PPP First Draw Loans
The newly enacted stimulus bill including the Economic Aid Act will allow for another round of funding for the SBA Paycheck Protection Program (PPP).
The program is expected to remain open until March 31, 2021, pending any changes from the SBA.
Below is information to help our customers prepare their application.
NOTE: Beginning January 15, 2021 Evergreen will ONLY be accepting PPP applications from existing Evergreen customers who have Evergreen accounts established with us as of December 31, 2020.
If you have not yet applied for an SBA PPP Loan and are interested in applying, visit the link below to read important guidance issued by the SBA.
It is important that you have had a chance to read the guidance and determine whether you qualify and if the program is a good fit for your business.
Applying through Evergreen:
- NOTE: Evergreen will cap PPP loan requests to $1,000,000 per business. Borrowers with multiple-owner interest businesses will be aggregated to $1,000,000.
- Evergreen may choose to limit the amount of applications we are able to receive in order to expedite submissions to the SBA
- Evergreen will rely on certification made by the borrower. We encourage you to seek advice from your CPA or financial advisor if you are considering an SBA PPP loan.
Who can Apply?
- First-time PPP borrowers for businesses who qualified under the CARES Act but did not get a PPP loan
- Businesses that returned their first PPP loan or did not get the full amount for which they qualified
- New: Certain small news organizations, destination marketing organizations, housing cooperatives, and 501(c)(6) nonprofits may now also be eligible.
What documents are required?
You will need to complete the SBA PPP Loan Application. You can download by clicking the link below.
If you have an Evergreen account with us, but do not have your business account with us, you may need to complete a list of all business Beneficial Owners. You can download by clicking the link below.
To verify your business, you will need to provide:
- A copy of your printed State Registry information
- Articles of Incorporation showing who the name of the owner
- Corporate Resolution Bylaws
- US Government ID for all members
- Employeer Identification Number
With your application you will need to provide documents below that pertain to your business. Documentation can be for 2019 or the last 12 months.
Businesses with Employees:
- IRS Form 941 - Employer’s QUARTERLY Federal Tax Return (2019 all 4 Qtrs)
- Form OQ – Oregon Quarterly Tax Report (2019 all 4 Qtrs)
- Current payroll summary report which shows the breakdown for each employee
- Documentation evidencing other payroll expenses:
- Health Insurance: General Ledger Account Summary for 2019 or Paid Invoice Statement
- Retirement Benefit: General Ledger Account Summary for 2019 or Plan Statements
- Documentation for 2019 Payroll Expenses: Payroll Summary Report listing each employee
- Documentation for 2020 Payroll Expenses: Payroll Summary Report as of February 15, 2020
- Addendum “A” listing other businesses owned (name, EIN, % ownership)
- 2019 IRS Form 1065 Schedule K-1
S and C Corporations:
- 2019 IRS Form 1120 or 1120S
Sole Proprietor or LLC:
- 2019 Form 1040 Schedule C
- 2019 Year of 1099-MISC or 2019 Tax Documents including Schedule C
Self Employed Farmers:
- 2019 IRS Form 1040 Schedule F
All Applicants Must:
- Initial Questions #5 & #6
- Question #7 (US principal place of residence) should be “Yes” otherwise not eligible for PPP Loan
- Initial all on page 2 (under Certifications)
Once you have completed your application and collected supporting documents you can drop them off at any Evergreen Federal Bank location via the drive-thru or use our Secure Email Portal.
Click the button below for information regarding our Secure Email Portal.