SBA Paycheck Protection Program

If you are interested in the SBA Paycheck Protection Program (PPP) please visit the SBA site which contains detailed information on the program along with a sample application form.

Information regarding the Paycheck Protection Program included within the Coronavirus Aid, Relief and Economic Security Act or CARES Act.

** Bank of Colorado is waiting to receive implementation guidance and instructions from the Small Business Administration (SBA) before the program becomes available to our customers. **

We have included below the key program details. Please note all the information below is subject to change prior the final implementation by the SBA. 

Eligibility:
Currently, small businesses, non-profits, self-employed individuals, and independent contractors will be eligible. Churches and/or religious businesses MAY also qualify for this program; we are expecting more details in the upcoming days. 

All entities must meet SBA size standards based on the NAICS Code of the subject business. 

Loan Amount: 
The loan amount will be the lesser of $10 million OR any outstanding balance on SBA Disaster Relief loans obtained between January 31, 2020, through the date the debt is eligible to be refinanced. This information can be found within your Disaster Relief loan documents. 
Payroll costs will also be added to this amount. To find out how payroll costs will be determined, find your corresponding business status below: 

Existing Business:

  • 2.5x the average monthly payroll costs incurred and paid over the 12 months prior to the date on which the loan was made.

New Business (operating less than 1 year):

  • 2.5x the average of two (2) months payroll costs from January 1 to February 29, 2020

Seasonal Business: 

  • 2.5x the average of monthly payroll costs from February 15 or March 1, 2019 through June 30, 2019

Payroll costs includes salary, wages, payment of cash tips, and employee group health care benefits including insurance premiums, retirement contributions, and covered leave. Salaries/Wages over $100,000 per employee will not be included. 

Loan Requirements:

Businesses must certify that the loan is necessary to continue to operate, retain employees, and/or make mortgage and utility payments. Businesses must also certify that they have not applied or received another 7(a) loan for similar purposes. Other requirements include:

  • No Personal Guaranty
  • No Collateral Requirements
  • $0 Guaranty Fee

Loan Forgiveness:   

This is expected to be calculated based on payroll, mortgage interest, rent and utility costs for the 8-week period paid after loan origination. Businesses must certify funds were utilized to keep business operational and retain/pay employees. The amount will be reduced if the number of employees used to determine the loan amount is decreased or salary expense is reduced. Payroll costs over $100,000 per employee will not be considered in the forgiveness application. 

Documentation Requirements: 

The SBA is still in the process of formulating a modified application form that will be used for this program. The application has not been released yet. As we receive more information, we will share details here.  

After we receive finalized implementation guidance from the SBA, we will have a team of lenders ready to assist in the application process. At that time, please contact your lender or local branch, they will be able to refer you to a member of our team who can assist you. 

As we receive more information regarding this program, we want to share it with you. Please click here and fill out our customer inquiry form with your contact information. We will reach out to you directly regarding the application process.

We will continue to post details to this page regarding this topic as they become available. Please continue to check back for updates. 

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