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SBA Paycheck Protection Program Information


*** PPP LOAN IMPORTANT UPDATE AS OF 5/5/2021 *** 

*Please note that SBA PPP loan funds have exhausted per the SBA announcement on 5/5/2021. SBA is still accepting applications from Community Financial Institutions and our bank is one of the Community Financial Institutions. You may submit your First or Second Draw PPP Loan Application but we cannot guarantee the approval and funding of the PPP Loan as the PPP loan funds are exhausted. The PPP program may discontinue at the Lender’s discretion or if the SBA announces the discontinuation at any given time.*

*SBA Paycheck Protection Program (both 1st and 2nd Draw) will end on May 31, 2021. Metro City Bank will accept applications through May 26, 2021 to review and process by May 31, 2021. Applications received after May 26, 2021 will process.*
 

When ready, please send your PPP loan application package to our centralized email at:


The email address above will answer PPP general questions as well.

A Metro City Bank loan officer will promptly contact the applicant if there is more
information needed.


SECOND PPP LOAN application

Metro City Bank is accepting Second PPP Loan Applications.  The acceptance is only open to everyone who were approved with the first PPP Loan processed in 2020. Please read the instructions below carefully to prepare the complete application package. Apply 1 company at a time because multiple applications in 1 email can be overlooked. 


***WARNING*** If you have not received the first PPP loan or canceled the first PPP loan in 2020, you are only eligible to apply for the first PPP loan. Please scroll down for the First PPP Loan information. 

 

Documents to submit

  1. SBA Form 2483-SD (Click here (Opens a new Window) to Download)
  2. SBA Form 2483-SD-C (For sole proprietors, independent contractors, and single member LLC only) (click here)
  3. PPP Eligibility Worksheet (Click here (Opens a new Window) to Download)
  4. Addendum A, Affiliate List – General SBA affiliation rule is applied (Click here (Opens a new Window) to Download)
  5. Sales Reduction Documents - Copy of bank statements will not be accepted because it may not include all gross receipts or sales, it may include deposits not related from the business activity, and the Lender will not analyze your bank statements. 
    1.  ***IMPORTANT*** Borrowers with affiliates must combine all gross receipts of the borrowing entity and affiliates to test the sales reduction of 25% or more. The second PPP will not be processed if we do not receive the affiliate sales documents to confirm the sales reduction.
    2. Documents Required
      1. Monthly Sales Tax Report if the business files monthly sales tax or;
      2. Compiled quarterly financial statement prepared by accountant/CPA – must be certified by accountant/CPA for the accuracy or;
      3. Compiled annual financial statement prepared by account/CPA – must be certified by accountant/CPA for the accuracy
      4. Sales Reduction Calculation Reference 
    3. If quarterly or annual financial statement is not available, the Lender will accept compiled gross receipt (without expenses) prepared or certified by account/CPA.
  PPP Sales Reduction Calculation Reference
 
Business Operation Description  Reference Sales
2020 Sales
Operation began Q1 of 2019 or before Annual or any Q of 2019 Equivalent Period
Operation began Q2 of 2019  Q2, Q3, or Q4 of 2019 Equivalent Period
Operation began Q3 of 2019  Q3 or Q4 of 2019 Q1, Q2, Q3, or Q4
Operation began Q4 of 2019  Q4 of 2019 Q1, Q2, Q3, or Q4
Operation began Q1 of 2020  before 2/15 Q1 2020 Q2, Q3, or Q4
     
5. Payroll Calculation Documents (REQUIRED) - Customers may use 2019 payroll calculation data from the first PPP Loan Application.
    1. Cash Compensation (Part I)
      1. 2019 or 2020 IRS Form 940, whichever you prefer to use,
      2. 2019 or 2020 Q1, Q2, Q3, and Q4 IRS Form 941, or;
      3. IRS 941 of any rolling 12-month reference period, and;
    2. Cash Compensation (Part II)
      1. Quarterly State Wage Reports of the chosen reference period,
      2. Third-party payroll report, or;
      3. W-2 of each employee whose cash compensation  was over $100,000
    3. Non-cash Compensation – Only the employer contribution portion is eligible. 401K, health benefit, and/or state or local taxes paid are eligible
6. Single Member LLC filing taxes under Schedule C, Sole Proprietor or Independent Contractor –       2019 Schedule C and 2020 Schedule C
7. Click to look up NAICS Code here
8. Franchise Businesses 
    1. The Questions 7 and 8 on the application must be answered “Yes” and it must have the SBA Franchise Identifier Code. SBA Franchise Identifier Code can be looked up on the SBA Franchise Directory, https://www.sba.gov/sba-franchise-directory. The following businesses are considered franchised.
      1. Gas Stations operating under jobber or fuel supply agreement
      2. Wireless retailers under an exclusive or master dealer agreement or sub-dealership agreement
      3. Businesses operating under a specific franchised business trade name
    2. All franchise businesses must submit a copy of the following.
      1. Franchise Agreement (most franchised businesses)
      2. Jobber or Fuel Supply Agreement (Gas Stations, regardless of the brand)
      3. Exclusive or Master Dealer Agreement (Wireless retailers or any applicable businesses)
      4. Sub-Dealer Agreement (Wireless retailers or any applicable businesses)

Sales Reduction Documents are required to submit if your PPP loan amount is over $150,000. Loans under $150,000 are not required to provide them at the time of application submission, but they will be required when you submit for the forgiveness of the second PPP loan. Therefore, our bank strongly recommends you to provide them upfront so we can verify your sales reduction correctly.


Payroll Documents are required upfront at the time of application.


FIRST PPP LOAN application

  1. SBA Form 2483 (Click Here (Opens a new Windows) to Download)
  2. SBA Form 2483-C (For sole proprietors, independent contractors, and single member LLC only) (click Here)
  3. Addendum A, Affiliate List - General SBA affiliation rule is applied (Click Here (Opens a new Window) to Download)
  4. Payroll Calculation Documents - Customers may use 2019 payroll calculation date from the first PPP Loan Application 
    1. Cash Compensation (Part I)
      1. 2019 or 2020 IRS Form 940, whichever you prefer to use, 
      2. 2019 or 2020 Q1, Q2, Q3, and Q4 IRS Form 941, or, 
      3. IRS 941 of any rolling 12-month reference period, and, 
    2. Cash Compensation (Part II)
      1. Quarterly State Wage Reports of the chosen reference period,
      2. Third-party payroll report, or,
      3. W-2 of each employee whose cash compensation was over $100,000
    3. Non-cash Compensation - Only the employer contribution portion is eligible. 401K, health benefit, and/or state or locatl taxes paid are eligible
  5. Single Member LLC filing taxes under Schedule C, Sole Proprietor or Independent Contractor - 2019 Schedule C and 2020 Schedule C
  6. Click to look up NAICS code here
  7. Franchise Businesses
    1. The questions 7 and 8 on the application must be answered "Yes" and it must have the SBA Franchise Identifier Code. SBA Franchise Identifier Code can be looked up on the SBA Franchise Directory,  https://www.sba.gov/sba-franchise-directory. The following businesses are considered franchised. 
      1. Gas Stations operating under jobber or fuel supply agreement
      2. Wireless retailers under an exclusive or master dealer agreement or sub-dealership agreement
      3. Businesses operating under a specific franchised business trade name
    2. All franchised businesses must submit a copy of the following
      1. Franchise Agreement (most franchised businesses)
      2. Jobber or Fuel Supply Agreement (Gas Stations, regardless of the brand)
      3. Exclusive or Master Dealer Agreement (Wireless retailers or any applicable businesses)
    3. Sub-Dealer Agreement (Wireless retailers or any applicable businesses)


First PPP LOAN FORGIVENESS APPLICATION

***WARNING: PPP Forgiveness applications uses a different email box. Please send the Forgiveness Application(s) to mcbpppforgiveness@metrocitybank.com***

  1. Form 3508S (Click Here) - This form is for loan amount $150,000 or less. Completed 3508S form is the only document required for the PPP Forgiveness.
  2. Form 3508Z (Click Here)  - This form is for loan amount over $150,000 with salaries & wages reductions less than 25% or no employee number reduction
    1. Payroll Documents
      1. Third Party Paroll Report of the covered period or
      2. IRS Form 941 and Quarterly State Wage Report of covered period
    2. Non-Payroll Documents
      1. Rent Expenses
        1. Copy of the Lease Agreement
        2. Copy of the cancelled rent checks or bank statement
      2. Utilities
        1. Copy of the Utility Bill(s)
        2. Copy of the cancelled rent check or bank statement
  3. Form 3508 (Click Here) - This form is for loan amount over $150,000 with salaries & wages reduction over 25% or any employee reduction
    1. Payroll Documents
      1. Third Party Payroll Report of the covered period or IRS Form 941 and Quarterly State Wage Report of covered period
      2. Payroll report covering period 1/1/2020 ~ 3/1/2020
      3. Payroll report covering period 2/15/2020 ~ 4/26/2020
      4. Payroll report covering period 2020 Year-to-Date
    2. Hourly Wage Information
      1. Covered Period
        1. Average number of hours worked per week
        2. Average hourly wage rate
      2. Period between 1/1/2020 ~ 3/1/2020
        1. Average number of hours worked per week
        2. Average hourly wage rate
      3. Period between 2/15/2020 ~ 4/26/2020
        1. Average number of hours worked per week
        2. Average hourly wage rate
      4. Period before 12/31/2020
        1. Average number of hours worked per week
        2. Average hourly wage rate
    3. Payroll Evidence Documents – Employer Portion Only
      1. Copy of Group Health Insurance payment during the reference covered period
      2. Copy of 401K payment during the reference covered period
      3. Copy of State and/or Local taxes assessed on employee compensation during the reference covered period
    4. Non-Payroll Documents
      1. Rent Expenses
        1. Copy of the Lease Agreement
        2. Copy of the canceled rent checks or bank statement showing ACH
      2. Utilities 
        1. Copy of the Utility Bill(s)
        2. Copy of the canceled rent checks or bank statement showing ACH
      3. Mortgage Interest – Mortgage interest payments paid by SBA under the debt relief program are not eligible
        1. Copy of the Note
        2. Copy of the canceled payment check(s) or bank statement showing ACH