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Paycheck Protection Program (PPP) Funding

Paycheck Protection Program Updates

Last Updated: 01/14/2021 12:00 p.m.

Our NBT Bank PPP Loan Application is now ready by logging into your Business Online Banking account.

New Funding

On December 27, 2020 the "Consolidated Appropriation Act, 2021" was signed into law and includes changes to PPP and other SBA programs. As part of the coronavirus relief package, Congress has allocated an additional $284.45 billion for the PPP and extends the PPP through March 31, 2021.

We are excited to inform you that we have launched a new portal to streamline the process of applying for new PPP funds. Learn more about this new funding below.

Steps to Prepare

Our PPP application is available within our NBT Business Online Banking platform. Please be sure you’re taking the proper steps to prepare for your application as there are limited funds available.

  1. Ensure you are eligible for the new PPP funding.
  2. Ensure you are or become a customer by having an active Business Checking account.
  3. 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 is preparing for the next round of PPP loans and we anticipate many of our customers will qualify for funding. This program is open 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.

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)

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 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.

We're here to help

We will be updating this page as new regulations are released by the SBA. Please check back for updates!

For additional questions, please contact your NBT Banker, local branch or our Business Support Center at 1-833-628-4BIZ (4249) or [email protected].

For additional information visit SBA.gov and Treasury.gov.

 

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