documenting all 2019 or 2020 In Iowa, the form is called the Employer’s Contribution & Payroll Report.
  • If applicable, confirmation of 2019 or 2020 employer-paid payments required for the provision of group health care coverage, including insurance premiums.
  • If applicable, confirmation of 2019 or 2020 employer-paid payments for the provision of employee benefits related to retirement.
  • All information submitted must be for the same time period.
  • An employee payroll statement that covered February 15, 2020.
  • Completed PPP Loan Calculation and Attestation form (using 2019 or 2020 information).
  • Completed Customer Verification and Electronic Loan Funding form.
  • Completed PPP application found on the SBA or Treasury sites.
  • Verification from your banker that all Bank Secrecy Act Requirements have been met for this loan application.

Sole Proprietor, Independent Contractor or Self-Employed Individual WITHOUT EMPLOYEES

  • 2019 or 2020 IRS Form 1040, Schedule C “Profit or Loss From Business (Sole Proprietorship).” This is the only type of profit or loss statement SBA PPP program guidelines permit. No other type of profit or loss statement can be submitted in its place.
  • Proof of 2019 or 2020 Self-Employment. Examples include a 2019 or 2020 IRS Form 1009-MISC, invoice, bank statement or book of record.
  • All information submitted must be for the same time period.
  • Proof you were in business on or around February 15, 2020. Examples include a 2020 invoice, bank statement or book of record.
  • Completed PPP Loan Calculation and Attestation form (using 2019 or 2020 information).
  • Completed Customer Verification and Electronic Loan Funding form.
  • Completed PPP application found on the SBA or Treasury sites.
  • Verification from your banker that all Bank Secrecy Act Requirements have been met for this loan application.BT PPP FirstDraw2Please be advised, priority will be given to existing Bankers Trust customers, followed by local nonprofits in the markets we serve. For those who are not currently customers of Bankers Trust, we strongly encourage you to visit with your current financial institution regarding your application.