Paycheck Protection Program (PPP)

Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Businesses may qualify for a loan up to 2.5 times your average monthly payroll costs including healthcare and retirement benefits.

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.  Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.

If you are interested in applying for a PPP Loan, please contact us at 855.949.7264 to discuss the loan application process.  When applying, please review to the PPP Loan Application Checklist below.

Please note, to apply for a PPP loan through our partnership with WSFS Bank your business must be located in Delaware, Pennsylvania, New Jersey or Maryland.

 

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

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.

This loan has a maturity of 2 years and an interest rate of 1%.

PPP Loan Application Checklist

C-Corp, S-Corp, Church and 501c3

  • 940 or 941s and W2s or Payroll Reports by employee
  • 2019 Tax Return (990 for non-profit) – 2018 if 2019 is not available
  • Articles of Incorporation or Formation Certificate
  • Completed application with initials on questions 5 and 6
  • If not a WSFS customer, please provide a colored copy of your Driver’s License (front and back)

LLC/Sole Proprietors/Partnerships With Employees

  • 940 or 941s and W2s or Payroll Reports by employee
  • Schedule C tax return or company's tax return 1065 or 1120 (which contains K1) for partnerships and multi-member LLC's
  • Articles of Incorporation or Formation Certificate
  • Completed application with initials on questions 5 and 6
  • If not a WSFS customer, please provide a colored copy of your Driver’s License (front and back)

LLC/Sole Proprietors with only owner(s) No Employees

  • Schedule C Tax Return
  • Completed application with initials on questions 5 and 6
  • If not a WSFS customer, please provide a colored copy of your Driver’s License (front and back)
  • Business License (Sole Proprietors Only)

1099 Independent Contractors

  • 1099’s and Schedule C for 2019
  • Completed application with initials on questions 5 and 6
  • If not a WSFS customer, please provide a colored copy of your Driver’s License (front and back)
  • Business License (Sole Proprietors Only)