If you haven’t applied for a PPP loan yet, now is the time! You should never give up on getting funding for your business, especially in times of economic uncertainty.
We can process your Paycheck Protection Application in 1-hour or less. Apply now before funds run out or the program ends on August 8, 2020! Northern is one of the last financial institutions still accepting and processing applications.
The Paycheck Protection Program provides small businesses with funds to pay up to 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
- 60% of the loan needs to be spent on payroll
- The coverage period extends until December 31
- Employer payroll tax payments don’t need to be made until the end of 2020
- Businesses won’t lose any loan forgiveness eligibility if they show some employees declined to return to their jobs or the pre-pandemic headcount is no longer required
- The payback period for new loan applicants is at least five for those not seeking or who are ineligible for forgiveness
All Small Businesses Eligible
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
All Your Questions Answered
We’re also hosting a few 1-hour webinars about the changes to the PPP program. These interactive sessions will provide an overview from Robert Barlow, Director of Commercial Lending, and allow for Q&A and open discussion. Sign up for your preferred webinar by selecting the session below:
1-on-1 consultations are also available – simply send us an email to set a time to chat.
Applying is as easy as 1,2,3
- Gather the “DOCUMENTS NEEDED TO APPLY”
- Create an account for our loan application software
- Complete a loan application
What documents do I need to apply?
- Application: Please use the online application above.
- Voided check: Please upload a voided check for the business account to be funded.
- Face page of most recent tax return: Please upload the face page of the most recent business tax return. This page should contain the taxpayer name and ID.
- IRS Form 941 (4 Quarters) or 944 (2019): If the business has employees on payroll, please upload either 4 quarters of IRS Form 941 or IRS Form 944 for 2019.
- 2019 IRS Form 1096: If the business reports payments to independent contractors via IRS form 1099 then please upload the IRS Form 1096 for 2019.
- W-2/1099: Please upload W-2/1099 Forms for all employees or contractors that receive compensation in excess of $100,000.
- 1040 Schedule C: If the business is a sole proprietorship, please upload the 1040 Schedule C to verify business net income.
- Driver’s License: Please upload the driver’s license or government issued photo ID card for the person signing on the request (otherwise referred to as “authorized representative” of the business).
- Operating Agreement/By-laws/DBA Filing: Please upload the operating agreement for your LLC or By-laws for your corporation, whichever applies. If the business is a sole proprietorship, please upload your DBA filing.