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Paycheck Protection Program Round 2

Paycheck Protection Program (PPP) Round 2


PPP Loan Update 04/30/2021:

Northway Bank will cease accepting all loan applications for all NEW PPP LOANS (FIRST AND SECOND DRAW REQUESTS) at 5:00 PM on 5/24/2021. This does not affect applications for forgiveness of your existing PPP loan.

Please contact a Northway Bank representative as soon as possible to ensure that your PPP loan application is submitted before 5/24/2021.

PPP Loan Update 01/15/2021:

Northway Bank is now accepting applications for the new PPP Loan Program for First Draw and Second Draw loan requests. This page and its contents will be updated frequently as the program progresses. We recommend that you refer to the Small Business Association's website for information regarding the PPP loan program and other programs.

Need assistance with your new PPP loan?
  • Existing Northway Bank customers can reach out to their respective commercial or small business loan officer, or call our customer service center at 800-442-6666
  • New customers to Northway Bank can contact your Northway Bank Branch, or contact our customer service center at 800-442-6666

INFORMATION FOR FIRST DRAW LOANS - (FOR ENTITIES THAT HAVE NOT OBTAINED A PPP LOAN)

IMPORTANT - READ FIRST: Please review the attached document PRIOR to starting your application process. NOTE: This document is presented in a “Question / Answer” format relative to each business entity type. Turn to the page that pertains to your specific business type to review all information that will be required for approval of your PPP loan request. Your application will not be processed unless all appropriate documents have been received and satisfactorily reviewed by Northway Bank.

APPLICABLE TO ALL BUSINESS TYPES UNLESS SOLE PROPRIETOR, INDEPENDENT CONTRACTOR, OR SELF-EMPLOYED INDIVIDUAL THAT ELECTS TO USE GROSS INCOME TO CALCULATE PPP LOAN AMOUNT
  1. Completed SBA Form 2483 with the inclusion of the Northway Bank application.
  2. IRS form 941 and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or 2020 (whichever was used to calculate the loan amount), along with evidence of any retirement and health insurance contributions (if applicable).
  3. A payroll statement or similar documentation from the pay period that covered February 15, 2020 establishing the borrower was in operation during this time.
 
ADDITIONAL INFORMATION NEEDED PER BUSINESS TYPE
NOTE: Below is a summary of information required to process your loan request. Be sure to read the attached document outlined above in "IMPORTANT - READ FIRST" section for detailed information.

IF BORROWER REPORTS VIA SCHEDULE C:
  • 2019 or 2020 Schedule C (whichever year was used to calculate the loan amount).
  • 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  • 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.

IF BORROWER IS A FARMER OR RANCHER:
  • 2019 or 2020 Schedule F (whichever year was used to calculate the loan amount).
  • 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  • 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
IF BORROWER IS A PARTNERSHIP:
  • 2019 or 2020 1065 including K-1s (whichever year was used to calculate the loan amount).
  • If the partnership had employees - a payroll statement or similar documentation from the pay period that covered February 15, 2020 establishing the partnership was in operation and had employees on that date.
  • If the partnership had no employees - 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
For all other business types, no further documentation is required. Refer to documentation listed in numbers 1 though 3 above. Please contact your relationship manager with any additional questions.
 
For additional information please refer to “Interim Final Rule #1- PPP as Amended by Economic Aid Act”.

FINAL PPP LOAN AMOUNTS SUBMITTED TO THE SBA WILL BE ROUNDED DOWN TO THE NEAREST THOUSANDTH. A Borrower’s loan application should be submitted to Northway Bank requesting the entire qualifying PPP loan amount (e.g. $15,785). A loan reduction to the lowest thousandth (e.g. $15,000) will be made by a Northway Bank Relationship Manager/Application Review Team. This process has been implemented to avoid delays in processing PPP loan applications due to errors in processing payroll figures, and other related information utilized to substantiate the requested PPP loan amount. Please contact your Northway Bank Relationship Manager if you have any questions regarding this process.

IMPORTANT - READ FIRST: Please review the attached document PRIOR to starting your application process. NOTE: This document is presented in a “Question / Answer” starting on page 10. Turn to the page 10 for additional information that will be required for approval of your PPP loan request. Your application will not be processed unless all appropriate documents have been received and satisfactorily reviewed by Northway Bank.

APPLICABLE TO ALL SOLE PROPRIETORS, INDEPENDENT CONTRACTORS, OR SELF-EMPLOYED INDIVIDUALS THAT HAVE EMPLOYEES
  1. Completed SBA Form 2483-C with the inclusion of the Northway Bank application.
  2. 2019 or 2020 Schedule C (whichever year was used to calculate the loan amount).
  3. 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  4. 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
  5. IRS form 941 and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or 2020 (whichever was used to calculate the loan amount), along with evidence of any retirement and health insurance contributions (if applicable).
For additional information please refer to “Interim Final Rule #1- PPP as Amended by Economic Aid Act”.

FINAL PPP LOAN AMOUNTS SUBMITTED TO THE SBA WILL BE ROUNDED DOWN TO THE NEAREST THOUSANDTH. A Borrower’s loan application should be submitted to Northway Bank requesting the entire qualifying PPP loan amount (e.g. $15,785). A loan reduction to the lowest thousandth (e.g. $15,000) will be made by a Northway Bank Relationship Manager/Application Review Team. This process has been implemented to avoid delays in processing PPP loan applications due to errors in processing payroll figures, and other related information utilized to substantiate the requested PPP loan amount. Please contact your Northway Bank Relationship Manager if you have any questions regarding this process.
IMPORTANT - READ FIRST: Please review the attached document PRIOR to starting your application process. NOTE: This document is presented in a “Question / Answer” starting on page 10. Turn to the page 10 for additional information that will be required for approval of your PPP loan request. Your application will not be processed unless all appropriate documents have been received and satisfactorily reviewed by Northway Bank.

APPLICABLE TO ALL SOLE PROPRIETORS, INDEPENDENT CONTRACTORS, OR SELF-EMPLOYED INDIVIDUALS THAT DO NOT HAVE EMPLOYEES (OWNER ONLY)
  1. Completed SBA Form 2483-C with the inclusion of the Northway Bank application.
  2. 2019 or 2020 Schedule C (whichever year was used to calculate the loan amount).
  3. 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  4. 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
For additional information please refer to “Interim Final Rule #1- PPP as Amended by Economic Aid Act”.

FINAL PPP LOAN AMOUNTS SUBMITTED TO THE SBA WILL BE ROUNDED DOWN TO THE NEAREST THOUSANDTH. A Borrower’s loan application should be submitted to Northway Bank requesting the entire qualifying PPP loan amount (e.g. $15,785). A loan reduction to the lowest thousandth (e.g. $15,000) will be made by a Northway Bank Relationship Manager/Application Review Team. This process has been implemented to avoid delays in processing PPP loan applications due to errors in processing payroll figures, and other related information utilized to substantiate the requested PPP loan amount. Please contact your Northway Bank Relationship Manager if you have any questions regarding this process.

INFORMATION FOR SECOND DRAW LOANS – (FOR ENTITIES THAT HAVE OBTAINED A “FIRST DRAW” PPP LOAN)

IMPORTANT - READ FIRST: Please review the attached document PRIOR to starting your application process. NOTE: This document is presented in a “Question / Answer” format relative to each business entity type. Turn to the page that pertains to your specific business type to review all information that will be required for approval of your PPP loan request. Your application will not be processed unless all appropriate documents have been received and satisfactorily reviewed by Northway Bank.

  1. Completed SBA Form 2483-SD with the inclusion of the Northway Bank application.
  2. No additional documentation to substantiate payroll costs will be required IF all criteria listed below are met;
    • The borrower used calendar year 2019 figures to determine its First Draw PPP Loan amount.
    • The borrower is using calendar year 2019 figures to determine its Second Draw PPP Loan amount (as opposed to calendar year 2020).
    • The borrower obtained their First Draw PPP Loan with Northway Bank.
    • IRS form 941 and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 were previously provided to the bank, along with evidence of any retirement and health insurance contributions (if applicable) if submitted with first PPP Loan Application.
    • A payroll statement or similar documentation from the pay period that covered February 15, 2020 was previously provided to the bank, establishing the borrower was in operation during this time.
ADDITIONAL INFORMATION NEEDED PER BUSINESS TYPE 
NOTE: Below is a summary of information required to process your loan request. Be sure to read the attached document outlined above in "IMPORTANT - READ FIRST" section for detailed information.

IF BORROWER REPORTS VIA SCHEDULE C:
  • 2019 or 2020 Schedule C (whichever year was used to calculate the loan amount).
  • 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  • 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
IF BORROWER IS A FARMER OR RANCHER:
  • 2019 or 2020 Schedule F (whichever year was used to calculate the loan amount).
  • 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  • 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
IF BORROWER IS A PARTNERSHIP:
  • 2019 or 2020 1065 including K-1s (whichever year was used to calculate the loan amount).
  • If the partnership had employees - a payroll statement or similar documentation from the pay period that covered February 15, 2020 establishing the partnership was in operation and had employees on that date.
  • If the partnership had no employees - 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
  • LOANS > $150,000 - Documentation adequate to establish that the applicant experienced a revenue reduction of 25% or greater in 2020 relative to 2019. Such documentation may include relevant tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements. NOTE: Revenue reduction can be substantiated via annual tax returns if there was an annual reduction in gross receipts of at least 25% from 2019 to 2020.
  • LOANS < $150,000 - Revenue reduction documentation is not required at the time the borrower submits its application for a loan but must be submitted on or before the date the borrower applies for loan forgiveness.
Please contact your relationship manager with any additional questions.
 
Additional notes:
  • Any forgiveness amount of a First Draw PPP loan that a borrower received in calendar year 2020 is excluded from a borrower’s gross receipts.
  • If a borrower’s First Draw PPP Loan is under review by SBA and/or information in SBA’s possession indicates that the borrower may have been ineligible for the First Draw PPP loan it received or for the loan amount it received, the lender will receive notification from SBA when the lender submits an application for a guaranty of a Second Draw PPP loan and will not receive an SBA loan number until the issue related to the unresolved borrower’s First Draw PPP loan is resolved.
  • As defined by section 315 of the Economic Aid Act, a borrower is a seasonal employer if;
  • It does not operate for more than 7 months in any calendar year.
OR
  • During the preceding calendar year, it had gross receipts for any 6 months of that year that were not more than 33.33% of the gross receipts for the other 6 months of that year.
  • A seasonal employer must determine its maximum loan amount by using the employer’s average total monthly payments for payroll for any 12-week period selected between 02/15/2019 – 02/15/2020.
The information below is provided as a summary only - please refer to “Interim Final Rule #2 – PPP Second Draw Loans” for additional detail.

FINAL PPP LOAN AMOUNTS SUBMITTED TO THE SBA WILL BE ROUNDED DOWN TO THE NEAREST THOUSANDTH. A Borrower’s loan application should be submitted to Northway Bank requesting the entire qualifying PPP loan amount (e.g. $15,785). A loan reduction to the lowest thousandth (e.g. $15,000) will be made by a Northway Bank Relationship Manager/Application Review Team. This process has been implemented to avoid delays in processing PPP loan applications due to errors in processing payroll figures, and other related information utilized to substantiate the requested PPP loan amount. Please contact your Northway Bank Relationship Manager if you have any questions regarding this process.
IMPORTANT - READ FIRST: Please review the attached document PRIOR to starting your application process. NOTE: This document is presented in a “Question / Answer” starting on page 10. Turn to the page 10 for additional information that will be required for approval of your PPP loan request. Your application will not be processed unless all appropriate documents have been received and satisfactorily reviewed by Northway Bank.

APPLICABLE TO ALL SOLE PROPRIETORS, INDEPENDENT CONTRACTORS, OR SELF-EMPLOYED INDIVIDUALS THAT HAVE EMPLOYEES
  1. Completed SBA Form 2483-C with the inclusion of the Northway Bank application.
  2. 2019 or 2020 Schedule C (whichever year was used to calculate the loan amount).
  3. 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  4. 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
  5. IRS form 941 and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or 2020 (whichever was used to calculate the loan amount), along with evidence of any retirement and health insurance contributions (if applicable).
  • LOANS > $150,000 - Documentation adequate to establish that the applicant experienced a revenue reduction of 25% or greater in 2020 relative to 2019. Such documentation may include relevant tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements. NOTE: Revenue reduction can be substantiated via annual tax returns if there was an annual reduction in gross receipts of at least 25% from 2019 to 2020.
  • LOANS < $150,000 - Revenue reduction documentation is not required at the time the borrower submits its application for a loan but must be submitted on or before the date the borrower applies for loan forgiveness.
Please contact your relationship manager with any additional questions.

Additional notes:
  • Any forgiveness amount of a First Draw PPP loan that a borrower received in calendar year 2020 is excluded from a borrower’s gross receipts.
  • If a borrower’s First Draw PPP Loan is under review by SBA and/or information in SBA’s possession indicates that the borrower may have been ineligible for the First Draw PPP loan it received or for the loan amount it received, the lender will receive notification from SBA when the lender submits an application for a guaranty of a Second Draw PPP loan and will not receive an SBA loan number until the issue related to the unresolved borrower’s First Draw PPP loan is resolved.
  • As defined by section 315 of the Economic Aid Act, a borrower is a seasonal employer if;
  • It does not operate for more than 7 months in any calendar year.
OR
  • During the preceding calendar year, it had gross receipts for any 6 months of that year that were not more than 33.33% of the gross receipts for the other 6 months of that year.
  • A seasonal employer must determine its maximum loan amount by using the employer’s average total monthly payments for payroll for any 12-week period selected between 02/15/2019 – 02/15/2020.
The information below is provided as a summary only - please refer to “Interim Final Rule #2 – PPP Second Draw Loans” for additional detail.

FINAL PPP LOAN AMOUNTS SUBMITTED TO THE SBA WILL BE ROUNDED DOWN TO THE NEAREST THOUSANDTH. A Borrower’s loan application should be submitted to Northway Bank requesting the entire qualifying PPP loan amount (e.g. $15,785). A loan reduction to the lowest thousandth (e.g. $15,000) will be made by a Northway Bank Relationship Manager/Application Review Team. This process has been implemented to avoid delays in processing PPP loan applications due to errors in processing payroll figures, and other related information utilized to substantiate the requested PPP loan amount. Please contact your Northway Bank Relationship Manager if you have any questions regarding this process.
IMPORTANT - READ FIRST: Please review the attached document PRIOR to starting your application process. NOTE: This document is presented in a “Question / Answer” starting on page 10. Turn to the page 10 for additional information that will be required for approval of your PPP loan request. Your application will not be processed unless all appropriate documents have been received and satisfactorily reviewed by Northway Bank.

APPLICABLE TO ALL SOLE PROPRIETORS, INDEPENDENT CONTRACTORS, OR SELF-EMPLOYED INDIVIDUALS THAT DO NOT HAVE EMPLOYEES (OWNER ONLY)
  1. Completed SBA Form 2483-C with the inclusion of the Northway Bank application.
  2. 2019 or 2020 Schedule C (whichever year was used to calculate the loan amount).
  3. 2019 or 2020 IRS Form 1099-MISC detailing nonemployee compensation received, invoice, bank statement, or book of record that establishes self-employment.
  4. 2020 invoice, bank statement, or book of record must also be provided indicating that the entity was in operation on or around February 15, 2020.
  • LOANS > $150,000 - Documentation adequate to establish that the applicant experienced a revenue reduction of 25% or greater in 2020 relative to 2019. Such documentation may include relevant tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements. NOTE: Revenue reduction can be substantiated via annual tax returns if there was an annual reduction in gross receipts of at least 25% from 2019 to 2020.
  • LOANS < $150,000 - Revenue reduction documentation is not required at the time the borrower submits its application for a loan but must be submitted on or before the date the borrower applies for loan forgiveness.
Please contact your relationship manager with any additional questions.

Additional notes:
  • Any forgiveness amount of a First Draw PPP loan that a borrower received in calendar year 2020 is excluded from a borrower’s gross receipts.
  • If a borrower’s First Draw PPP Loan is under review by SBA and/or information in SBA’s possession indicates that the borrower may have been ineligible for the First Draw PPP loan it received or for the loan amount it received, the lender will receive notification from SBA when the lender submits an application for a guaranty of a Second Draw PPP loan and will not receive an SBA loan number until the issue related to the unresolved borrower’s First Draw PPP loan is resolved.
  • As defined by section 315 of the Economic Aid Act, a borrower is a seasonal employer if;
  • It does not operate for more than 7 months in any calendar year.
OR
  • During the preceding calendar year, it had gross receipts for any 6 months of that year that were not more than 33.33% of the gross receipts for the other 6 months of that year.
  • A seasonal employer must determine its maximum loan amount by using the employer’s average total monthly payments for payroll for any 12-week period selected between 02/15/2019 – 02/15/2020.
The information below is provided as a summary only - please refer to “Interim Final Rule #2 – PPP Second Draw Loans” for additional detail.

FINAL PPP LOAN AMOUNTS SUBMITTED TO THE SBA WILL BE ROUNDED DOWN TO THE NEAREST THOUSANDTH. A Borrower’s loan application should be submitted to Northway Bank requesting the entire qualifying PPP loan amount (e.g. $15,785). A loan reduction to the lowest thousandth (e.g. $15,000) will be made by a Northway Bank Relationship Manager/Application Review Team. This process has been implemented to avoid delays in processing PPP loan applications due to errors in processing payroll figures, and other related information utilized to substantiate the requested PPP loan amount. Please contact your Northway Bank Relationship Manager if you have any questions regarding this process.