Paycheck Protection Program Resource Center

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help businesses through these times of uncertainty.

Our PPP Forgiveness Portal is Open for ALL PPP LOANS.

PPP First Draw Loans

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PPP Second Draw Loans

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PPP Forgiveness
Resource Center

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PPP Frequently
Asked Questions

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Latest Updates on the Paycheck Protection Program

SBA Announces PPP 2 Funds Exhausted

May 4, 2021 - On May 4, the SBA announced that the funds allocated to the Paycheck Protection Program (PPP) have been nearly exhausted and the SBA has halted submission and approval of PPP loan applications from most financial institutions at this time.

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PPP Loan Application Deadline Extended to May 31, 2021

March 30, 2021 - The President signed the PPP Extension Act, which extended the deadline for businesses to submit First Draw or Second Draw PPP Loans to the SBA from March 31, 2021 to May 31, 2021. The legislation also gives the SBA until June 30, 2021 to review and process these PPP applications.

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Resources for the Wisconsin Bank & Trust PPP Loan Portal

Portal First Time Log In

 

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Log In Guide (PDF)

Forgotten Portal Password

 

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Password Guide (PDF)

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Additional Resources for our Paycheck Protection Program customers

PPP Forgiveness Portal

PPP Loan Forgiveness

Wisconsin Bank & Trust customers can now register and apply for PPP Loan Forgiveness. Click for our PPP Forgiveness Resource Center

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Strength in Uncertain Times

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Fraud Center

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Click for Paycheck Protection Program FAQs

 

Paycheck Protection Program Updates

  • SBA Announces PPP 2 Funds Exhausted - May 4, 2021

    May 4, 2021 - SBA Announces PPP 2 Funds Exhausted

    On May 4, the SBA announced that the funds allocated to the Paycheck Protection Program (PPP) have been nearly exhausted and the SBA has halted submission and approval of PPP loan applications from most financial institutions at this time.

    The SBA reserved funding for applications submitted to the SBA but not yet approved due to unresolved hold codes.

    There is also approximately $8 billion remaining in congressionally mandated funding for PPP loans
    made by designated minority depository institutions and community development financial institutions.

    Wisconsin Bank & Trust is currently not accepting or processing PPP 2 Loan Applications. Visit our PPP Resource Center for updates on PPP 2 Loans and PPP 1 Loan Forgiveness.

    Our Online PPP Forgiveness Portal is open to accept Forgiveness Applications for PPP 1 Loans.

  • President Approves Extension of PPP Deadline Until May 31, 2021 - March 30, 2021

    March 30, 2021 - Deadline Extended to May 31, 2021 for PPP Loan Applications to Be Submitted to SBA

    The President signed the PPP Extension Act, which extended the deadline for businesses to submit First Draw or Second Draw PPP Loans to the SBA from March 31, 2021 to May 31, 2021. The legislation also gives the SBA until June 30, 2021 to review and process these PPP applications.

  • SBA Released Revisions for Schedule C Filers and Eligibility Rules - March 3, 2021

    March 3, 2021 - SBA Released Revisions for Schedule C Filers and Eligibility Rules

    The SBA released additional revisions to the PPP loan program which allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.

    Updated SBA PPP FAQs (SBA Released 03-12-21)

    Revisions to Loan Amount Calculation and Eligibility Interim Final Rule (SBA Released 03-03-21)

  • New Round of PPP Loan Applications and Second Draw Loan Applications - January 8, 2021

    January 8, 2021 - New Round of PPP Loan Applications and Second Draw Loan Applications

    On January 8, 2021, the SBA released additional guidance regarding the Paycheck Protection Program (PPP). Congress has set aside funds for new and smaller borrowers, borrowers in underserved communities, and for smaller community banks and smaller lenders. So, the SBA will roll out the PPP program in phases:

    • Some community banks and smaller lenders may start accepting first PPP Loan applications on January 11, 2021, and Second Draw Loan applications on January 13, 2021.
    • All other participating lenders, including Wisconsin Bank & Trust, shortly after that.

    RESOURCES

    At Wisconsin Bank & Trust, the PPP is administered online only. Wisconsin Bank & Trust will not be able to accept paper applications for the PPP. All information and correspondence related to PPP will be provided online and through email, including the application process, submission of required documentation and follow-up correspondence. 

  • New PPP Program Update - December 27, 2020

    December 27, 2020 - New PPP Program Update

    On December 27, 2020, President Trump signed the stimulus bill that includes the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, authorizing $284 billion for an enhanced PPP loan program. While new rules and applications are expected in the coming weeks, we wanted to highlight some of the more important changes and let you know where to find further information as it becomes available.

    In general, benefits available to small businesses fall within four categories:

    1. Changes to the original PPP loan program, including a simplified loan forgiveness process, more favorable tax treatment, and other program enhancements;
    2. A second draw program for eligible borrowers that have used their original PPP loan funds;
    3. New loans for first time PPP borrowers; and
    4. Enhancements to other SBA loan programs, including payments made by the SBA on behalf of eligible borrowers.

    Paycheck Protection Program Enhancements

    1. Clarifies Tax Treatment – Specifies that gross income does not include the amount of your PPP loan forgiveness nor prevent deductions for otherwise deductible expenses paid with the proceeds of a PPP loan.
    2. Repeals the Deduction of EIDL Advances from PPP Forgiveness Amounts – Specifies that EIDL advances will no longer be withheld from PPP Forgiveness amounts and borrowers who have had EIDL advances withheld will be made whole.
    3. Clarifies Group Insurance Benefits Included in Payroll Costs – Specifies that group life, disability, vision, and dental insurance benefits are included in payroll costs. 
    4. Provides a Simplified Forgiveness Application for Loans of $150,000 or Less – Requires only a one-page certification to apply for forgiveness.
    5. Allows for Additional Non-Payroll Expenses to be Included in the Calculation of the Amount Forgiven – these expenses include:
      1. Additional Operating Expenses including software, cloud computing, HR, and accounting needs
      2. Property Damage Costs caused by public disturbance and not covered by insurance
      3. Covered Supplier Costs – payments made to a supplier to satisfy a contract or PO essential to operations at time expenditure was made. Suppler costs for perishable goods can be made before or after the life of the loan. 
      4. Covered Worker Protection Expenses for PPE and other adaptive costs to help comply with local, state, or federal safety guidance related to COVID-19 between March 1, 2020, and the end of the emergency declaration.

    Second Draw Loans

    Forgivable, Second Draw Loans will be available to eligible PPP borrowers in an amount equal to 2.5X the average monthly payroll costs up to a maximum of $2 million. Eligible borrowers must have spent their original PPP loan proceeds, experienced a 25% decrease in gross receipts compared to the same period in 2019, employ no more than 300 employees and meet certain other requirements. Borrowers in industries assigned to NAICS code 72 (Accommodations and Food Services) may receive loans of up to 3.5X average monthly payroll costs.

    New PPP Loans for First Time Borrowers

    The PPP loan program will be re-opened to new PPP borrowers, with expanded categories of eligible borrowers.

    Payments on Existing PPP Loans and Other Program Enhancements

    Beginning in February, the SBA will resume making principal and interest payments on certain qualifying SBA non-PPP loans for up to three months in most cases. Additional enhancements will also be made to other SBA loan programs.

    Treatment of EIDL Advances on PPP Loan Forgiveness

    The CARES Act originally required the Small Business Administration (SBA) to deduct the amount of any Economic Injury Disaster Loan (EIDL) Advance received by a Paycheck Protection Program (PPP) borrower from the PPP forgiveness payment. On October 2, 2020, the SBA began sending forgiveness payments to PPP lenders, with the required EIDL Advance deductions.

    Effective December 29, 2020 the SBA no longer deducts EIDL Advances from forgiveness payments sent to PPP lenders. 

    For those loans in which the SBA sent a forgiveness payment that was reduced by an EIDL Advance, the SBA will automatically send a payment for the previously-deducted EIDL Advance amount, plus interest through the remittance date.

Frequently Asked Questions on the Paycheck Protection Program

  • Q: When will [bank:bank-name] stop accepting PPP Loan Applications?

    A: Our bank will accept completed applications for First Draw PPP Loan or a Second Draw PPP Loan, including all supporting documentation, through May 15, 2021.

  • Q: Who can apply for a PPP Loan?

    A: All businesses – including nonprofits, veteran organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.  Click here for additional details.

  • Q: What are criteria and certifications for a PPP loan?

    A: As part of the application, borrowers need to certify in good faith that: 

    • Current economic uncertainty makes the loan necessary to support the ongoing operations of the Applicant
    • The funds will be used to retain workers and maintain payroll or to make mortgage, lease, and utility payments. Applicant understands that if the funds are used for unauthorized purposes, the federal government may pursue criminal fraud charges.
    • Documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight-week period following this loan will be provided to the lender.
    • Loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities. Due to likely high subscription, it is anticipated that not more than 40% of the forgiven amount may be for non-payroll costs.
    • During the period beginning on February 15, 2020, and ending on December 31, 2020, the Applicant has not and will not receive another loan under this program.
    • Applicant further certifies that the information provided in this application and in all supporting documents and forms is true and accurate. Applicant realizes that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable by law.
    • Applicant acknowledges that the lender will calculate the eligible loan amount using the tax documents that the Applicant has submitted. Applicant affirms that these tax documents are identical to those submitted to the IRS. Applicant also understands, acknowledges, and agrees that the lender can share the tax information with the SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector General, for compliance with SBA Loan Program Requirements and all SBA reviews.
    • Applicant acknowledges that the bank provided the forms and necessary information to complete the Paycheck Protection Program Application. By filing an application with the bank, the applicant further certifies that no agent (attorney, accountant, consultant, etc.) was utilized in the completion of the application. Applicant further acknowledges and agrees that the bank will not process any application or close any loans if an agent seeking payment for services has been utilized and that applicant will inform any persons consulted with regarding the application of this requirement.
  • Q: How many loans can my company take out under this program?

    A: The Paycheck Protection Program now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.

  • Q: Do I need to personally guarantee this loan?

    A: No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against the borrower.***

  • Q: Do I need to pledge any collateral for PPP loans?

    A: No. Collateral is not required.

  • Q: What is the interest rate on a PPP loan?

    A: 1.00% fixed rate.

  • Q: What is the maximum amount of a PPP loan?

    A: First Draw PPP Loans (subject to a $10 million cap) can be for up to 2.5x the applicant’s average monthly payroll costs from the previous year. Second Draw PPP Loans (subject to a $2 million cap) can be for up to 2.5x average monthly 2019 or 2020 payroll costs with some exceptions. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

  • Q: What tax documents will I need to apply?

    A: Businesses will need to reference data from the following tax documents when completing a loan application related to the Paycheck Protection Program. Applicants should also be prepared to upload digital copies of these documents during the application process.

    • IRS Form 941 (4 quarters) or 944 (Annual)
    • IRS Form 1099s or 1096 (1099 income)
    • IRS Form 1040, Schedule C (sole proprietors)
    • IRS Form 1065 plus the K-1’s (partnerships)
    • Federal Tax Return Schedule C 
    • Federal Tax Return Schedule F
    • IRS Form 990

    Click for Printable List

  • Q: What can these loans be used for?

    • Payroll costs, including benefits
    • Interest on mortgage obligations in force before February 15, 2020
    • Rent, under lease agreements in force before February 15, 2020; and
    • Utilities, for which service began before February 15, 2020
    • Covered Property Damages
    • Covered Supplier Costs 
    • Covered Worker Protection Expenditures
  • Q: What are eligible payroll costs?

    • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
    • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
    • State and local taxes assessed on compensation; and
    • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.
       
  • Q: What time period should I use to determine the number of employees and payroll costs to calculate maximum loan amounts?

    A: In general, borrowers can calculate their aggregate payroll costs using data either from the previous 12 months or from calendar year 2019.

    For seasonal businesses, the applicant may use average monthly payroll for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. An applicant that was not in business from February 15, 2019, to June 30, 2019, may use the average monthly payroll costs for the period January 1, 2020, through February 29, 2020.

  • Q: The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value?

    A: No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits.

  • Q: Is paid sick leave an eligible payroll expense?

    A: Yes. PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127). Learn more about the Paid Sick Leave Refundable Credit here.

  • Q: Can I include payments to independent contractors in calculations of payroll costs?

    A: No. Any amounts that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the eligible business’s payroll costs. However, an independent contractor or sole proprietor will itself be eligible for a loan under the PPP, if it satisfies the applicable requirements.

  • Q: What are Eligible Non Payroll Costs?

    A: Nonpayroll costs eligible for forgiveness consist of:

    • Covered mortgage obligations: payments of mortgage interest (not including any prepayment or payment of principal) on any business mortgage obligation on real or personal property incurred before February 15, 2020 (“business mortgage interest payments”);
    • Covered rent obligations: business rent or lease payments pursuant to lease agreements for real or personal property in force before February 15, 2020 (“business rent or lease payments”); and
    • Covered utility payments: business payments for a service for the distribution of electricity, gas, water, telephone, transportation, or internet access for which service began before February 15, 2020 (“business utility payments”).
    • Covered property damage costs: Copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments, and documentation that the costs were related to property damage and vandalism or looting due to public disturbances that occurred during 2020 and such costs were not covered by insurance or other compensation.
    • Covered supplier costs: Copy of contracts, orders, or purchase orders in effect at any time before the Covered Period (except for perishable goods), copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
    • Covered worker protection expenditures: Copy of invoices, orders, or purchase orders paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments, and documentation that the expenditures were used by the Borrower to comply with applicable COVID-19 guidance during the Covered Period.
       

    An eligible nonpayroll cost must be paid during the Covered Period or incurred during the Covered Period and paid on or before the next regular billing date, even if the billing date is after the Covered Period. Eligible nonpayroll costs cannot exceed 40% of the total forgiveness amount. Count nonpayroll costs that were both paid and incurred only once.

  • Q: When do I need to start paying interest on my loan?

    A: All payments are deferred for 10 months from the point at which the forgiven amount is determined; however, interest will continue to accrue over this period.

  • Q: Can I pay my loan earlier than the two- to five-year maturity date?

    A: Yes. There are no prepayment penalties or fees.

To view the full FAQ sheet provided by the SBA, in consultation with the Department of the Treasury, click here.


More information can be found on the U.S. Chamber of Commerce Coronavirus Resources site with a Small Business Guide and Checklist.

 


IMPORTANT NOTICE: These FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. The information provided herein is not intended to constitute legal advice. 

AGENT FEE ACKNOWLEDGEMENT:  At the time you submitted your PPP loan application with us, each borrower certified as follows:

You acknowledge that the bank provided the forms and necessary information to complete your Paycheck Protection Program Application. By filing an application with us, you further certify that no agent (attorney, accountant, consultant, etc.) was utilized in the completion of your application. You further acknowledge and agree that we will not process any application or close any loans if an agent seeking payment for services has been utilized and that you will inform any persons you have consulted with regarding your application of this requirement.

IMPORTANT NOTE WHEN CLICKING THROUGH TO EXTERNAL WEBSITES: When clicking on links within the video, you will be linking to another website not owned or operated by Wisconsin Bank & Trust. Wisconsin Bank & Trust is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Wisconsin Bank & Trust. Click to go back to video.