SBA Small Business Relief Programs
During these challenging times, Bank of Akron is here for you. If your business has been negatively impacted by COVID-19, we can aid in relief solutions and help you better understand the current government loan assistance programs.
Due to the great demand for the SBA Paycheck Protection Program, Bank of Akron has discontinued accepting new applications until the backlog we’ve already received have been processed and addressed.
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
Please provide the following information to support your payroll calculation and requested loan amount:
- SBA Form 2483 (Borrower Application, separate for each borrowing entity), complete and fully executed
- Affiliation Addendum A, if applicable
- EIDL Addendum B, if applicable
- Citizenship Certification
- Beneficial Ownership Form, complete and fully executed
- Paycheck Protection Loan Amount Calculator
- Payroll expense consists of:
- Compensation to employees in the form of salary, wages, commissions or similar compensation;
- Cash tips or the equivalent (based upon 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;
- For an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self- employment or similar compensation.
- Excluded payroll expense includes:
- Any compensation of an employee whose principal place of residence is outside of the United States;
- The compensation of an individual employee in excess of an annual salary of $100,000, prorated as necessary;
- Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employee’s and employer’s share of FICA (Federal Insurance Contributions Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees
- Qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127).
- 2019 IRS quarterly payroll tax reports (i.e. Form 941)
- IRS Form 940 / 941
- Payroll reports for the prior 14 months (January 2019 through February 2020). These should include detail on gross wages and all withholdings for each employee. Seasonal businesses should provide the information for 2/15/2019 thru 6/30/2019. New businesses should provide the information for 1/1/2020 and 2/29/2020.
- Independent Contractors / Sole Proprietors to provide payroll processor records, payroll tax filings, Form 1099-Misc or other income and expense records from a Sole P. In lieu of these documents bank records or other sufficient documentation must be provided to support qualifying payroll amount
- Verification that State and local unemployment taxes are paid
- 2019 W-2’s for all employees
- Documentation showing the following paid for each employee:
- Vacation, sick leave, family leave,
- Retirement benefits, not to include employee contributions,
- Healthcare benefits.
- Trailing 12-month profit & loss statement
- Copy of the front and back of Driver’s License
- Organizational Documents, if not already on file at the bank
- Articles of Inc./Org.
- Corporate Resolution
Please sign and date each document.
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
Together we will work through this and see it through. Please know that it is, and has always been, our mission to work with you in making safe, sound, and secure decisions regarding your financial needs.