Small Business Administration Paycheck Protection Program

The Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to small businesses.

 

Ponce Bank is a U.S. Small Business Administration (SBA) approved lender for the Paycheck Protection Program (PPP) which began on Friday April 3. These loans provide us with a quick way to provide you with the cash you need to cover payrolls, preserve jobs and cover certain critical expenses such as mortgages and rent. These loans are guaranteed by the government, quick to process, and may be forgivable, in all or in part, based upon the number of jobs you retain in your workplace.

Attention! Ponce Bank is no longer taking PPP applications. SBA’s final extended deadline was on August 8, 2020.

How to Apply

Ponce Bank is no longer taking PPP applications.

If you’re not already a customer of Ponce Bank’s, the first step is to establish an account with us. Please follow the instructions to open a business account with Ponce Bank here.

 

1. Download and fill out SBA’s PPP application

2. Download and complete the Payroll Cost Calculator

3. Provide copy of filed IRS Form 941 or any of the other Documentation for Eligible Payroll Expenses for periods covered in Applicant’s eligible payroll calculation (e.g. forms for self-employed individuals and non-profits)

4. Provide a copy of driver's license (front and back) for each owner of Applicant with greater than 20% ownership.

 

5. Download and sign the SBA Submission Agreement

6. Provide a list of employees with annual salaries - you can use this Employee Payroll Record if your payroll service doesn’t provide you with one.

This payroll record was developed by FMA. They have many useful PPP-related tools that may help you here.

7. Upload all of the above documents on the secure portal.

PRO TIP: You can upload up to 5 documents in your original submission. If you need to add more files, you can click on the login link included in your submission confirmation email or any of the subsequent application update emails you've received regarding your application. This will take you into your existing application where you can UPDATE it with additional files. Please do not submit a new application be sure and UPDATE your existing application.

Businesses who are not customers of Ponce Bank

If you’re not already a customer of Ponce Bank’s, the first step is to establish an account with us. Please follow the instructions to open a business account with Ponce Bank here.

In addition to the documents above, new customers will be asked to:

  • Establish a Checking Account at Ponce Bank, which will require documentation on legal entity, proof of authorizing authority and authorized signatures; please contact us at 718-931-9000 to set up your account

  • Provide documents for type of entity (See eligible documents by entity type here)

Be ready to commit to a good faith certification upon application:

  1. The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations

  2. The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments

  3. Borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here

  4. From Feb. 15, 2020 to date, the borrower has not received a loan duplicative of the purpose and amounts applied for here

Getting Your Loan Forgiven

You may have your loans forgiven if you use the money for designated expenses such as payroll, based upon the number of jobs you retain in your workplace.