Small Business Administration Paycheck Protection Program

As part of the Coronavirus Aid, Relief, and Economic Security Act, the Paycheck Protection Program (PPP) provides economic disaster relief to small businesses via the Small Business Administration (SBA). The program provides forgivable loans to businesses to cover payroll costs, rent, utilities, and mortgage interest payments. Sandy Spring Bank has helped more than 5,200 small businesses secure over $1.1 billion in PPP loans.

We are no longer accepting applications for Paycheck Protection Program loans. If you have already applied, please log in as a returning client to check the status of your application. The following links may be helpful:

PPP Loan Forgiveness

The recently enacted Paycheck Protection Program Flexibility Act of 2020 made significant changes to the PPP. An overview is available on the U.S. Treasury Department’s website. As guidance and regulations on PPP and the Flexibility Act become available, this site will be updated.

To better understand the SBA’s current forgiveness process, please refer to our Q&A page. If you’d like to organize documents and get an idea of what information will be needed, review these links: SBA’s EZ Forgiveness Application and the Full Forgiveness Application.

Here’s the latest information on Sandy Spring Bank’s forgiveness process (updated July 29, 2020):

  • At this point, we are not accepting any documentation from those who wish to request forgiveness of a PPP loan.
  • When the Bank is prepared to accept digital applications for PPP loan forgiveness, borrowers will receive communications via email and this page will be updated.
  • We expect to accept forgiveness applications via our online portal soon; specific timing has not been finalized and is dependent on further SBA guidance.
  • Once the portal is made available, the authorized signer on the PPP loan will submit a digital forgiveness application.
  • The Bank has 60 days from receipt of a complete forgiveness application to issue a decision to SBA. SBA then has 90 days to review the loan or forgiveness application and remit the appropriate forgiveness amount to the Bank.


We want to work with you on ways to support your business during these uncertain times and encourage you to check back here regularly for helpful resources and important updates. For information on other federal and state programs, click here.

Additional information from the Small Business Administration is available here. Resources from the U.S. Treasury Department are available here.

Required SBA PPP Loan Documents

For All Applications

  • Signed and completed SBA Form 2483 
  • Copy of driver’s license for the authorized signer and each owner who owns 20% or more of the company
  • Third party payroll verification and/or pay stub as of February 15, 2020 or later 
  • Articles of Organization/Formation and Bylaws/Operating Agreement of each borrowing entity

For All Businesses That Have Employees

  • 2019 IRS Form 940 OR 2019 Q1 through Q4 IRS Form 941

For LLCs and Partnerships with Multiple Owners

  • 2019 IRS Form 940 OR 2019 Q1 through Q4 IRS Form 941 (if company has employees)
  • 2019 IRS Form 1065 Schedule K-1 (even if not yet filed with IRS) OR a letter from a CPA attesting to the individuals’ self-employment taxable income

For Self-Employed Individuals, Independent Contractors & Sole Proprietorships

  • 2019 Form 1040 Schedule C (even if not yet filed with IRS)
  • One of the following
    • 2019 1099-MISC showing compensation in Box 7; OR
    • Invoices sent to clients; OR
    • 2019 annual bank statement; OR
    • 2019 financial statements that establish self-employment

Other Documents to Support the Application 
The information described above is sufficient to allow Sandy Spring Bank to process most applications. However, if the applicant has a complicated request or includes healthcare expenses, retirement expenses, or other eligible expenses in the calculation of average monthly payroll as defined by the SBA, it is recommended the following additional documents are provided as well:

  • Third party payroll report detailing compensation and benefits paid to employees over the 12-month period being used to calculate average monthly payroll
  • Third party supporting documentation to verify healthcare expenses
  • Third party supporting documentation to verify corporate retirement expenses