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 program to small businesses via the Small Business Administration (SBA). The program provides low-interest loans to cover payroll costs, rent, utilities, and mortgage interest payments. Businesses, nonprofit and veterans’ organizations, some self-employed independent contractors and sole proprietors, and tribal businesses with up to 500 employees are eligible for PPP.

If you are not a client, please check back in the future. If we can assist at that time, we will update this site.

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