Paycheck Protection Program

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
Paycheck Protection Program

Paycheck Protection Program (PPP) is a federal relief program created as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide small businesses with funds to pay up to 8 weeks of payroll costs and non-payroll costs such as rent, utilities and interest on mortgage PPP is implemented by the U.S. Treasury Department and the Small Business Administration and authorizes up to $349 billion in forgivable loan until June 30, 2020 or until the allocated funds are exhausted, whichever comes first.

At Open Bank, we are committed to providing financial assistance through the Paycheck Protection Program to our existing small business clients during the COVID-19 crisis. In order to ensure timely processing of PPP loan applications, Open Bank will accept PPP loan applications from our existing small business clients.
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Required Documents – For all application

1. Open Bank PPP Application
2. SBA Form 2483
3. Business legal entity document
4. Each signer’s legal identification
5. Business 2019 W-3 and W-2 for all employees paid

Additional Documents – If your Business did not operate full 12 months in 2019

1. IRS Form 941 for all quarters in 2019 and 2020
2. 2020 payroll summary listing all employees with their name, address, paid amount & paid period

Optional Documents – If you wish to add to payroll cost

1. 2019 State & local payroll tax document
2. 2019 Employer-paid employee health insurance amount with supporting documents
3. 2019 Employer matching to employee retirement with supporting documents