Paycheck Protection Program (PPP) Funding

Paycheck Protection Program Updates

Last Updated: 03/30/2021 5:00 p.m.

Our online portal is open! The last day to apply for a PPP loan with NBT Bank is Friday, May 21, 2021 at 5pm EST or until funding runs out.

Forgiveness Update

For customers who received PPP loans with NBT in 2020, please access the forgiveness portal to submit your forgiveness request by logging into your NBT Business Online Banking account.

Important Links

PPP Information

PPP Loan Forgiveness Information

Connect with a Business Banker

Business Customer Assistance

Avoid Delays in Processing by Following these Important Steps

NBT remains committed to supporting businesses. We are recommending the following steps to avoid potential delays in processing.

For second draw PPP customers, be sure your company name and tax ID match exactly as provided in your first draw PPP loan.
Second draw PPP customers, must also provide the SBA loan account number for your first draw PPP loan in the application, and not your NBT Bank loan account number.
Tax ID, tax ID type and entity type are all separate and required fields. Your borrower tax ID number, and borrower tax type should match your entity type. For example, if you enter S-Corp, you should select business as applicant type, enter your EIN number and then select E as the TIN Type. If you are a sole proprietor or self-employed with one employee, you can select person as your business type, enter in S as TIN type, and use your social security number. For second draw PPP loans, this information needs to match the information you provided for your first PPP loan.
If there is more than one employee at your company, the EIN should be used in the application.
Be sure to complete the ownership information. All individuals with 20% or more ownership in your company need to be identified in the application. An owner with authority to sign the legal loan documents should be clearly identified as the applicant.

2021 PPP Funding

Our online portal is open! The last day to apply for a PPP loan with NBT Bank is Friday, May 21, 2021 at 5pm EST or until funding runs out.

Steps to Prepare

Please be sure you’re taking the proper steps to prepare for your application as there are limited funds available.

Ensure you are eligible for the new PPP funding.
Ensure you are or become a customer by having an active Business Checking account.
Sign up for Business Online Banking to access the new PPP application – available now in NBT Business Online Banking.

PPP First & Second Draw Information

Date Posted: 01/13/2021

PPP Program Requirements

NBT Bank will open the PPP to new and current PPP customers in our footprint.^*

First Draw PPP

Businesses that did not receive a PPP Loan in 2020

Who is eligible?

Businesses with 500 or fewer employees
Sole proprietors, independent contractors and eligible self-employed individuals
Not-for-profits, including churches and 501(c)(3) membership organizations
501(c)(6) organizations with fewer than 300 employees
Foods service and Accommodation (NAICS codes starting with 72) with fewer than 500 employees
Business was in operation prior to February 15, 2020

What amounts are they eligible for?

2.5x average monthly payroll
Annual cash compensation per employee is capped at $100,000
Maximum loan amounts of $10,000,000

What documentation is required?

Businesses need to provide documentation based on business type.

Self-employed with NO employees

2019 or 2020 IRS Form 1040 Schedule C or Schedule F
2019 or 2020 IRS Form 1099-MISC –or- invoice, bank statement or book of record that established self-employment

Self-employed with employees

2019 or 2020 IRS Form 1040 Schedule C or Schedule F
2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter -or- 3rd-Party Payroll Tax reports for each quarter -or- IRS Form W-2 -or- IRS Form W-3

Partnerships with NO non-owner employees

2019 or 2020 Schedule K-1 (IRS Form 1065)

Partnerships with non-owner employees

2019 or 2020 Schedule K-1 (IRA Form 1065)
2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter -or- 3rd-Party Payroll Tax reports for each quarter -or- IRS Form W-2 -or- IRS Form W-3

Corporations (C & S)

2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter –or- 3rd-Party Payroll Tax reports for each quarter -or- IRS Form W-2 -or- IRS Form W-3

Non-profit Organizations

2019 or 2020 IRS Form 941 & State Quarterly Wage reports for each quarter -or- 3rd-Party Payroll Tax reports for each quarter -or- IRS Form W-2 -or- IRS Form W-3

LLC

Will be determined by the LLC tax filing situation – could be sole proprietor, partnership or corporation tax status. See above requirements to determine documentation.

First Draw PPP Form

NBT PPP customers should submit their PPP applications through our automated portal, available by securely logging into NBT Business Online Banking.

You may familiarize yourself with the SBA Form and related Instructions in advance via the following links:

PPP First Draw Application Form

PPP First Draw Instructions (PDF)

Second Draw PPP

Businesses that did receive a PPP Loan in 2020

Who is eligible?

Businesses with 300 or fewer employees
Business used or will use full amount of first PPP Loan by disbursement of Second Draw
Business must show a 25% gross revenue decline in 2020 compared with 2019 (Quarter or Annual). For additional details, please reference question #3 in the Second Draw Instructions PDF below

What amounts are they eligible for?

2.5x average monthly payroll
Annual cash compensation per employee is capped at $100,000
Maximum loan amounts of $2,000,000
3.5x average monthly payroll for Food Service & Accommodation (NAICS code starting with 72)

The legislation allows for the following expenses to be forgivable:

60% for payroll.
The remaining 40% can be used for non-payroll expenses as indicated in the first round of PPP; and new non-payroll expenses including: software, purchases of PPE for workers, Human Resources and more.

What documentation is required?

Businesses need to provide documentation based on business type.

Borrowers that received their original PPP loan with NBT are not required to, but still may submit documentation if using 2019 payroll.
Borrowers that did not receive their original PPP loan with NBT are required to submit documentation as outlined under First Draw PPP
Please review the revenue documentation requirements from Question 4 on the instructions below as these documents are required for the Second Draw Loan.

Second Draw PPP Form

NBT PPP customers should submit their PPP applications through our automated portal, available by securely logging into NBT Business Online Banking.

You may familiarize yourself with the SBA Form and related Instructions in advance via the following links:

PPP Second Draw Application Form

PPP Second Draw Instructions (PDF)

^*Please note that we are only accepting PPP Loans within our footprint. Please click here to find our branch locations. Our branches are located in New York, Pennsylvania, Massachusetts, New Hampshire, Maine, Connecticut and Vermont.

Note to Agents:
NBT Bank is not working with third-party agents on PPP loans. NBT Bank will work directly with our customers on the entire PPP loan program. NBT Bank will not pay fees to any individual or firm claiming to be a customer’s agent in connection with the origination and forgiveness of a PPP loan.

Important Service Disruption:

Paycheck Protection Program (PPP) Funding

Paycheck Protection Program Updates

Forgiveness Update

Important Links

Avoid Delays in Processing by Following these Important Steps

2021 PPP Funding

Steps to Prepare

PPP First & Second Draw Information

PPP Program Requirements

First Draw PPP

Who is eligible?

What amounts are they eligible for?

What documentation is required?

First Draw PPP Form

Second Draw PPP

Who is eligible?

What amounts are they eligible for?

What documentation is required?

Second Draw PPP Form

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