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Paycheck Protection Program

Paycheck Protection Program loans for small businesses.

Below you will find some information about the process for seeking loan forgiveness of an existing Paycheck Protection Program loan, and we also have information for new applicants seeking to apply for a Paycheck Protection Program loan.

If you are a BankFive Paycheck Protection Program loan customer who is looking for additional information about the loan forgiveness process, please click here.

If you are a new applicant seeking to apply for a Paycheck Protection Program loan, please click here.

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For Existing Paycheck Protection Program Loan Customers

The Small Business Administration and the Treasury have released the application that BankFive borrowers will be required to complete in order to have their Paycheck Protection Program loans forgiven. We have included this application below. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. The SBA expects to issue regulations and additional guidance for borrowers completing this form, and once we receive that, we will communicate it here.
 



For Paycheck Protection Program Applicants

To apply, please send the completed application and required supporting documents listed below to paycheckprotection@bankfive.com.
       

Supporting documents needed for your PPP Loan application:

  • IRS form 941 for all 4 Quarters in 2019 and Q1 2020, if available. If IRS form 941 for Q1 2020 is unavailable, a copy of a payroll that includes 2/15/20 is required.
  • IRS annual form 940, for 2019.
  • If a third-party payroll company is used, they may have a Paycheck Protection Program report readily available for you. If this report is not available to you, a payroll summary by employee for 2019 will be required to determine employees with compensation over $100,000.
  • Back-up information for retirement contributions is required, if included in the average monthly payroll calculation.
  • Copy of the borrower's 2019 Annual Filing with the Secretary of State.
  • If the business is a partnership, a schedule C for 2019 is required, as well as a copy of 2019 K1s.
  • Please indicate what BankFive account number you would like the funds deposited to.
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