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Small Business Resources

PAYCHECK PROTECTION PROGRAM (PPP)
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Welcome to our PPP Loan Resource Hub. 

updated as of 01/21/2021

We hope the resources and links on this page help you navigate the application process for NEW PPP Loans. 

Looking for more details on PPP Loan Forgiveness? Click here for updated forms and step-by-step instructions.


 Important things to know about NEW PPP Loans:

(First-Draw and Second-Draw PPP-2) 

  • New First-Draw and Second-Draw PPP Loan Applications from the U.S. Treasury and SBA are now available on their websites and linked on this page for your convenience:
    • For First-Draw PPP Loans, businesses should use the newly amended 2483 form.
    • For Second-Draw PPP-2 Loans, businesses should use the newly amended 2483SD form.
  • Again, PPP rules have been amended. Please review the latest SBA and Treasury PPP Re-Opening and New Guidance information to better understand the details. We've also included many helpful and important links below for your convenience. 

ELIGIBILITY: 

First-time PPP customer eligibilities include the following: 

  • Any customer entity or business that was open prior to Feb. 15, 2020
  • Certain additions for Farm and Ranch operations, which were previously not included in PPP funding 

Second Draw (PPP-2) customer eligibilities are similar to the requirements for previous PPP loan requirements. Below is an updated summary: 

  • Generally, businesses will be eligible for a second round of PPP loan if:
    • It employs not more than 300 employees;
    • Demonstrates at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter.
  • The amount of second round PPP loans will generally be 2.5x average monthly payroll costs (except for certain industries like restaurants, hospitality organizations, etc.) and will be capped at $2,000,000.
  • Second round of PPP Loans expands eligibility to additional types of non-profits, news organizations, destination marketing organizations, and others. Please be aware that some businesses may be ineligible in the Second Draw. We recommend referring to the SBA for further details on eligibility.
  • Several new expenses are now included and eligible that were not previously included in the first round of PPP funding. Please refer to SBA and Treasury guidance. 

PPP FIRST and SECOND DRAW NEW LOAN APPLICATIONS (as of 01/08/2021):




NEW GUIDANCE:

Looking for more details on PPP Loan Forgiveness? Click here for updated forms and step-by-step instructions.
 

IMPORTANT: To apply for PPP funding through Armstrong Bank, you will need an active business checking account with us. To open an account today, please go here or visit your favorite Armstrong location


Please follow the step-by-step instructions below for navigating the PPP Loan Forgiveness process.

3508S Application Form (Released 1/19/21)

Businesses that meet the following guidelines may complete the 3508EZ Form:

  • Loan totals $150,000 and less 

  • Please refer to the 3508S Instructions included with the application for further details and clarification. 


3508EZ Application Form

Businesses that meet the following guidelines may complete the 3508EZ Form:

  • Self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25% and did not reduce the  number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives from CDC related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%. 

Businesses that DO NOT meet the guidelines outlined on the 3508S or 3508EZ Instruction Forms must complete the 3508 Form. 




Gather all required documentation & complete application

This will require certain payroll and expense documentation and proof of expense.  Without ALL of the required information, the application may be considered incomplete.  

What supporting documentation should be included?

  • Specific payroll document requirements that are detailed in 3508S, 3508EZ, or 3508 instructions.
  • Full-time equivalent (FTE) supporting information indicating the average number of FTE employees on your business payroll per month. 
  • Payroll tax filings (IRS form 941) for the coverage period chosen (8 weeks OR 24 weeks).  
    • Please do not submit your PPP Forgiveness application before your selected coverage period ends.  Applications submitted before this will be considered withdrawn and will need to be resubmitted at a later date.
  • Non-payroll document requirements that are detailed in 3508S, 3508EZ, or 3508 instructions (eligible payments from the 8- or 24-week loan covered period).  

Submit your application & documentation

Once you have compiled the necessary information and completed the appropriate application, you may submit your information to Armstrong Bank. Please respond to the previously received secure email from pppforgiveness@armstrongbank.com to ensure sending a SECURE EMAIL to Armstrong Bank. Please follow the instructions in the email that you receive to open the secure email. 

If you did not receive the previously sent secure email, please email pppforgiveness@armstrongbank.com and a secure email will be sent to you.

Application processing

Once you have provided the completed application along with the necessary documentation, Armstrong Bank’s PPP Forgiveness Team will review, contact you for additional information if necessary, and upload your request to the SBA.  The SBA has been quite clear that they will require ALL of the supporting documentation in order to evaluate PPP Forgiveness.

SBA review

The SBA has 90 days from the date Armstrong Bank forwards your file to determine forgiveness. This is the reason that it is important to fully and accurately complete the appropriate application and provide ALL requested supporting documentation.

SBA decision

Armstrong Bank will notify you with the SBA's decision on the amount of forgiveness once we are advised.


How long does the process take?

Once your application is submitted to us, the forgiveness process may take up to 150 days: a maximum of 60 days for Armstrong Bank to review, followed by up to 90 days for the SBA to review. We will be in touch should further information be required. 

Armstrong Bank wants to provide you the most appropriate information to allow you to complete this important loan forgiveness process.  Nevertheless, please know that Armstrong Bankers cannot provide advice on interpretation of the SBA’s rules or guidance for loan forgiveness or how these rules may apply to the particular circumstances of your business. Please seek the advice from your legal and/or accounting professional(s) if you are unsure about the specifics of your application. Please note that the information provided here is generally taken directly from the SBA and/or the SBA Paycheck Protection Program Loan Forgiveness Application and is posted solely for your use. It is not intended to be comprehensive or all-encompassing. Please consult the Small Business Administration and/or U.S. Department of Treasury  PPP websites for information related to loan forgiveness and the PPP program. Guidance and rules directly from the SBA and/or the U.S. Treasury will supersede any information contained in this website or in anything that may conflict with the direct guidance mentioned.