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SBA Paycheck Protection Program

SBA Paycheck Protection Program

Last updated on April 1, 2020 by your Central Bank & Trust SBA experts

The Paycheck Protection Program is an SBA program that is part of the CARES Act which was signed into law on Friday, March 27, 2020. Below are the details of the program as well as the official application.


With the recent release of a Paycheck Protection Application from SBA and some high-level initial guidance on the processing of loans, Central Bank & Trust would like to provide the following update.

  • SBA anticipates allowing lenders to start accepting applications on April 3, 2020. SBA has not released the required details and regulations to lenders of what will be required to process the applications when received.  Lenders need substantial more information detailing what is required in order to process these applications.  Additional information is expected from SBA soon.  As a highly experienced Preferred SBA Lender, Central Bank & Trust is ready to act quickly once the regulations are released.  We have processes, systems and people in place to immediately begin processing SBA PPP loans.
  • Many questions are still unanswered for both borrowers and lenders and should be addressed when SBA issues the full regulations. Some key topics include:
    • Specifics on the calculation and verification requirements for payroll costs that will determine loan amount.
    • Specifics on the calculations for forgiveness including what documentation will be required.
    • Impacts and requirements for businesses or business owners that have affiliated/other business ownership interests.
    • Specific details regarding industries or business types that are not eligible.
  • CB&T continues to recommend clients submit preliminary applications and work with one of our banking team members to complete as much of the application process as possible now. Once SBA regulation is finalized the demand for SBA PPP loans will be overwhelming and any work that can be done in advance should be.

Preliminary Application Package:

  • SBA Paycheck Protection Application (Download below)
    • SBA currently calls this a sample, so it is subject to change
  • 2019 Federal Income Tax Return for the applicant company
    • If 2019 returns are not available, provide a 12/31/2019 Balance Sheet and Profit & Loss
  • 2019 Payroll Worksheet that outlines total eligible payroll for the year
    • Eligible payroll costs include – Salaries, Wages, Commissions, Vacation Pay, Parental Leave, Family Leave, Sick Leave, Allowance for Dismissal/Separation (Severance Agreement), Group Health Care Payments/Premiums, Retirement Benefits and State & Local Taxes assessed on compensation
    • Payroll costs greater than $100,000 must be removed from the total payroll calculation
    • The definitions for the SBA PPP Program are outlined on Page 3 of the Paycheck Protection Application
  • CB&T New Account Checklist (Download below)
  • CB&T Business Profile Worksheet (Download below)

Click on the buttons below to download and fill out the required forms. When returning the completed forms to the bank please be sure to send via a secure channel such as encrypted email or dropping the forms off at your bank branch.

Download the Borrower Paycheck Protection Application


Download New Account Checklist


Download the CB&T Business Profile Worksheet


Download the PPP Detailed Overview


Should you have any questions or would like to discuss SBA options in greater detail, please click on the name below to connect with our banking team: