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Farmers and ranchers in business as of February 15, 2020 who operate as a sole proprietor, independent contractor, or self-employed individual and who report income and expenses on a Schedule F are eligible for forgivable loans through the Paycheck Protection Program. Contact us via this form to start the process.

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2021 Paycheck Protection Program

The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Learn more here.

PPP FAQs FORGIVENESS

 

SANDHILLS STATE BANK WILL NEED

All applicants:

  1. Completed Paycheck Protection Program Application
    Borrower Paycheck Protection Program Application
  2. Copies of Payroll Tax Reports Filed with the IRS for 2019 and the Q1 of 2020.
    This includes forms 941, 944, State Income and Unemployment Tax Filing Reports.
  3. Copies of Internal Payroll Reports for Each Pay Period for the Preceding 12 Months.
    Reports should include gross wages including PTO (which might include vacation, sick and other PTO) and documentation that includes additional employer-paid benefits (retirement plan matches, health insurance, etc.).

Additional documents for new customers:

  • Articles of Incorporation / Organization
  • By-Laws / Operating Agreement
  • 2019 Tax Return or P&L + 2020 YTD P&L
  • Current Balance Sheet

 


 

 

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